Why Biogen (BIIB) Stock Is Tanking Today

Biogen Inc (NASDAQ:BIIB) traded down 12.76% during midday trading on Tuesday, reaching $252.86. Honeywell International Inc bought 61,500 shares as the company's stock declined 11.64% while stock markets rallied. The insider owns 160,874 shares which have current market value of around $46690461.CRAIN ALAN R JR is another major inside shareholder in the company. But, sales were down 5 percent when compared with the fourth quarter. Finally, Raymond James Trust raised its stake in shares of Biogen by 43.9% in the fourth quarter. Inc. acquired a new position in Biogen during the first quarter worth approximately $286,000.

The entire biotech sector has been struggling after the drug pricing concerns put an end to the outperformance of the sector compared to the broader stock market. HL Financial Services LLC increased its position in shares of Biogen by 29.1% in the fourth quarter. Capstone Asset Management Company now owns 20,683 shares of the biotechnology company's stock worth $6,336,000 after buying an additional 1,734 shares during the period. Dev., Koppel Adam, Evp sold 534 shares of the stock in another transaction that occurred 6/2/2016. The stock now has an average rating of "Buy" and an average target price of $345.15. CRAIGHEAD MARTIN S is one of the largest insider shareholders in Biogen Inc (NASDAQ:BIIB), according to U.S. Securities and Exchange Commission (SEC) filings. Also, CEO George A. Scangos sold 842 shares of the business's stock in a transaction on Friday, June 3rd. The shares were sold at an average price of $275.00, for a total transaction of $28,050.00. The disclosure for this sale can be found here.

Several other research analysts also recently issued reports on the company. And roundups of analyst notes show that 8 are rating the stock a buy while 7 rate BIIB a strong buy. Goldman Sachs reiterated a "hold" rating on shares of Biogen in a report on Saturday, April 23rd. Biogen now has an average rating of "Buy" and a consensus target price of $345.15.

The failed clinical trial took a toll on Biogen stock, which fell almost 13% during Tuesday's trade.

The share price volatility always attracts active investors, as stock price of weekly volatility recorded 2.00% and monthly volatility was 2.22%. The firm has a 50-day moving average of $274.12 and a 200-day moving average of $273.07. The firm is ahead its 52-week low of 4.46% and going down from its 52-week high price of -39.94%. The company has a market capitalization of $55.39 billion and a PE ratio of 15.54.

Biogen (NASDAQ:BIIB) last issued its earnings results on Thursday, April 21st. During the same quarter in the previous year, the company posted $3.82 EPS.

Out of 18 analysts covering Biogen Idec Inc.

Related news: