Biogen Inc. (BIIB) rating initates by Scotiabank


Biogen Inc.’s recently made public that its Head of Development Singhal Priya unloaded Company’s shares for reported $22912.0 on Jul 03. In the deal valued at $282.87 per share,81 shares were sold. As a result of this transaction, Singhal Priya now holds 2,924 shares worth roughly $ 0.78 million.

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Then, Gregory Ginger sold 2,681 shares, generating $804,300 in total proceeds. Upon selling the shares at $300.00, the EVP, Human Resources now owns 8,483 shares.

Before that, Singhal Priya sold 91 shares. Biogen Inc. shares valued at $25,217 were divested by the Head of Development at a price of $277.11 per share. As a result of the transaction, Singhal Priya now holds 2,843 shares, worth roughly $0.76 million.

Scotiabank initiated its Biogen Inc. [BIIB] rating to a Sector outperform in a research note published on Tuesday, July 27, 2023; the price target was $327. PT values the company’s stock at a premium of 18.57 to its Tuesday closing price.

Price Performance Review of BIIB

On Tuesday, Biogen Inc. [NASDAQ:BIIB] saw its stock fall -0.33% to $266.29. On the same session, the stock had its day’s lowest price of $266.11, but rose to a high of $270.50. Over the last five days, the stock has gained 0.47%. Biogen Inc. shares have fallen nearly -3.84% since the year began. Nevertheless, the stocks have risen 36.29% over the past one year. While a 52-week high of $319.76 was reached on 06/12/23, a 52-week low of $194.42 was recorded on 03/10/23. SMA at 50 days reached $272.50, while 200 days put it at $284.22. A total of 0.93 million shares were traded, compared to the trading of 0.52 million shares in the previous session.

Levels Of Support And Resistance For BIIB Stock

The 24-hour chart illustrates a support level at 264.77, which if violated will result in even more drops to 263.24. On the upside, there is a resistance level at 269.16. A further resistance level may holdings at 272.02. The Relative Strength Index (RSI) on the 14-day chart is 45.65, which indicates neutral technical sentiment, while the Moving Average Convergence Divergence (MACD) stands at 2.04, which suggests price will go up in the next trading period. Percent R suggests that price movement has been low at 42.24%. Stochastics %K at 58.88% indicates the stock is a holding.

How much short interest is there in Biogen Inc.?

A steep rise in short interest was recorded in Biogen Inc. stocks on Aug 14, 2023, growing by 0.46 million shares to a total of 3.03 million shares. Yahoo Finance data shows the prior-month short interest on Jul 13, 2023 was 2.57 million shares. There was a rise of 15.18%, which implies that there is a positive sentiment for the stock. In spite of short shares comprising just 2.36% of the overall stock float, the days-to-cover ratio (short ratio) rose to 2.27.

Biogen Inc. [BIIB] – Who Are The Largest Shareholders?

In filings from PRIMECAP Management Co., it is revealed that the company now owns 16,025,876 shares, or roughly 11.07% of the outstanding BIIB shares. In other words, the investor’s shares have risen by 24,710 from its previous 13-F filing of 16001166.0. Additionally, The Vanguard Group, Inc. increased 0.41% of its stake after which the total value it holdings stand at $3,135,990,226, while BlackRock Fund Advisors reduced -3.87% of its stake to hold $2.18 billion in the firm. Over the last quarter, SSgA Funds Management, Inc. purchased 128,215 shares of Biogen Inc., while Wellington Management Co. LLP bought -106,529 shares. At present, T. Rowe Price Investment Manageme is holding 3,399,070 shares valued at $918.39 million. Geode Capital Management LLC owned 3,183,679 shares of the company at the time of its most recent 13F filing, worth $860.2 million.

According to FactSet, Biogen Inc.’s share price will average $328.44 in the next year, based on opinions of analysts polled by the firm. This is up nearly 23.52 percent from its previous closing price of $267.17. Analysts expect Biogen Inc. stock to reach the higher price of $436.00, while the lowest price estimate is $269.00.


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