Biogen (NASDAQ:BIIB) Issues FY 2024 Earnings Guidance

Biogen (NASDAQ:BIIB) issued an update on its FY 2024 earnings guidance on Wednesday morning. The company provided earnings per share guidance of 15.000-16.000 for the period, compared to the consensus earnings per share estimate of 15.460. The company issued revenue guidance of -. Biogen also updated its FY24 guidance to $15.00-16.00 EPS.

Wall Street Analyst Weigh In

BIIB has been the topic of several research analyst reports. BMO Capital Markets dropped their price objective on shares of Biogen from $295.00 to $285.00 and set an outperform rating on the stock in a report on Wednesday, February 14th. JPMorgan Chase & Co. decreased their target price on Biogen from $270.00 to $240.00 and set a neutral rating for the company in a research report on Thursday, April 11th. StockNews.com lowered Biogen from a buy rating to a hold rating in a research note on Tuesday, February 20th. Cantor Fitzgerald reissued an overweight rating and set a $311.00 target price on shares of Biogen in a research report on Tuesday, February 20th. Finally, Piper Sandler lowered their price objective on shares of Biogen from $350.00 to $325.00 and set an overweight rating for the company in a research report on Wednesday, February 14th. Ten research analysts have rated the stock with a hold rating and eighteen have given a buy rating to the company. Based on data from MarketBeat.com, the company has a consensus rating of Moderate Buy and an average price target of $295.35.

Biogen Stock Up 6.1 %

Shares of NASDAQ:BIIB traded up $11.84 on Wednesday, reaching $205.02. The company had a trading volume of 999,089 shares, compared to its average volume of 1,161,955. The firm has a market capitalization of $29.80 billion, a PE ratio of 25.64, a PEG ratio of 1.85 and a beta of -0.02. Biogen has a 52-week low of $189.44 and a 52-week high of $319.76. The company has a current ratio of 2.00, a quick ratio of 1.26 and a debt-to-equity ratio of 0.46. The firm’s 50 day simple moving average is $213.55 and its 200-day simple moving average is $234.62.

Biogen (NASDAQ:BIIB) last posted its quarterly earnings results on Tuesday, February 13th. The biotechnology company reported $2.95 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $3.18 by ($0.23). Biogen had a net margin of 11.81% and a return on equity of 14.91%. The company had revenue of $2.39 billion for the quarter, compared to analyst estimates of $2.47 billion. During the same quarter in the previous year, the business posted $4.05 earnings per share. As a group, analysts expect that Biogen will post 15.48 earnings per share for the current fiscal year.

Insider Buying and Selling

In other news, insider Priya Singhal sold 419 shares of the firm’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 completion of the sale, the insider now owns 4,516 shares in the company, valued at approximately $1,081,356.20. The transaction was disclosed in a filing with the SEC, which is accessible through this link. In other Biogen news, Director Eric K. Rowinsky purchased 455 shares of Biogen stock in a transaction on Thursday, February 15th. The shares were acquired at an average cost of $222.54 per share, for a total transaction of $101,255.70. Following the completion of the transaction, the director now directly owns 20,629 shares of the company’s stock, valued at $4,590,777.66. The purchase was disclosed in a filing with the SEC, which is available at this link. Also, insider Priya Singhal sold 419 shares of the firm’s stock in a transaction 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 transaction, the insider now owns 4,516 shares of the company’s stock, valued at $1,081,356.20. The disclosure for this sale can be found here. Insiders sold a total of 882 shares of company stock valued at $202,030 over the last ninety days. Insiders own 0.60% 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.