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- By Shuda Xia
The largest insider buys this week were Philip Morris International Inc. (PM), Biogen Inc. (BIIB), Cerner Corp. (CERN) and Archer Daniels Midland Co. (ADM).
Philip Morris vice president bought 2,500 shares
Senior Vice President of Commercial Transformation Michael R. Kunst bought 2,500 shares on April 29 for an average price of $84.67. The share price has increased by 1.22% since then.
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The intrinsic value of PM
The American international cigarette and tobacco manufacturing company is best known for its Marlboro brand. The company has sold products in over 180 countries and is a component of the S&P 100. The company has a market capitalization of $133.33 billion; the stock traded around $85.70 on May 3.
On April 30, Philip Morris announced the Food and Drug Administration has confirmed the IQOS, the company's electrically heated tobacco system, is appropriate for the protection of public health and has authorized it for sale in the United States. The FDA's decision follows its comprehensive assessment of the product application filed in 2017.
Biogen director bought 118,342 shares
Director Alexander J. Denner bought 118,342 shares of Biogen on May 2 for an average price of $229.94. The share price has risen 0.54% since then.
The biotechnology company specializes in the research, development and delivery of therapies for the treatment of neurodegenerative, hematologic and autoimmune diseases. Some of its products include Alprolix, Avonex, Eloctate, Fampyra and Gazyva. The company has a market capitalization of $44.82 billion; as of May 3, the stock traded around $231.18
On May 1, Biogen announced interim results of a trial for tofersen, an antisense oligonucleotide being studied for the potential treatment of amyotrophic lateral sclerosis. In the analysis, treatment with tofersen over a three-month period resulted in a statistically significant lowering of SOD1 protein levels in the cerebrospinal fluid and a trend toward the slowing of clinical decline.
Cerner director bought 9,000 shares
Director John J. Greisch bought 9,000 shares of Cerner on May 2 for an average price of $67.57. Since then, the share price has climbed 1.33%.
Cerner is an international supplier of health information technology services, devices and solutions. The company is a component of both the Nasdaq-100 and the S&P 500. The company has a market capitalization of $22.28 billion. As of May 3, the stock traded around $68.47.