Biogen (NASDAQ:BIIB) Releases Earnings Results

Biogen (NASDAQ:BIIB) announced its quarterly earnings data on Wednesday. The biotechnology company reported $3.67 EPS for the quarter, beating analysts’ consensus estimates of $3.45 by $0.22, Briefing.com reports. Biogen had a net margin of 12.07% and a return on equity of 14.83%. The company had revenue of $2.29 billion for the quarter, compared to the consensus estimate of $2.31 billion. During the same period in the prior year, the firm posted $3.40 EPS. The company’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 Up 3.2 %

Shares of NASDAQ:BIIB traded up $6.44 during trading on Friday, reaching $208.90. The stock had a trading volume of 1,881,344 shares, compared to its average volume of 1,205,333. The business has a fifty day moving average price of $212.76 and a 200-day moving average price of $234.17. The company has a quick ratio of 1.26, a current ratio of 2.10 and a debt-to-equity ratio of 0.41. The stock has a market cap of $30.37 billion, a P/E ratio of 25.28, a PEG ratio of 1.92 and a beta of -0.02. Biogen has a fifty-two week low of $189.44 and a fifty-two week high of $319.76.

Analysts Set New Price Targets

BIIB has been the topic of a number of recent analyst reports. Canaccord Genuity Group dropped their price objective on shares of Biogen from $310.00 to $305.00 and set a “buy” rating on the stock in a research report on Tuesday, February 20th. William Blair reaffirmed an “outperform” rating on shares of Biogen in a research report on Monday, April 1st. BMO Capital Markets lowered their price objective on shares of Biogen from $295.00 to $285.00 and set an “outperform” rating on the stock in a research report on Wednesday, February 14th. Needham & Company LLC reissued a “buy” rating and set a $294.00 price objective on shares of Biogen in a research report on Wednesday. Finally, UBS Group lowered their price objective on shares of Biogen from $250.00 to $214.00 and set a “neutral” rating on the stock in a research report on Wednesday, April 17th. Ten equities research analysts have rated the stock with a hold rating and eighteen have issued a buy rating to the stock. Based on data from MarketBeat.com, Biogen has an average rating of “Moderate Buy” and an average price target of $293.88.

Insider Activity at Biogen

In other Biogen news, insider Priya Singhal sold 262 shares of the business’s stock in a transaction that occurred on Thursday, February 22nd. The shares were sold at an average price of $221.23, for a total transaction of $57,962.26. Following the completion of the sale, the insider now directly owns 4,886 shares in the company, valued at $1,080,929.78. The transaction was disclosed in a legal filing with the SEC, which is available through this link. In other news, Director Eric K. Rowinsky bought 455 shares of the firm’s stock in a transaction dated Thursday, February 15th. The stock was acquired at an average cost of $222.54 per share, for a total transaction of $101,255.70. Following the completion of the purchase, the director now owns 20,629 shares of the company’s stock, valued at $4,590,777.66. The acquisition was disclosed in a filing with the SEC, which is available through the SEC website. Also, insider Priya Singhal sold 262 shares of the company’s stock in a transaction on Thursday, February 22nd. The shares were sold at an average price of $221.23, for a total transaction of $57,962.26. Following the completion of the sale, the insider now directly owns 4,886 shares in the company, valued at $1,080,929.78. The disclosure for this sale can be found here. Over the last three months, insiders sold 882 shares of company stock worth $202,030. 0.60% of the stock is owned by company insiders.

Biogen Company Profile

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.