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

Biogen Inc (NASDAQ:BIIB) was the recipient of a large increase in short interest in the month of August. As of August 31st, there was short interest totalling 3,310,000 shares, an increase of 39.1% from the August 15th total of 2,380,000 shares. Based on an average daily trading volume, of 1,500,000 shares, the short-interest ratio is presently 2.2 days. Approximately 2.1% of the company’s shares are sold short.

BIIB opened at $278.45 on Wednesday. Biogen has a 1-year low of $219.70 and a 1-year high of $374.99. The company has a current ratio of 2.46, a quick ratio of 2.19 and a debt-to-equity ratio of 0.66. The stock has a market capitalization of $44.06 billion, a price-to-earnings ratio of 8.16, a P/E/G ratio of 0.79 and a beta of 0.55. The business has a 50 day moving average of $281.52 and a 200-day moving average of $292.93.

Biogen (NASDAQ:BIIB) last posted its quarterly earnings data on Wednesday, July 22nd. The biotechnology company reported $10.26 earnings per share for the quarter, beating the consensus estimate of $8.03 by $2.23. Biogen had a return on equity of 50.10% and a net margin of 40.91%. The company had revenue of $3.68 billion during the quarter, compared to analysts’ expectations of $3.44 billion. During the same period in the prior year, the business earned $9.15 earnings per share. Equities analysts predict that Biogen will post 35.4 EPS for the current year.

BIIB has been the topic of a number of research reports. Sanford C. Bernstein downgraded Biogen from an “outperform” rating to a “market perform” rating and dropped their target price for the company from $360.00 to $297.00 in a report on Tuesday, June 9th. Barclays downgraded Biogen from an “overweight” rating to an “equal weight” rating and dropped their target price for the company from $370.00 to $280.00 in a report on Monday, June 22nd. SVB Leerink dropped their target price on Biogen from $350.00 to $342.00 and set an “outperform” rating on the stock in a report on Wednesday, August 19th. Goldman Sachs Group dropped their target price on Biogen from $300.00 to $257.00 and set a “neutral” rating on the stock in a report on Monday, July 13th. Finally, Robert W. Baird dropped their target price on Biogen from $290.00 to $228.00 and set an “underperform” rating on the stock in a report on Friday, June 19th. Six investment analysts have rated the stock with a sell rating, sixteen have given a hold rating and eleven have issued a buy rating to the stock. Biogen currently has an average rating of “Hold” and a consensus price target of $310.36.

Several hedge funds and other institutional investors have recently modified their holdings of the stock. Primecap Management Co. CA raised its stake in shares of Biogen by 5.1% in the first quarter. Primecap Management Co. CA now owns 15,965,989 shares of the biotechnology company’s stock valued at $5,051,320,000 after purchasing an additional 776,508 shares in the last quarter. State Street Corp raised its stake in Biogen by 0.4% during the first quarter. State Street Corp now owns 8,262,242 shares of the biotechnology company’s stock worth $2,614,008,000 after acquiring an additional 30,055 shares in the last quarter. Geode Capital Management LLC raised its stake in Biogen by 2.1% during the first quarter. Geode Capital Management LLC now owns 3,372,294 shares of the biotechnology company’s stock worth $1,065,558,000 after acquiring an additional 69,657 shares in the last quarter. AQR Capital Management LLC raised its stake in Biogen by 5.5% during the second quarter. AQR Capital Management LLC now owns 2,236,171 shares of the biotechnology company’s stock worth $583,059,000 after acquiring an additional 116,044 shares in the last quarter. Finally, Goldman Sachs Group Inc. raised its stake in Biogen by 1.9% during the second quarter. Goldman Sachs Group Inc. now owns 1,337,631 shares of the biotechnology company’s stock worth $357,884,000 after acquiring an additional 25,567 shares in the last quarter. Institutional investors and hedge funds own 83.74% of the company’s stock.

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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