Biogen (NASDAQ:BIIB) Issues Quarterly Earnings Results

Biogen (NASDAQ:BIIB) posted its earnings results on Wednesday. The biotechnology company reported $3.67 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $3.45 by $0.22, Briefing.com reports. Biogen had a net margin of 12.07% and a return on equity of 14.83%. The company had revenue of $2.29 billion during the quarter, compared to analysts’ expectations of $2.31 billion. During the same quarter last year, the company posted $3.40 EPS. Biogen’s quarterly revenue was down 7.0% compared to the same quarter last year. Biogen updated its FY24 guidance to $15.00-16.00 EPS and its FY 2024 guidance to 15.000-16.000 EPS.

Biogen Stock Performance

NASDAQ:BIIB traded up $5.08 during trading on Friday, reaching $207.54. The company’s stock had a trading volume of 533,171 shares, compared to its average volume of 1,187,968. The firm has a market cap of $30.17 billion, a price-to-earnings ratio of 25.28, a price-to-earnings-growth ratio of 1.92 and a beta of -0.02. Biogen has a 12 month low of $189.44 and a 12 month 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 firm has a 50 day moving average of $212.76 and a 200-day moving average of $234.17.

Analysts Set New Price Targets

Several analysts have recently issued reports on the company. Wedbush increased their target price on Biogen from $213.00 to $215.00 and gave the stock a “neutral” rating in a report on Thursday. Royal Bank of Canada reiterated an “outperform” rating and set a $364.00 target price on shares of Biogen in a research report on Tuesday, March 5th. Cantor Fitzgerald reiterated an “overweight” rating and issued a $311.00 target price on shares of Biogen in a report on Tuesday, February 20th. Truist Financial restated a “buy” rating and set a $340.00 price target on shares of Biogen in a report on Monday, March 25th. Finally, UBS Group reduced their price objective 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. Ten research analysts have rated the stock with a hold rating and eighteen have issued a buy rating to the company. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $293.88.

Insider Buying and Selling

In related news, insider Priya Singhal sold 419 shares of Biogen stock in a transaction that occurred on Monday, February 12th. The shares were sold at an average price of $239.45, for a total value of $100,329.55. Following the sale, the insider now owns 4,516 shares of the company’s stock, valued at approximately $1,081,356.20. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. In other Biogen news, insider Priya Singhal sold 419 shares of the company’s 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 of the company’s stock, valued at $1,081,356.20. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, Director Eric K. Rowinsky bought 455 shares of the business’s stock in a transaction on Thursday, February 15th. The shares were acquired at an average price of $222.54 per share, with a total value of $101,255.70. Following the transaction, the director now directly owns 20,629 shares of the company’s stock, valued at $4,590,777.66. The disclosure for this purchase can be found here. In the last ninety days, insiders have sold 882 shares of company stock valued at $202,030. 0.60% of the stock is owned by 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.