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Short Interest in Biogen Grows By 44.2% (BIIB)

Shares of Biogen (NASDAQ:BIIB) were the recipient of a large growth in short interest during the month of August. As of August 31st, there was short interest totalling 3,860,160 shares, a growth of 44.2% from the August 14th total of 2,676,822 shares, reports. Approximately 1.6% of the company’s stock are short sold. Based on an average daily volume of 2,653,078 shares, the days-to-cover ratio is currently 1.5 days.

BIIB has been the subject of several analyst reports. Robert W. Baird downgraded Biogen from an “outperform” rating to a “neutral” rating and reduced their target price for the company from $480.00 to $316.00 in a report on Monday, July 27th. Leerink Swann dropped their price target on Biogen from $464.00 to $425.00 and set an “outperform” rating on the stock in a research report on Tuesday. Deutsche Bank reiterated a “buy” rating and set a $460.00 target price on shares of Biogen in a research report on Thursday, July 2nd. BMO Capital Markets cut Biogen from an “outperform” rating to a “market perform” rating and lowered their price target for the stock from $511.00 to $360.00 in a report on Friday, July 24th. Finally, Sanford C. Bernstein raised Biogen from a “market perform” rating to an “outperform” rating and reduced their target price for the company from $436.00 to $385.00 in a research note on Monday, July 27th. They noted that the move was a valuation call. Nine investment analysts have rated the stock with a hold rating, sixteen have assigned a buy rating and one has assigned a strong buy rating to the company. Biogen currently has an average rating of “Buy” and a consensus price target of $415.45.

In other Biogen news, Director Stelios Papadopoulos purchased 10,000 shares of the stock in a transaction on Monday, July 27th. The shares were bought at an average price of $304.88 per share, for a total transaction of $3,048,800.00. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at

Biogen (NASDAQ:BIIB) opened at 314.67 on Friday. The company’s 50 day moving average is $310.21 and its 200-day moving average is $379.13. The firm has a market cap of $74.00 billion and a price-to-earnings ratio of 21.31. Biogen has a 1-year low of $265.00 and a 1-year high of $480.18.

Biogen (NASDAQ:BIIB) last announced its quarterly earnings data on Friday, July 24th. The biotechnology company reported $4.22 EPS for the quarter, beating the consensus estimate of $4.10 by $0.12. The firm had revenue of $2.59 billion for the quarter, compared to analyst estimates of $2.71 billion. The firm’s revenue for the quarter was up 7.0% on a year-over-year basis. During the same quarter in the prior year, the firm earned $3.49 earnings per share. On average, analysts predict that Biogen will post $15.94 EPS for the current fiscal year.

Biogen Inc., formerly Biogen Idec Inc., is a global biopharmaceutical business. The Business is focused on finding, developing, manufacturing and delivering treatments for autoimmune, neurological and hematologic illnesses. The Business develops, produces and markets products intended for the treatment of multiple sclerosis (NASDAQ:BIIB) and hemophilia A and B. The Organization ‘s marketed products include AVONEX, PLEGRIDY, TECFIDERA, TYSABRI, FAMPYRA for multiple sclerosis (MS), ALPROLIX for hemophilia B, and ELOCTATE for hemophilia A, among others. Additionally, it collaborates on the development and commercialization of RITUXAN (rituximab), which is a monoclonal antibody for treating non-Hodgkin’s lymphoma, chronic lymphocytic leukemia and other afflictions and share gains and losses for GAZYVA, which is for treating chronic lymphocytic leukemia.

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