Biogen Inc. (BIIB) Posts Earnings Results, Beats Expectations By $0.54 EPS
Biogen Inc. (NASDAQ:BIIB) released its earnings results on Tuesday. The biotechnology company reported $5.04 EPS for the quarter, topping analysts’ consensus estimates of $4.50 by $0.54, Bloomberg Earnings reports. Biogen had a net margin of 30.17% and a return on equity of 38.17%. The business had revenue of $3.08 billion for the quarter, compared to the consensus estimate of $2.81 billion. During the same period in the previous year, the firm earned $5.21 EPS. The business’s revenue for the quarter was up 6.4% on a year-over-year basis. Biogen updated its FY17 guidance to $20.80-21.40 EPS.
Shares of Biogen (NASDAQ:BIIB) traded down 0.53% during mid-day trading on Tuesday, reaching $283.19. 966,781 shares of the company’s stock were exchanged. Biogen has a 52-week low of $244.28 and a 52-week high of $307.76. The stock has a market cap of $60.07 billion, a price-to-earnings ratio of 17.74 and a beta of 0.77. The stock’s 50-day moving average is $270.82 and its 200-day moving average is $273.59.
In related news, Director Alexander J. Denner acquired 73,858 shares of Biogen stock in a transaction on Thursday, April 27th. The stock was purchased at an average cost of $278.50 per share, with a total value of $20,569,453.00. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, EVP Susan H. Alexander sold 7,758 shares of Biogen stock in a transaction on Wednesday, July 19th. The stock was sold at an average price of $285.00, for a total transaction of $2,211,030.00. Following the transaction, the executive vice president now directly owns 27,232 shares of the company’s stock, valued at $7,761,120. The disclosure for this sale can be found here. Insiders own 0.32% of the company’s stock.
Large investors have recently made changes to their positions in the stock. Dillon & Associates Inc. boosted its stake in shares of Biogen by 0.3% in the first quarter. Dillon & Associates Inc. now owns 1,785 shares of the biotechnology company’s stock worth $487,000 after buying an additional 5 shares during the last quarter. Beacon Trust Co. boosted its stake in shares of Biogen by 0.5% in the first quarter. Beacon Trust Co. now owns 1,135 shares of the biotechnology company’s stock worth $328,000 after buying an additional 6 shares during the last quarter. Guardian Life Insurance Co. of America boosted its stake in shares of Biogen by 0.7% in the first quarter. Guardian Life Insurance Co. of America now owns 839 shares of the biotechnology company’s stock worth $229,000 after buying an additional 6 shares during the last quarter. Trust Co. of Vermont boosted its stake in shares of Biogen by 0.3% in the first quarter. Trust Co. of Vermont now owns 2,412 shares of the biotechnology company’s stock worth $660,000 after buying an additional 7 shares during the last quarter. Finally, Buckingham Capital Management Inc. boosted its stake in shares of Biogen by 0.3% in the first quarter. Buckingham Capital Management Inc. now owns 2,452 shares of the biotechnology company’s stock worth $670,000 after buying an additional 8 shares during the last quarter. 87.50% of the stock is owned by institutional investors.
BIIB has been the topic of a number of research reports. Vetr upgraded shares of Biogen from a “buy” rating to a “strong-buy” rating and set a $310.17 target price on the stock in a report on Monday, March 27th. Barclays PLC reiterated an “overweight” rating and issued a $360.00 target price (down from $380.00) on shares of Biogen in a report on Sunday, April 23rd. ValuEngine upgraded shares of Biogen from a “hold” rating to a “buy” rating in a report on Thursday, June 22nd. Stifel Nicolaus boosted their target price on shares of Biogen from $265.00 to $280.00 and gave the stock a “hold” rating in a report on Wednesday, April 26th. Finally, Sanford C. Bernstein reiterated an “outperform” rating and issued a $310.00 target price on shares of Biogen in a report on Tuesday, April 25th. Thirteen equities research analysts have rated the stock with a hold rating, fourteen have issued a buy rating and two have issued a strong buy rating to the stock. Biogen currently has an average rating of “Buy” and a consensus price target of $325.48.
Biogen Company Profile
Biogen Inc is a biopharmaceutical company. The Company focuses on discovering, developing, manufacturing and delivering therapies to people living with serious neurological, rare and autoimmune diseases. The Company markets products, including TECFIDERA, AVONEX, PLEGRIDY, TYSABRI, ZINBRYTA and FAMPYRA for multiple sclerosis (MS), FUMADERM for the treatment of severe plaque psoriasis and SPINRAZA for the treatment of spinal muscular atrophy (SMA).
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