Biogen (NASDAQ:BIIB) Sees Unusually-High Trading Volume - Here's What Happened

Biogen Inc. (NASDAQ:BIIB - Get Free Report) saw unusually-high trading volume on Monday . Approximately 827,895 shares were traded during mid-day trading, a decline of 26% from the previous session's volume of 1,120,725 shares.The stock last traded at $182.26 and had previously closed at $181.69.

Wall Street Analysts Forecast Growth

Several brokerages have issued reports on BIIB. Mizuho dropped their price objective on shares of Biogen from $277.00 to $251.00 and set an "outperform" rating on the stock in a research note on Tuesday, August 6th. Raymond James reissued a "market perform" rating on shares of Biogen in a report on Thursday, October 10th. BMO Capital Markets lowered their price objective on Biogen from $260.00 to $230.00 and set an "outperform" rating on the stock in a report on Thursday, October 17th. Wedbush cut their target price on Biogen from $210.00 to $205.00 and set a "neutral" rating for the company in a research note on Monday, September 23rd. Finally, William Blair restated an "outperform" rating on shares of Biogen in a research note on Wednesday, July 3rd. Nine analysts have rated the stock with a hold rating, sixteen have given a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, the stock has an average rating of "Moderate Buy" and a consensus target price of $271.39.

Biogen Trading Up 1.6 %

The company has a debt-to-equity ratio of 0.40, a current ratio of 2.29 and a quick ratio of 1.48. The business's 50-day simple moving average is $195.28 and its two-hundred day simple moving average is $210.21. The stock has a market capitalization of $26.89 billion, a price-to-earnings ratio of 22.68, a PEG ratio of 1.87 and a beta of -0.06.

Biogen (NASDAQ:BIIB - Get Free Report) last posted its earnings results on Thursday, August 1st. The biotechnology company reported $5.28 earnings per share for the quarter, beating the consensus estimate of $4.00 by $1.28. Biogen had a net margin of 11.98% and a return on equity of 15.71%. The business had revenue of $2.47 billion for the quarter, compared to analyst estimates of $2.39 billion. During the same quarter in the previous year, the business posted $4.02 EPS. The business's quarterly revenue was up .4% on a year-over-year basis. On average, research analysts anticipate that Biogen Inc. will post 16.14 earnings per share for the current fiscal year.

Insider Buying and Selling

In other Biogen news, insider Priya Singhal sold 431 shares of the stock in a transaction that occurred on Tuesday, September 3rd. The shares were sold at an average price of $204.22, for a total value of $88,018.82. Following the completion of the sale, the insider now owns 5,316 shares of the company's stock, valued at $1,085,633.52. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. 0.16% of the stock is currently owned by corporate insiders.

Institutional Trading of Biogen

Several large investors have recently modified their holdings of the business. Plato Investment Management Ltd grew its stake in Biogen by 82.8% during the 1st quarter. Plato Investment Management Ltd now owns 117 shares of the biotechnology company's stock valued at $25,000 after purchasing an additional 53 shares in the last quarter. Itau Unibanco Holding S.A. bought a new stake in shares of Biogen in the second quarter worth $33,000. EntryPoint Capital LLC acquired a new stake in Biogen in the first quarter valued at $36,000. Versant Capital Management Inc boosted its stake in Biogen by 123.2% during the 2nd quarter. Versant Capital Management Inc now owns 154 shares of the biotechnology company's stock valued at $36,000 after acquiring an additional 85 shares during the last quarter. Finally, Blue Trust Inc. grew its holdings in Biogen by 249.0% during the 2nd quarter. Blue Trust Inc. now owns 178 shares of the biotechnology company's stock worth $38,000 after acquiring an additional 127 shares in the last quarter. 87.93% of the stock is currently owned by institutional investors and hedge funds.

Biogen Company Profile

Biogen Inc discovers, develops, manufactures, and delivers therapies for treating neurological and neurodegenerative diseases in the United States, Europe, Germany, Asia, and internationally. The company provides TECFIDERA, VUMERITY, AVONEX, PLEGRIDY, TYSABRI, and FAMPYRA for multiple sclerosis (MS); SPINRAZA for spinal muscular atrophy; ADUHELM to treat Alzheimer's disease; FUMADERM to treat plaque psoriasis; BENEPALI, an etanercept biosimilar referencing ENBREL; IMRALDI, an adalimumab biosimilar referencing HUMIRA; FLIXABI, an infliximab biosimilar referencing REMICADE; and BYOOVIZ, a ranibizumab biosimilar referencing LUCENTIS.

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