Biogen (NASDAQ:BIIB) Issues Earnings Results

Biogen (NASDAQ:BIIB) issued its quarterly earnings data on Wednesday. The biotechnology company reported $4.08 EPS for the quarter, beating 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 firm had revenue of $2.47 billion during the quarter, compared to the consensus estimate of $2.43 billion. During the same period in the prior year, the firm posted $4.36 earnings per share. The company’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 Trading Down 3.2 %

Shares of Biogen stock traded down $5.74 during trading on Thursday, hitting $175.44. The stock had a trading volume of 1,099,965 shares, compared to its average volume of 1,129,511. 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 stock has a market cap of $25.54 billion, a PE ratio of 21.99, a PEG ratio of 1.87 and a beta of -0.06. Biogen has a 12 month low of $174.76 and a 12 month high of $268.30. The firm’s fifty day simple moving average is $193.92 and its 200-day simple moving average is $209.77.

Wall Street Analysts Forecast Growth

BIIB has been the topic of a number of recent analyst reports. Raymond James reiterated a “market perform” rating on shares of Biogen in a research report on Thursday, October 10th. Robert W. Baird dropped their target price on shares of Biogen from $316.00 to $294.00 and set an “outperform” rating on the stock in a report on Monday, July 29th. Needham & Company LLC reaffirmed a “buy” rating and issued a $270.00 price target on shares of Biogen in a research report on Wednesday. Wedbush reduced their price objective on shares of Biogen from $210.00 to $205.00 and set a “neutral” rating for the company in a research note on Monday, September 23rd. Finally, William Blair reiterated an “outperform” rating on shares of Biogen in a report on Wednesday, July 3rd. Ten investment analysts have rated the stock with a hold rating, sixteen have issued a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat, Biogen presently has an average rating of “Moderate Buy” and an average price target of $262.83.

Insider Activity

In related news, insider Priya Singhal sold 431 shares of the business’s stock in a transaction on Tuesday, September 3rd. The stock was sold at an average price of $204.22, for a total transaction of $88,018.82. Following the completion of the transaction, the insider now owns 5,316 shares in the company, valued at $1,085,633.52. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Insiders own 0.16% of the company’s stock.

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.