Biogen (NASDAQ:BIIB) Releases Quarterly Earnings Results, Beats Expectations By $0.22 EPS

Biogen (NASDAQ:BIIB) issued its quarterly earnings data on Wednesday. The biotechnology company reported $3.67 earnings per share for the quarter, topping the consensus estimate of $3.45 by $0.22, Briefing.com reports. The business had revenue of $2.29 billion during the quarter, compared to the consensus estimate of $2.31 billion. Biogen had a net margin of 12.07% and a return on equity of 14.83%. The company’s revenue was down 7.0% compared to the same quarter last year. During the same quarter in the previous year, the firm 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 Stock Up 3.5 %

Shares of BIIB stock traded up $7.12 during mid-day trading on Friday, reaching $209.58. 857,676 shares of the company were exchanged, compared to its average volume of 1,191,426. Biogen has a fifty-two week low of $189.44 and a fifty-two week high of $319.76. The company has a debt-to-equity ratio of 0.41, a quick ratio of 1.26 and a current ratio of 2.10. The company has a market capitalization of $30.46 billion, a P/E ratio of 25.28, a P/E/G ratio of 1.92 and a beta of -0.02. The business’s 50 day simple moving average is $212.76 and its 200 day simple moving average is $234.17.

Analysts Set New Price Targets

Several analysts recently commented on BIIB shares. Wells Fargo & Company downgraded shares of Biogen from an “overweight” rating to an “equal weight” rating and reduced their price target for the company from $315.00 to $240.00 in a research report on Wednesday, February 14th. Bank Of America (Bofa) dropped their price objective on shares of Biogen from $290.00 to $280.00 and set a “neutral” rating on the stock in a research note on Monday, February 12th. UBS Group lowered their price target on shares of Biogen from $250.00 to $214.00 and set a “neutral” rating on the stock in a research note on Wednesday, April 17th. Truist Financial reaffirmed a “buy” rating and set a $340.00 price target on shares of Biogen in a research note on Monday, March 25th. Finally, HC Wainwright lowered their price target on shares of Biogen from $325.00 to $300.00 and set a “buy” rating on the stock in a research note on Thursday. Ten analysts have rated the stock with a hold rating and eighteen have assigned a buy rating to the company. According to MarketBeat, Biogen has an average rating of “Moderate Buy” and an average price target of $293.88.

Insider Transactions at Biogen

In related news, insider Priya Singhal sold 419 shares of Biogen stock in a transaction dated Monday, February 12th. The shares were sold at an average price of $239.45, for a total transaction of $100,329.55. Following the sale, the insider now directly owns 4,516 shares in the company, valued at $1,081,356.20. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. In other news, Director Eric K. Rowinsky bought 455 shares of the stock in a transaction that occurred on Thursday, February 15th. The shares were purchased at an average cost 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 in the company, valued at $4,590,777.66. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider Priya Singhal sold 419 shares of Biogen stock in a transaction dated 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 directly owns 4,516 shares in the company, valued at $1,081,356.20. The disclosure for this sale can be found here. Over the last quarter, insiders sold 882 shares of company stock valued at $202,030. 0.60% of the stock is currently owned by corporate insiders.

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.