Biogen (NASDAQ:BIIB) Posts Earnings Results

Biogen (NASDAQ:BIIB) announced its quarterly earnings results on Wednesday. The biotechnology company reported $3.67 earnings per share for the quarter, topping analysts’ consensus estimates of $3.45 by $0.22, Briefing.com reports. Biogen had a return on equity of 14.91% and a net margin of 11.81%. The company had revenue of $2.29 billion during the quarter, compared to analysts’ expectations of $2.31 billion. During the same quarter in the previous year, the firm earned $3.40 earnings per share. The business’s quarterly revenue was down 7.0% compared to the same quarter last year. Biogen updated its FY24 guidance to $15.00-16.00 EPS and its FY 2024 guidance to 15.000-16.000 EPS.

Biogen Trading Down 0.8 %

NASDAQ:BIIB traded down $1.56 during trading hours on Thursday, hitting $200.43. 768,560 shares of the stock were exchanged, compared to its average volume of 1,185,816. The company’s 50 day moving average is $213.18 and its two-hundred day moving average is $234.39. Biogen has a twelve month low of $189.44 and a twelve month high of $319.76. The company has a quick ratio of 1.26, a current ratio of 2.00 and a debt-to-equity ratio of 0.46. The company has a market capitalization of $29.13 billion, a P/E ratio of 25.03, a price-to-earnings-growth ratio of 1.84 and a beta of -0.02.

Insiders Place Their Bets

In other Biogen news, insider Priya Singhal sold 419 shares of the company’s stock in a transaction on Monday, February 12th. The stock was sold at an average price of $239.45, for a total transaction of $100,329.55. Following the transaction, the insider now owns 4,516 shares of the company’s stock, valued at approximately $1,081,356.20. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. In other news, insider Priya Singhal sold 419 shares of the stock in a transaction on Monday, February 12th. The stock was sold at an average price of $239.45, for a total value of $100,329.55. Following the transaction, the insider now owns 4,516 shares of the company’s stock, valued at approximately $1,081,356.20. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, Director Eric K. Rowinsky purchased 455 shares of the business’s stock in a transaction dated Thursday, February 15th. The stock was bought at an average cost of $222.54 per share, for a total transaction of $101,255.70. Following the purchase, the director now owns 20,629 shares in the company, valued at $4,590,777.66. The disclosure for this purchase can be found here. In the last quarter, insiders have sold 882 shares of company stock valued at $202,030. 0.60% of the stock is currently owned by corporate insiders.

Analyst Ratings Changes

BIIB has been the subject of several research analyst reports. Barclays cut their price objective on Biogen from $230.00 to $215.00 and set an “equal weight” rating for the company in a research report on Thursday, April 4th. Wells Fargo & Company cut Biogen from an “overweight” rating to an “equal weight” rating and cut their price objective for the stock from $315.00 to $240.00 in a research report on Wednesday, February 14th. Truist Financial reissued a “buy” rating and set a $340.00 price objective on shares of Biogen in a research report on Monday, March 25th. Robert W. Baird cut their price objective on Biogen from $333.00 to $316.00 and set an “outperform” rating for the company in a research report on Wednesday, February 14th. Finally, Oppenheimer cut their price target on Biogen from $290.00 to $270.00 and set an “outperform” rating for the company in a report on Friday, April 19th. Ten research analysts have rated the stock with a hold rating and eighteen have assigned a buy rating to the stock. Based on data from MarketBeat.com, Biogen presently has an average rating of “Moderate Buy” and an average target price of $294.46.

About Biogen

Biogen Inc discovers, develops, manufactures, and delivers therapies for treating neurological and neurodegenerative diseases in the United States, Europe, Germany, Asia, and internationally. The company provides TECFIDERA, VUMERITY, AVONEX, PLEGRIDY, TYSABRI, and FAMPYRA for multiple sclerosis (MS); SPINRAZA for spinal muscular atrophy; ADUHELM to treat Alzheimer's disease; FUMADERM to treat plaque psoriasis; BENEPALI, an etanercept biosimilar referencing ENBREL; IMRALDI, an adalimumab biosimilar referencing HUMIRA; FLIXABI, an infliximab biosimilar referencing REMICADE; and BYOOVIZ, a ranibizumab biosimilar referencing LUCENTIS.