Biogen (NASDAQ:BIIB) Posts Earnings Results

Biogen (NASDAQ:BIIB) posted its earnings results on Wednesday. The biotechnology company reported $4.08 earnings per share for the quarter, topping the consensus estimate of $3.77 by $0.31, Briefing.com reports. Biogen had a net margin of 11.98% and a return on equity of 15.71%. The business had revenue of $2.47 billion for the quarter, compared to analyst estimates of $2.43 billion. During the same quarter in the prior year, the firm earned $4.36 EPS. The firm’s quarterly revenue was down 2.5% compared to the same quarter last year. Biogen updated its FY24 guidance to $16.10-16.60 EPS and its FY 2024 guidance to 16.100-16.600 EPS.

Biogen Price Performance

NASDAQ:BIIB traded down $7.18 during trading hours on Thursday, reaching $174.00. 1,738,578 shares of the company were exchanged, compared to its average volume of 1,132,537. The business has a 50 day moving average of $193.92 and a 200 day moving average of $209.77. Biogen has a 1-year low of $173.88 and a 1-year high of $268.30. The company has a debt-to-equity ratio of 0.40, a current ratio of 2.29 and a quick ratio of 1.48. The company has a market capitalization of $25.33 billion, a P/E ratio of 21.99, a P/E/G ratio of 1.87 and a beta of -0.06.

Insider Buying and Selling at Biogen

In related news, insider Priya Singhal sold 431 shares of the firm’s stock in a transaction on Tuesday, September 3rd. The stock was sold at an average price of $204.22, for a total value of $88,018.82. Following the transaction, the insider now owns 5,316 shares in the company, valued at approximately $1,085,633.52. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Insiders own 0.16% of the company’s stock.

Analyst Upgrades and Downgrades

Several analysts have recently weighed in on BIIB shares. StockNews.com raised shares of Biogen from a “buy” rating to a “strong-buy” rating in a report on Monday, September 2nd. Cantor Fitzgerald reaffirmed an “overweight” rating and issued a $292.00 price target on shares of Biogen in a report on Monday, September 9th. UBS Group lowered their price objective on shares of Biogen from $234.00 to $202.00 and set a “neutral” rating for the company in a research report on Thursday, October 3rd. Mizuho reduced their target price on shares of Biogen from $277.00 to $251.00 and set an “outperform” rating on the stock in a research report on Tuesday, August 6th. Finally, Piper Sandler lowered their target price on Biogen from $335.00 to $313.00 and set an “overweight” rating for the company in a research note on Friday, July 12th. Ten investment analysts have rated the stock with a hold rating, sixteen have given a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat.com, Biogen currently has a consensus rating of “Moderate Buy” and a consensus price target of $262.83.

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.