Biogen Inc (NASDAQ:BIIB) Sees Significant Decline in Short Interest

Biogen Inc (NASDAQ:BIIB) was the recipient of a large decline in short interest in the month of June. As of June 30th, there was short interest totalling 2,865,400 shares, a decline of 27.6% from the May 30th total of 3,955,900 shares. Based on an average daily trading volume, of 1,880,000 shares, the days-to-cover ratio is currently 1.5 days. Approximately 1.5% of the shares of the company are short sold.

NASDAQ:BIIB traded down $0.83 during mid-day trading on Thursday, reaching $231.60. 1,363,046 shares of the company were exchanged, compared to its average volume of 1,967,016. Biogen has a 12 month low of $216.12 and a 12 month high of $388.67. The firm’s fifty day moving average is $231.08. The company has a debt-to-equity ratio of 0.43, a quick ratio of 2.60 and a current ratio of 2.84. The stock has a market capitalization of $44.58 billion, a PE ratio of 8.84, a PEG ratio of 0.94 and a beta of 0.97.

Biogen (NASDAQ:BIIB) last issued its quarterly earnings data on Wednesday, April 24th. The biotechnology company reported $6.98 EPS for the quarter, topping analysts’ consensus estimates of $6.88 by $0.10. Biogen had a net margin of 33.79% and a return on equity of 41.39%. The firm had revenue of $3.49 billion for the quarter, compared to analyst estimates of $3.38 billion. During the same quarter in the prior year, the firm earned $6.05 EPS. The company’s revenue was up 11.5% on a year-over-year basis. On average, equities research analysts predict that Biogen will post 29.54 EPS for the current fiscal year.

Several brokerages have issued reports on BIIB. Atlantic Securities lowered shares of Biogen from an “overweight” rating to a “neutral” rating in a report on Thursday, March 21st. Mizuho set a $208.00 target price on shares of Amgen and gave the stock a “buy” rating in a report on Monday, April 22nd. Citigroup lowered shares of Barrick Gold to a “neutral” rating in a report on Thursday, May 23rd. BTIG Research lowered shares of Biogen from a “buy” rating to a “neutral” rating in a report on Thursday, March 21st. Finally, HC Wainwright reaffirmed a “buy” rating on shares of IMV in a report on Monday, March 25th. Three research analysts have rated the stock with a sell rating, twenty-five have given a hold rating and six have assigned a buy rating to the company. The stock has a consensus rating of “Hold” and an average target price of $277.36.

In other Biogen news, Director Alexander J. Denner purchased 50,342 shares of the stock in a transaction on Tuesday, April 30th. The shares were purchased at an average price of $229.25 per share, with a total value of $11,540,903.50. Following the acquisition, the director now directly owns 10,909 shares of the company’s stock, valued at approximately $2,500,888.25. The transaction was disclosed in a document filed with the SEC, which is available at this link. Also, Director Alexander J. Denner purchased 118,342 shares of the stock in a transaction on Thursday, May 2nd. The stock was acquired at an average cost of $229.94 per share, for a total transaction of $27,211,559.48. Following the acquisition, the director now directly owns 10,909 shares in the company, valued at $2,508,415.46. The disclosure for this purchase can be found here. Insiders acquired a total of 173,035 shares of company stock worth $39,759,632 in the last three months. Insiders own 0.39% of the company’s stock.

A number of large investors have recently modified their holdings of the business. Mosaic Family Wealth LLC lifted its position in Biogen by 19.5% during the 4th quarter. Mosaic Family Wealth LLC now owns 263 shares of the biotechnology company’s stock valued at $79,000 after purchasing an additional 43 shares during the period. BRYN MAWR TRUST Co lifted its position in Biogen by 7.2% during the 4th quarter. BRYN MAWR TRUST Co now owns 669 shares of the biotechnology company’s stock valued at $201,000 after purchasing an additional 45 shares during the period. Dillon & Associates Inc. lifted its position in Biogen by 1.6% during the 1st quarter. Dillon & Associates Inc. now owns 2,866 shares of the biotechnology company’s stock valued at $676,000 after purchasing an additional 45 shares during the period. First National Bank of Omaha lifted its position in Biogen by 0.3% during the 2nd quarter. First National Bank of Omaha now owns 16,632 shares of the biotechnology company’s stock valued at $3,889,000 after purchasing an additional 45 shares during the period. Finally, Intellectus Partners LLC lifted its position in Biogen by 3.8% during the 4th quarter. Intellectus Partners LLC now owns 1,266 shares of the biotechnology company’s stock valued at $381,000 after purchasing an additional 46 shares during the period. 87.55% of the stock is currently owned by hedge funds and other institutional investors.

Biogen Company Profile

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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