Short Interest in Biogen Inc. (NASDAQ:BIIB) Grows By 24.6%

Biogen Inc. (NASDAQ:BIIB) was the recipient of a large growth in short interest in the month of August. As of August 31st, there was short interest totalling 3,340,000 shares, a growth of 24.6% from the August 15th total of 2,680,000 shares. Based on an average daily volume of 977,700 shares, the short-interest ratio is currently 3.4 days. Approximately 2.3% of the shares of the stock are sold short.

Insider Activity

In other Biogen news, insider Priya Singhal sold 431 shares of the firm’s stock in a transaction dated Tuesday, September 3rd. The stock was sold at an average price of $204.22, for a total transaction of $88,018.82. Following the sale, the insider now directly owns 5,316 shares of the company’s stock, valued at $1,085,633.52. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Insiders own 0.16% of the company’s stock.

Institutional Investors Weigh In On Biogen

A number of institutional investors and hedge funds have recently bought and sold shares of the company. Sanctuary Advisors LLC bought a new stake in shares of Biogen in the second quarter valued at about $1,387,000. Northwestern Mutual Wealth Management Co. raised its holdings in shares of Biogen by 8.0% in the 2nd quarter. Northwestern Mutual Wealth Management Co. now owns 7,309 shares of the biotechnology company’s stock valued at $1,694,000 after purchasing an additional 543 shares in the last quarter. Systematic Financial Management LP lifted its position in shares of Biogen by 12.3% in the 2nd quarter. Systematic Financial Management LP now owns 4,670 shares of the biotechnology company’s stock worth $1,083,000 after purchasing an additional 510 shares during the period. Creative Planning boosted its stake in shares of Biogen by 32.4% during the second quarter. Creative Planning now owns 18,274 shares of the biotechnology company’s stock valued at $4,236,000 after purchasing an additional 4,473 shares in the last quarter. Finally, Kathmere Capital Management LLC purchased a new position in Biogen during the second quarter valued at approximately $190,000. 87.93% of the stock is owned by institutional investors.

Analysts Set New Price Targets

Several analysts have commented on BIIB shares. William Blair reiterated an “outperform” rating on shares of Biogen in a research note on Wednesday, July 3rd. Wells Fargo & Company decreased their target price on Biogen from $240.00 to $225.00 and set an “equal weight” rating on the stock in a research report on Friday, August 2nd. Scotiabank reduced their price objective on Biogen from $275.00 to $244.00 and set a “sector outperform” rating on the stock in a research note on Friday, August 2nd. HC Wainwright reiterated a “buy” rating and set a $300.00 target price on shares of Biogen in a research report on Thursday, May 23rd. Finally, Truist Financial restated a “buy” rating and issued a $302.00 price target (down previously from $340.00) on shares of Biogen in a research report on Monday, August 5th. Eight research analysts have rated the stock with a hold rating, seventeen have issued a buy rating and one has given a strong buy rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $275.52.

Biogen Trading Down 1.1 %

Shares of NASDAQ BIIB traded down $2.26 during mid-day trading on Friday, reaching $195.63. The company had a trading volume of 1,090,828 shares, compared to its average volume of 1,096,177. The stock has a market cap of $28.50 billion, a price-to-earnings ratio of 24.42, a price-to-earnings-growth ratio of 2.01 and a beta of -0.06. Biogen has a 52 week low of $189.44 and a 52 week high of $269.43. The business’s 50-day moving average is $210.52 and its 200-day moving average is $215.67. 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) last issued its earnings results on Thursday, August 1st. The biotechnology company reported $5.28 EPS for the quarter, topping analysts’ consensus estimates 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 the consensus estimate of $2.39 billion. During the same period in the prior year, the firm earned $4.02 EPS. The company’s revenue for the quarter was up .4% compared to the same quarter last year. Equities analysts expect that Biogen will post 16.12 earnings per share for the current year.

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.