Biogen (NASDAQ:BIIB) Sees Unusually-High Trading Volume on Better-Than-Expected Earnings

Biogen Inc. (NASDAQ:BIIB) saw unusually-high trading volume on Wednesday after the company announced better than expected quarterly earnings. Approximately 904,201 shares changed hands during mid-day trading, a decline of 22% from the previous session’s volume of 1,159,178 shares.The stock last traded at $204.63 and had previously closed at $193.18.

The biotechnology company reported $3.67 earnings per share (EPS) for the quarter, beating the consensus estimate of $3.45 by $0.22. The company had revenue of $2.29 billion for the quarter, compared to analyst estimates of $2.31 billion. Biogen had a net margin of 12.07% and a return on equity of 14.83%. Biogen’s revenue was down 7.0% compared to the same quarter last year. During the same period last year, the company posted $3.40 earnings per share.

Analyst Ratings Changes

BIIB has been the topic of a number of recent research reports. HC Wainwright dropped their price objective on Biogen from $325.00 to $300.00 and set a “buy” rating on the stock in a research report on Thursday. Robert W. Baird lowered their price target on shares of Biogen from $333.00 to $316.00 and set an “outperform” rating on the stock in a report on Wednesday, February 14th. William Blair reaffirmed an “outperform” rating on shares of Biogen in a research report on Monday, April 1st. BMO Capital Markets decreased their target price on shares of Biogen from $295.00 to $285.00 and set an “outperform” rating for the company in a research report on Wednesday, February 14th. Finally, Needham & Company LLC reaffirmed a “buy” rating and issued a $294.00 price target on shares of Biogen in a report on Wednesday. Ten research analysts have rated the stock with a hold rating and eighteen have issued a buy rating to the company. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus price target of $293.88.

Insider Activity at Biogen

In other Biogen news, insider Priya Singhal sold 419 shares of the firm’s stock in a transaction that occurred on Monday, February 12th. The shares were sold at an average price of $239.45, for a total transaction of $100,329.55. Following the completion of the transaction, the insider now directly owns 4,516 shares of the company’s stock, valued at approximately $1,081,356.20. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. In other Biogen news, Director Eric K. Rowinsky purchased 455 shares of the stock in a transaction on Thursday, February 15th. The shares were bought at an average cost of $222.54 per share, with a total value of $101,255.70. Following the completion of the acquisition, the director now owns 20,629 shares in the company, valued at $4,590,777.66. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, insider Priya Singhal sold 419 shares of the stock in a transaction dated Monday, February 12th. The stock was sold at an average price of $239.45, for a total value of $100,329.55. Following the sale, the insider now directly owns 4,516 shares in the company, valued at $1,081,356.20. The disclosure for this sale can be found here. Insiders have sold a total of 882 shares of company stock worth $202,030 over the last quarter. Insiders own 0.60% of the company’s stock.

Institutional Trading of Biogen

A number of hedge funds have recently modified their holdings of the stock. Stratos Wealth Partners LTD. lifted its holdings in Biogen by 1.1% in the third quarter. Stratos Wealth Partners LTD. now owns 4,032 shares of the biotechnology company’s stock valued at $1,036,000 after acquiring an additional 42 shares during the period. Sequoia Financial Advisors LLC lifted its stake in shares of Biogen by 2.3% in the 3rd quarter. Sequoia Financial Advisors LLC now owns 2,043 shares of the biotechnology company’s stock valued at $525,000 after purchasing an additional 45 shares during the period. PAX Financial Group LLC boosted its holdings in Biogen by 2.9% during the third quarter. PAX Financial Group LLC now owns 1,577 shares of the biotechnology company’s stock worth $405,000 after buying an additional 45 shares in the last quarter. Cary Street Partners Investment Advisory LLC grew its position in Biogen by 2.4% during the third quarter. Cary Street Partners Investment Advisory LLC now owns 1,955 shares of the biotechnology company’s stock valued at $502,000 after buying an additional 45 shares during the period. Finally, Ballentine Partners LLC increased its holdings in Biogen by 3.2% in the third quarter. Ballentine Partners LLC now owns 1,528 shares of the biotechnology company’s stock valued at $393,000 after buying an additional 48 shares in the last quarter. Hedge funds and other institutional investors own 87.93% of the company’s stock.

Biogen Stock Performance

The business’s 50-day simple moving average is $212.76 and its two-hundred day simple moving average is $234.17. The company has a quick ratio of 1.26, a current ratio of 2.10 and a debt-to-equity ratio of 0.41. The firm has a market cap of $29.43 billion, a price-to-earnings ratio of 25.28, a P/E/G ratio of 1.92 and a beta of -0.02.

About Biogen

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.