Investors can expect a company’s stock to rise or fall based on the buying and selling of stock by its insiders. Biogen Inc. shares valued at $1,683,617 were sold by Gregory Ginger on Nov 14. At $300.11 per share, Gregory Ginger sold 5,610 shares. The insider’s holdings dropped to 5,711 shares worth approximately $1.53 million following the completion of this transaction.
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Also, ALEXANDER SUSAN H sold 5,532 shares, netting a total of over 1,552,832 in proceeds. Following the sale of shares at $280.70 each, the insider now holds 39,396 shares.
Before that, BIOGEN INC. had sold 100,000 shares from its account. In a trade valued at $526,520, the 10% Owner traded Biogen Inc. shares for $5.27 each. Upon closing the transaction, the insider’s holdings decreased to 100,000 shares, worth approximately $6.36 billion.
As published in a research note from Goldman on October 26, 2022, Biogen Inc. [BIIB] has been rated up from a Neutral to a Buy and the price target has been revised to $370 from $220. This represents a 27.36% premium over Thursday’s closing price. Analysts at Stifel upgraded the stock from ‘”a Hold”‘ to ‘”a Buy”‘ outlook in a report released in mid October. As of October 07, 2022, Argus has increased its “Hold” rating to a “Buy” for BIIB. Earlier on September 28, 2022, Robert W. Baird upgraded its rating. Their new recommendation was “an Outperform” for BIIB stock which previously was a “a Neutral”.
Analyzing BIIB Stock Performance
On Thursday, Biogen Inc. [NASDAQ: BIIB] plunged -1.27% to $268.75. The stock’s lowest price that day was $268.47, but it reached a high of $271.99 in the same session. During the last five days, there has been a drop of approximately -1.18%. Over the course of the year, Biogen Inc. shares have dropped approximately -2.95%. Shares of the company reached a 52-week high of $295.90 on 01/27/23 and a 52-week low of $265.32 on 01/05/23. A 50-day SMA is recorded $281.64, while a 200-day SMA reached $246.98. Nevertheless, trading volume fell to 0.73 million shares from 1.17 million shares the previous day.
Support And Resistance Levels for Biogen Inc. (BIIB)
According to the 24-hour chart, there is a support level at 267.48, which, if violated, would cause prices to drop to 266.22. In the upper region, resistance lies at 271.00. The next price resistance is at 273.26. RSI (Relative Strength Index) is 38.05 on the 14-day chart, showing neutral technical sentiment. Moving Average Convergence Divergence (MACD) is at -5.53, which suggests the price will decrease in the coming days. Percent R is at 92.40%, indicating bearish price movement. Stochastics %K at buying indicates that the stock is to be held.
Is Biogen Inc. subject to short interest?
Stocks of Biogen Inc. saw a sharp rise in short interest on Jan 30, 2023 jumping by 0.16 million shares to 1.87 million. Data from Yahoo Finance shows that the short interest on Dec 29, 2022 was 1.71 million shares. A jump of 8.56% in short interest reflects a positive sentiment towards the stock. Despite the fact that short shares comprise just 1.55 of the overall float, the days-to-cover ratio (short ratio) jumped to 1.55.
Which companies own the most shares of Biogen Inc. (BIIB)?
According to PRIMECAP Management Co. filings, the company currently owns 15,700,576 shares, which is about 10.90% of the total BIIB shares outstanding. The investor’s shares have plunged by -41,139 from its previous 13-F filing of 15741715.0 shares. With the completion of the buy transaction, The Vanguard Group, Inc.’s stake is now worth $3,312,248,489. BlackRock Fund Advisors acquire a 2.69% interest valued at $2.52 billion while SSgA Funds Management, Inc. sold a -87,083 stake. A total of 275,596 shares of Biogen Inc. were sold by Wellington Management Co. LLP during the quarter, and 42,855 were bought by Geode Capital Management LLC. In its current portfolio, BlackRock Investment Management holds 1,888,312 shares valued at $549.31 million.
In terms of Biogen Inc. share price expectations, FactSet research, analysts set an average price target of $321.48 in the next 12 months, up nearly 19.39% from the previous closing price of $272.21. Analysts anticipate Biogen Inc. stock to reach $388.00 by 2023, with the lowest price target being $249.00. On September 28, 2022, Mizuho assigned a price target of “a Buy” to the stock and upgraded coverage with a $270.