Biogen (NASDAQ:BIIB) Issues Quarterly Earnings Results

Biogen (NASDAQ:BIIB) announced its quarterly 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 business had revenue of $2.29 billion for the quarter, compared to analyst estimates of $2.31 billion. Biogen had a return on equity of 14.83% and a net margin of 12.07%. The company’s quarterly revenue was down 7.0% on a year-over-year basis. During the same quarter in the prior year, the company earned $3.40 earnings per share. 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 BIIB traded up $6.44 during trading hours on Friday, hitting $208.90. The company had a trading volume of 1,881,344 shares, compared to its average volume of 1,205,333. The firm has a market cap of $30.37 billion, a P/E ratio of 25.28, a P/E/G ratio of 1.92 and a beta of -0.02. The stock’s 50 day moving average price is $212.76 and its 200 day moving average price is $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. Biogen has a 52-week low of $189.44 and a 52-week high of $319.76.

Insider Transactions at Biogen

In other news, 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 owns 4,516 shares in the company, valued at $1,081,356.20. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. In related news, insider Priya Singhal sold 419 shares of the business’s stock in a transaction dated Monday, February 12th. The stock was sold at an average price of $239.45, for a total transaction of $100,329.55. Following the transaction, the insider now owns 4,516 shares in the company, valued at approximately $1,081,356.20. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, Director Eric K. Rowinsky purchased 455 shares of Biogen stock in a transaction that occurred on Thursday, February 15th. The shares were acquired at an average price of $222.54 per share, for a total transaction of $101,255.70. Following the acquisition, the director now owns 20,629 shares in the company, valued at $4,590,777.66. The disclosure for this purchase can be found here. Over the last quarter, insiders have sold 882 shares of company stock worth $202,030. Company insiders own 0.60% of the company’s stock.

Analyst Ratings Changes

Several analysts have recently commented on the company. StockNews.com downgraded Biogen from a “buy” rating to a “hold” rating in a research note on Tuesday, February 20th. Royal Bank of Canada reaffirmed an “outperform” rating and issued a $364.00 price target on shares of Biogen in a report on Tuesday, March 5th. William Blair reaffirmed an “outperform” rating on shares of Biogen in a report on Monday, April 1st. Canaccord Genuity Group cut their price target on Biogen from $310.00 to $305.00 and set a “buy” rating for the company in a report on Tuesday, February 20th. Finally, Cantor Fitzgerald reaffirmed an “overweight” rating and issued a $311.00 price target on shares of Biogen in a report on Tuesday, February 20th. Ten investment analysts have rated the stock with a hold rating and eighteen have given a buy rating to the stock. Based on data from MarketBeat.com, Biogen presently has an average rating of “Moderate Buy” and a consensus target price of $293.88.

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.