Biogen Stock Is Jumping After Announcing a $5 Billion Share Buyback

Ben Levisohn Biotech BIIB Biogen Biotechnology Health Care/Life Sciences Corporate Funding Share Capital Ownership Changes Acquisitions/Mergers/Shareholdings Corporate Actions Corporate/Industrial News Share Buybacks/Redemptions Content Types Factiva Filters C&E Industry News Filter BIIB I/BTC I/XFFX M/HCR N/BBK N/CAC N/CNW N/DJN N/SHC N/TNM N/WER Barrons.com Barrons Blogs Wires Fortune 500 CODES_REVIEWED Biotech Companies Health Markets author Ben Levisohn author|Ben Levisohn topicid 8022 name Ben Levisohn extractedtext Ben Levisohn rank 1 codetype author code ben_levisohn nameformat surname_first author Ben Levisohn id Ben Levisohn barrons_display_subject BARBIO barrons_display_subject|BARBIO codetype BARRONS_DISPLAY_SUBJECT canbedisplaysubject true value BARBIO source MANUAL status modified name Biotech code BARBIO co idecph co|idecph country US symbol BIIB displayname Biogen why about extractedtext Biogen source FACTIVA occurs true seoname biogen orgtype public countrycode US 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BARHEALTH codetype SUBJECT value BARHEALTH canbedisplaysubject true name Health title Health status modified code BARHEALTH subject BARBIO subject|BARBIO ruleid BARBIO codetype SUBJECT value BARBIO canbedisplaysubject true name Biotech title Biotech status modified code BARBIO wordcount 332 wordcount|332 id facebook id|facebook news_tab_url https://www.barrons.com/articles/biogen-stock-jumps-after-announcing-5-billion-share-buyback-51576793261 Photograph by Dominick Reuter/AFP/Getty Images Biogen Stock Is Jumping After Announcing a $5 Billion Share Buyback Biogen Stock Is Jumping After Announcing a $5 Billion Share Buyback Biogen Stock Jumps After Announcing $5 Billion Share Buyback

In an 8-K filed after Thursday’s close, Biogen announced that it would buy back $5 billion dollars in stock, giving the shares a boost.

Biogen Stock Is Jumping After Announcing a $5 Billion Share Buyback

In an 8-K filed after Thursday’s close, Biogen announced that it would buy back $5 billion dollars in stock, giving the shares a boost.

http://investors.biogen.com/node/21691/html http://investors.biogen.com/node/20931/html http://investors.biogen.com/news-releases/news-release-details/biogen-plans-regulatory-filing-aducanumab-alzheimers-disease http://investors.biogen.com/news-releases/news-release-details/biogen-and-eisai-discontinue-phase-3-engage-and-emerge-trials https://www.barrons.com/articles/biotech-stocks-will-rise-in-2020-analyst-says-here-is-his-top-pick-51576250941 mailto:Ben.Levisohn@barrons.com Biogen Stock Is Jumping After Announcing a $5 Billion Share Buyback By Ben Levisohn Photograph by Dominick Reuter/AFP/Getty Images Biogen stock is jumping after announcing a stock buyback.

Biogen stock is gaining in after-hours trading after the biotech giant announced plans to repurchase billions of dollars in shares.

In an 8-K filed after Thursday’s close, Biogen announced that it would buy back $5 billion dollars in stock. That is in addition to the $5 billion previously announced in March, the filing said.

Biogen stock has gained 1.5% to $302 at 4:47 p.m. in after-hours trading. Its shares have gained 33% since Oct. 21, the day before it announced that it would restart trials for a previously halted alzheimer’s treatment. That halting of that trial, which was announced on Mar. 21, caused Biogen stock to lose nearly 30% of its value.

Biogen has also benefited recently from investor willingness to buy biotech stocks. Flows, which had been negative for most of the year, were positive earlier this month, and biotech analysts are feeling good about the sector entering 2020.

Biogen, however, was off 1.1% in 2019 at Thursday’s close. While buybacks are likely to provide some comfort for the stock, it will take some drug-trial successes to really get the stock moving higher.

Write to Ben Levisohn at Ben.Levisohn@barrons.com

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.