The stock of Biogen Inc (NASDAQ:BIIB) gapped up by $9.3 today and has $366.57 target or 24.00% above today’s $295.62 share price. The 8 months technical chart setup indicates low risk for the $64.32B company. The gap was reported on Nov, 7 by Barchart.com. If the $366.57 price target is reached, the company will be worth $15.44 billion more.
Gaps up are useful for using as a support level and to some extent as a tradeable event. If investors already hold the stock and experience a price gap up, then its usually a good idea to hold the stock for a stronger up move. Back-tests of these patterns indicate that two-thirds of the times the stock performance improves after the gap. The area gaps close 89% of the time, the breakaway gaps, 2%, the continuation gaps 4% and the exhaustion gaps 61%. The stock increased 6.72% or $18.62 during the last trading session, hitting $295.62. About 2.17 million shares traded hands or 60.74% up from the average. Biogen Inc (NASDAQ:BIIB) has risen 4.28% since April 5, 2016 and is uptrending. It has outperformed by 2.33% the S&P500.
Biogen Inc (NASDAQ:BIIB) Ratings Coverage
Out of 16 analysts covering Biogen Idec Inc. (NASDAQ:BIIB), 10 rate it a “Buy”, 0 “Sell”, while 6 “Hold”. This means 63% are positive. Biogen Idec Inc. has been the topic of 31 analyst reports since July 23, 2015 according to StockzIntelligence Inc. The firm has “Neutral” rating given on Monday, July 27 by Robert W. Baird. RBC Capital Markets maintained the shares of BIIB in a report on Monday, July 27 with “Outperform” rating. Citigroup initiated the stock with “Buy” rating in Thursday, February 25 report. Credit Suisse initiated the shares of BIIB in a report on Wednesday, January 20 with “Neutral” rating. The stock of Biogen Inc (NASDAQ:BIIB) earned “Strong-Buy” rating by Raymond James on Tuesday, September 1. The stock has “Neutral” rating given by Citigroup on Tuesday, June 7. The company was initiated on Wednesday, September 9 by Jefferies. The stock of Biogen Inc (NASDAQ:BIIB) earned “Overweight” rating by Piper Jaffray on Thursday, November 5. Piper Jaffray upgraded the stock to “Overweight” rating in Monday, November 7 report. The stock has “Buy” rating given by Cowen & Co on Tuesday, August 25.
According to Zacks Investment Research, “Biogen is a leading biopharmaceutical company engaged in the research, development and marketing of targeted therapies for the treatment of cancer, autoimmune and inflammatory diseases. The company owns industry leading brands for the treatment of multiple sclerosis, next-generation treatments for hemophilia, and a deep clinical pipeline ranging from Alzheimer’s disease, lupus nephritis to neuropathic pain.”
Insitutional Activity: The institutional sentiment increased to 1.03 in Q2 2016. Its up 0.04, from 0.99 in 2016Q1. The ratio increased, as 77 funds sold all Biogen Inc shares owned while 300 reduced positions. 83 funds bought stakes while 307 increased positions. They now own 183.84 million shares or 8.46% less from 200.84 million shares in 2016Q1.
Massachusetts Fincl Svcs Ma has invested 0.01% of its portfolio in Biogen Inc (NASDAQ:BIIB). Amer Intll Inc owns 97,000 shares or 0% of their US portfolio. Oak Ridge Invests Lc reported 28,117 shares or 0.17% of all its holdings. City Com accumulated 0.03% or 281 shares. D E Shaw & Co reported 1.62 million shares or 0.72% of all its holdings. Moreover, Horizon Kinetics Ltd has 0.05% invested in Biogen Inc (NASDAQ:BIIB) for 7,705 shares. Daiwa Securities Group Incorporated holds 17,250 shares or 0.02% of its portfolio. Fil, a Bermuda-based fund reported 228,645 shares. Pax World Mgmt Ltd Llc holds 19,469 shares or 0.27% of its portfolio. Synovus Corp, a Georgia-based fund reported 22,483 shares. Qci Asset Mgmt Ny last reported 0% of its portfolio in the stock. The New York-based Renaissance Technologies Limited Liability has invested 0.02% in Biogen Inc (NASDAQ:BIIB). Mizuho Trust And Bk Ltd holds 0.26% of its portfolio in Biogen Inc (NASDAQ:BIIB) for 344,246 shares. Grandfield And Dodd Ltd Liability Corporation last reported 1,547 shares in the company. The Sweden-based Swedbank has invested 0.47% in Biogen Inc (NASDAQ:BIIB).
Insider Transactions: Since May 25, 2016, the stock had 0 insider purchases, and 7 insider sales for $10.31 million net activity. $43,960 worth of Biogen Inc (NASDAQ:BIIB) was sold by SCANGOS GEORGE A on Thursday, July 21. Karaboutis Adriana had sold 262 shares worth $81,728. 27,570 shares with value of $8.66 million were sold by DORSA CAROLINE on Thursday, September 22.
More important recent Biogen Inc (NASDAQ:BIIB) news were published by: Fool.com which released: “Better Buy: Biogen Inc. vs. Gilead Sciences, Inc.” on October 18, 2016, also Schaeffersresearch.com published article titled: “Analyst Upgrades: Alphabet Inc, Biogen Inc, and Intel Corporation”, Fool.com published: “Biogen Inc. Working With What It’s Got as It Looks to Diversify” on October 27, 2016. More interesting news about Biogen Inc (NASDAQ:BIIB) was released by: Nasdaq.com and their article: “Biogen Inc. Q3 Profit Rises 10%” with publication date: October 26, 2016.
BIIB Company Profile
Biogen Inc., formerly Biogen Idec Inc., incorporated on April 1, 1997, is a biopharmaceutical company. The Firm operates in discovering, developing, manufacturing and delivering therapies to patients for the treatment of neurodegenerative diseases, hematologic conditions and autoimmune disorders segment. The Firm markets products, including TECFIDERA, AVONEX, PLEGRIDY, TYSABRI and FAMPYRA for multiple sclerosis (MS), ELOCTATE for hemophilia A and ALPROLIX for hemophilia B, and FUMADERM for the treatment of severe plaque psoriasis. The Firm also has a collaboration agreement with Genentech, Inc. (Genentech), a member of the Roche Group, with respect to RITUXAN for the treatment of non-Hodgkin’s lymphoma, chronic lymphocytic leukemia (CLL) and other conditions, GAZYVA indicated for the treatment of CLL and follicular lymphoma, and other potential anti-CD20 therapies.
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