Short Interest in Biogen Inc (NASDAQ:BIIB) Grows By 9.4%

Biogen Inc (NASDAQ:BIIB) was the recipient of a large increase in short interest during the month of May. As of May 15th, there was short interest totalling 4,170,000 shares, an increase of 9.4% from the April 30th total of 3,810,000 shares. Approximately 2.6% of the company’s shares are sold short. Based on an average trading volume of 2,080,000 shares, the days-to-cover ratio is presently 2.0 days.

In other news, Director Stephen A. Sherwin sold 2,434 shares of the company’s stock in a transaction that occurred on Wednesday, March 11th. The shares were sold at an average price of $295.22, for a total value of $718,565.48. Following the transaction, the director now directly owns 16,517 shares in the company, valued at approximately $4,876,148.74. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Corporate insiders own 0.39% of the company’s stock.

Several institutional investors have recently modified their holdings of BIIB. Stralem & Co. Inc. acquired a new position in shares of Biogen in the 1st quarter valued at $32,000. Solstein Capital LLC acquired a new position in shares of Biogen in the 4th quarter valued at $34,000. Covington Capital Management boosted its stake in Biogen by 53.8% during the 4th quarter. Covington Capital Management now owns 120 shares of the biotechnology company’s stock worth $36,000 after purchasing an additional 42 shares during the period. Samalin Investment Counsel LLC acquired a new stake in Biogen during the 4th quarter worth $39,000. Finally, Advisory Alpha LLC boosted its stake in Biogen by 318.8% during the 4th quarter. Advisory Alpha LLC now owns 134 shares of the biotechnology company’s stock worth $39,000 after purchasing an additional 102 shares during the period. Institutional investors and hedge funds own 90.73% of the company’s stock.

Shares of Biogen stock traded up $0.07 during trading hours on Friday, hitting $304.53. The company had a trading volume of 690,056 shares, compared to its average volume of 1,956,539. The company’s 50-day moving average is $312.63 and its two-hundred day moving average is $303.36. Biogen has a twelve month low of $215.77 and a twelve month high of $374.99. The company has a debt-to-equity ratio of 0.39, a current ratio of 1.73 and a quick ratio of 1.54. The company has a market cap of $49.68 billion, a P/E ratio of 9.40, a price-to-earnings-growth ratio of 0.67 and a beta of 0.54.

Biogen (NASDAQ:BIIB) last issued its earnings results on Wednesday, April 22nd. The biotechnology company reported $9.14 earnings per share (EPS) for the quarter, beating the consensus estimate of $7.73 by $1.41. Biogen had a net margin of 40.76% and a return on equity of 49.22%. The business had revenue of $3.53 billion during the quarter, compared to analysts’ expectations of $3.41 billion. During the same quarter in the prior year, the business posted $6.98 EPS. The company’s revenue for the quarter was up 1.3% on a year-over-year basis. Sell-side analysts expect that Biogen will post 33.13 EPS for the current year.

Several equities analysts have recently commented on BIIB shares. Wolfe Research started coverage on shares of Biogen in a report on Tuesday, March 31st. They issued a “market perform” rating and a $331.00 price objective on the stock. Cantor Fitzgerald reaffirmed a “neutral” rating and set a $308.00 target price (down from $361.00) on shares of Biogen in a research note on Friday, May 1st. SunTrust Banks cut their target price on shares of Biogen from $360.00 to $330.00 and set a “buy” rating on the stock in a research note on Thursday, April 23rd. Canaccord Genuity cut their target price on shares of Biogen from $360.00 to $350.00 and set a “buy” rating on the stock in a research note on Friday, April 24th. Finally, Morgan Stanley cut their target price on shares of Biogen from $302.00 to $301.00 and set an “underweight” rating on the stock in a research note on Thursday, April 23rd. Six analysts have rated the stock with a sell rating, fifteen have given a hold rating and eleven have given a buy rating to the stock. The stock currently has an average rating of “Hold” and an average target price of $317.46.

About Biogen

Biogen Inc discovers, develops, manufactures, and delivers therapies for treating neurological and neurodegenerative diseases worldwide. The company offers TECFIDERA, AVONEX, PLEGRIDY, TYSABRI, and FAMPYRA for the treatment of multiple sclerosis (MS); SPINRAZA for the treatment of spinal muscular atrophy; and FUMADERM for the treatment of plaque psoriasis.

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