Biogen (NASDAQ:BIIB) Announces Quarterly Earnings Results

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

Biogen Price Performance

NASDAQ BIIB traded down $2.52 on Thursday, hitting $199.47. The company had a trading volume of 414,849 shares, compared to its average volume of 1,181,590. The company has a market capitalization of $28.99 billion, a PE ratio of 25.31, a PEG ratio of 1.84 and a beta of -0.02. The company’s fifty day moving average price is $213.18 and its 200-day moving average price is $234.39. The company has a debt-to-equity ratio of 0.46, a current ratio of 2.00 and a quick ratio of 1.26. Biogen has a 12-month low of $189.44 and a 12-month high of $319.76.

Analyst Upgrades and Downgrades

Several equities research analysts have recently issued reports on BIIB shares. Wells Fargo & Company lowered shares of Biogen from an “overweight” rating to an “equal weight” rating and lowered their target price for the stock from $315.00 to $240.00 in a report on Wednesday, February 14th. BTIG Research restated a “neutral” rating on shares of Biogen in a report on Sunday, January 7th. Cantor Fitzgerald restated an “overweight” rating and issued a $311.00 target price on shares of Biogen in a report on Tuesday, February 20th. BMO Capital Markets lowered their target price on shares of Biogen from $295.00 to $285.00 and set an “outperform” rating for the company in a report on Wednesday, February 14th. Finally, Oppenheimer decreased their price objective on shares of Biogen from $290.00 to $270.00 and set an “outperform” rating for the company in a report on Friday, April 19th. Ten equities research analysts have rated the stock with a hold rating and eighteen have given a buy rating to the company’s stock. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average price target of $294.46.

Insider Buying and Selling

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