Biogen Inc. (NASDAQ:BIIB) Short Interest Update

by · The Markets Daily

Biogen Inc. (NASDAQ:BIIB – Get Free Report) saw a significant increase in short interest during the month of September. As of September 15th, there was short interest totalling 3,670,000 shares, an increase of 9.9% from the August 31st total of 3,340,000 shares. Currently, 2.5% of the shares of the company are short sold. Based on an average daily trading volume, of 1,010,000 shares, the days-to-cover ratio is currently 3.6 days.

Biogen Stock Performance

Biogen stock traded up $0.31 during mid-day trading on Tuesday, reaching $194.15. The company’s stock had a trading volume of 119,974 shares, compared to its average volume of 1,101,799. The firm has a market cap of $28.27 billion, a price-to-earnings ratio of 24.20, a PEG ratio of 1.97 and a beta of -0.06. Biogen has a twelve month low of $188.78 and a twelve month high of $269.43. The business has a 50 day moving average price of $203.47 and a 200-day moving average price of $213.68. The company has a current ratio of 2.29, a quick ratio of 1.48 and a debt-to-equity ratio of 0.40.

Biogen (NASDAQ:BIIB – Get Free Report) last issued its earnings results on Thursday, August 1st. The biotechnology company reported $5.28 EPS for the quarter, beating analysts’ consensus estimates of $4.00 by $1.28. The company had revenue of $2.47 billion during the quarter, compared to the consensus estimate of $2.39 billion. Biogen had a return on equity of 15.71% and a net margin of 11.98%. Biogen’s quarterly revenue was up .4% compared to the same quarter last year. During the same period in the previous year, the firm posted $4.02 earnings per share. Sell-side analysts predict that Biogen will post 16.12 EPS for the current fiscal year.

Wall Street Analyst Weigh In

BIIB has been the subject of a number of recent research reports. Piper Sandler dropped their price objective on shares of Biogen from $335.00 to $313.00 and set an “overweight” rating for the company in a research note on Friday, July 12th. Truist Financial reissued a “buy” rating and issued a $302.00 price target (down from $340.00) on shares of Biogen in a report on Monday, August 5th. William Blair reiterated an “outperform” rating on shares of Biogen in a research report on Wednesday, July 3rd. Cantor Fitzgerald reissued an “overweight” rating and set a $292.00 price objective on shares of Biogen in a research note on Monday, September 9th. Finally, Wells Fargo & Company cut their price target on Biogen from $240.00 to $225.00 and set an “equal weight” rating for the company in a report on Friday, August 2nd. Eight research analysts have rated the stock with a hold rating, seventeen have assigned a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat.com, Biogen currently has a consensus rating of “Moderate Buy” and an average target price of $275.30.

Check Out Our Latest Stock Analysis on Biogen

Insider Buying and Selling at Biogen

In other Biogen news, insider Priya Singhal sold 431 shares of the firm’s stock in a transaction on Tuesday, September 3rd. The shares were sold at an average price of $204.22, for a total transaction of $88,018.82. Following the transaction, the insider now directly owns 5,316 shares of the company’s stock, valued at approximately $1,085,633.52. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. 0.16% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Several large investors have recently bought and sold shares of the company. Vanguard Group Inc. raised its holdings in Biogen by 15.0% during the 1st quarter. Vanguard Group Inc. now owns 16,570,398 shares of the biotechnology company’s stock worth $3,573,075,000 after buying an additional 2,163,068 shares during the period. Primecap Management Co. CA lifted its position in shares of Biogen by 0.7% in the 2nd quarter. Primecap Management Co. CA now owns 16,338,294 shares of the biotechnology company’s stock valued at $3,787,543,000 after acquiring an additional 117,578 shares in the last quarter. Van ECK Associates Corp lifted its position in shares of Biogen by 22.2% in the 1st quarter. Van ECK Associates Corp now owns 1,737,340 shares of the biotechnology company’s stock valued at $374,623,000 after acquiring an additional 316,144 shares in the last quarter. Price T Rowe Associates Inc. MD grew its position in Biogen by 5.4% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 1,589,629 shares of the biotechnology company’s stock worth $342,772,000 after purchasing an additional 81,283 shares in the last quarter. Finally, First Trust Advisors LP lifted its stake in Biogen by 141.0% in the 4th quarter. First Trust Advisors LP now owns 977,308 shares of the biotechnology company’s stock worth $252,898,000 after acquiring an additional 571,795 shares in the last quarter. Institutional investors own 87.93% of the company’s stock.

About Biogen

(Get Free Report)

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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