Short Interest in Biogen Inc. (NASDAQ:BIIB) Declines By 32.2%

Biogen Inc. (NASDAQ:BIIB) saw a large decline in short interest in the month of December. As of December 31st, there was short interest totaling 4,466,337 shares, a decline of 32.2% from the December 15th total of 6,590,958 shares. Based on an average trading volume of 2,674,703 shares, the short-interest ratio is presently 1.7 days. Approximately 3.0% of the company’s stock are sold short. Approximately 3.0% of the company’s stock are sold short. Based on an average trading volume of 2,674,703 shares, the short-interest ratio is presently 1.7 days.

Biogen Stock Down 2.5%

Shares of NASDAQ:BIIB opened at $164.42 on Friday. The business’s 50 day moving average is $175.04 and its 200 day moving average is $151.86. Biogen has a 12-month low of $110.04 and a 12-month high of $190.20. The stock has a market cap of $24.12 billion, a price-to-earnings ratio of 14.99, a PEG ratio of 1.40 and a beta of 0.13. The company has a quick ratio of 2.04, a current ratio of 2.72 and a debt-to-equity ratio of 0.35.

Biogen (NASDAQ:BIIB) last issued its quarterly earnings data on Thursday, October 30th. The biotechnology company reported $4.81 earnings per share for the quarter, beating the consensus estimate of $3.89 by $0.92. The business had revenue of $2.53 billion for the quarter, compared to analysts’ expectations of $2.34 billion. Biogen had a return on equity of 14.13% and a net margin of 15.98%.The business’s revenue was up 2.8% on a year-over-year basis. During the same period last year, the business earned $4.08 EPS. Biogen has set its FY 2025 guidance at 14.500-15.00 EPS. On average, sell-side analysts forecast that Biogen will post 15.83 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Biogen

Several institutional investors and hedge funds have recently added to or reduced their stakes in BIIB. Vanguard Group Inc. grew its holdings in shares of Biogen by 1.5% in the second quarter. Vanguard Group Inc. now owns 17,290,651 shares of the biotechnology company’s stock valued at $2,171,533,000 after acquiring an additional 257,812 shares in the last quarter. State Street Corp boosted its position in Biogen by 1.0% in the second quarter. State Street Corp now owns 7,468,807 shares of the biotechnology company’s stock worth $938,007,000 after purchasing an additional 71,897 shares during the last quarter. Geode Capital Management LLC grew its stake in Biogen by 1.9% in the 2nd quarter. Geode Capital Management LLC now owns 3,918,150 shares of the biotechnology company’s stock valued at $490,089,000 after purchasing an additional 71,286 shares during the period. Invesco Ltd. increased its position in shares of Biogen by 4.2% during the 3rd quarter. Invesco Ltd. now owns 2,418,127 shares of the biotechnology company’s stock valued at $338,731,000 after purchasing an additional 98,001 shares during the last quarter. Finally, Norges Bank bought a new stake in shares of Biogen during the 2nd quarter worth $284,358,000. Hedge funds and other institutional investors own 87.93% of the company’s stock.

Analyst Upgrades and Downgrades

Several research firms have weighed in on BIIB. Truist Financial lifted their price target on shares of Biogen from $142.00 to $190.00 and gave the company a “hold” rating in a research note on Thursday, January 8th. Guggenheim raised their target price on Biogen from $165.00 to $185.00 in a research note on Friday, October 31st. BMO Capital Markets upped their price target on Biogen from $150.00 to $165.00 and gave the stock a “market perform” rating in a research note on Thursday, December 18th. Jefferies Financial Group increased their price target on Biogen from $190.00 to $210.00 and gave the stock a “buy” rating in a report on Friday, November 28th. Finally, Wells Fargo & Company boosted their price objective on Biogen from $155.00 to $190.00 and gave the company an “equal weight” rating in a report on Wednesday, December 10th. Ten research analysts have rated the stock with a Buy rating, fifteen have given a Hold rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat, Biogen currently has a consensus rating of “Hold” and a consensus price target of $190.50.

About Biogen

Biogen Inc is a multinational biotechnology company focused on discovering, developing and delivering therapies for neurological and neurodegenerative diseases. Headquartered in Cambridge, Massachusetts, the company has a longstanding emphasis on neuroscience, with research and commercial activities spanning multiple therapeutic areas including multiple sclerosis, spinal muscular atrophy and Alzheimer’s disease. Biogen was founded in 1978 and has grown into a global biopharmaceutical firm with operations and commercial presence across North America, Europe, Japan and other international markets.

The company’s marketed portfolio has historically included several well-known therapies for multiple sclerosis such as Avonex, Tysabri and Tecfidera, and it has pursued treatments for rare neurological conditions and genetic neuromuscular disorders.