Biogen (NASDAQ:BIIB) Releases Earnings Results, Beats Expectations By $0.22 EPS

Biogen (NASDAQ:BIIB) posted its earnings results on Wednesday. The biotechnology company reported $3.67 earnings per share for the quarter, topping analysts’ consensus estimates of $3.45 by $0.22, Briefing.com reports. The company had revenue of $2.29 billion during the quarter, compared to the consensus estimate of $2.31 billion. Biogen had a return on equity of 14.83% and a net margin of 12.07%. The company’s revenue was down 7.0% on a year-over-year basis. During the same quarter last year, the firm 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 Price Performance

Shares of BIIB traded up $5.18 during trading hours on Friday, reaching $207.64. The stock had a trading volume of 666,604 shares, compared to its average volume of 1,189,222. Biogen has a 12 month low of $189.44 and a 12 month high of $319.76. The stock has a market capitalization of $30.18 billion, a PE ratio of 25.28, a PEG ratio of 1.92 and a beta of -0.02. 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 company’s 50-day moving average is $212.76 and its two-hundred day moving average is $234.17.

Insider Buying and Selling

In other news, insider Priya Singhal sold 262 shares of the firm’s stock in a transaction dated Thursday, February 22nd. The stock was sold at an average price of $221.23, for a total value of $57,962.26. Following the completion of the sale, the insider now directly owns 4,886 shares in the company, valued at approximately $1,080,929.78. The sale was disclosed in a document filed with the SEC, which is accessible through this link. In other Biogen news, insider Priya Singhal sold 262 shares of Biogen stock in a transaction dated Thursday, February 22nd. The stock was sold at an average price of $221.23, for a total transaction of $57,962.26. Following the completion of the transaction, the insider now owns 4,886 shares in the company, valued at approximately $1,080,929.78. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Eric K. Rowinsky purchased 455 shares of the business’s stock in a transaction on Thursday, February 15th. The shares were bought at an average price of $222.54 per share, with a total value of $101,255.70. Following the purchase, the director now directly owns 20,629 shares in the company, valued at approximately $4,590,777.66. The disclosure for this purchase can be found here. Insiders sold a total of 882 shares of company stock valued at $202,030 in the last three months. Insiders own 0.60% of the company’s stock.

Analysts Set New Price Targets

BIIB has been the topic of a number of research analyst reports. HC Wainwright cut their price target on Biogen from $325.00 to $300.00 and set a “buy” rating on the stock in a report on Thursday. Wells Fargo & Company downgraded Biogen from an “overweight” rating to an “equal weight” rating and cut their target price for the stock from $315.00 to $240.00 in a research note on Wednesday, February 14th. BTIG Research reiterated a “neutral” rating on shares of Biogen in a research report on Sunday, January 7th. Cantor Fitzgerald reaffirmed an “overweight” rating and issued a $311.00 price target on shares of Biogen in a research note on Tuesday, February 20th. Finally, Robert W. Baird cut their price objective on Biogen from $333.00 to $316.00 and set an “outperform” rating on the stock in a research report on Wednesday, February 14th. Ten investment analysts have rated the stock with a hold rating and eighteen have given a buy rating to the company. According to MarketBeat, the company has an average rating of “Moderate Buy” and a consensus price target 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.