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 EPS guidance of 15.000-16.000 for the period, compared to the consensus EPS estimate of 15.460. The company issued revenue guidance of -. Biogen also updated its FY24 guidance to $15.00-16.00 EPS.

Biogen Trading Up 6.1 %

BIIB stock traded up $11.84 during trading on Wednesday, hitting $205.02. 999,089 shares of the company traded hands, compared to its average volume of 1,161,955. Biogen has a 1 year low of $189.44 and a 1 year high of $319.76. The company has a debt-to-equity ratio of 0.46, a quick ratio of 1.26 and a current ratio of 2.00. The company has a 50-day moving average of $213.55 and a 200-day moving average of $234.62. The firm has a market capitalization of $29.80 billion, a PE ratio of 25.64, a P/E/G ratio of 1.85 and a beta of -0.02.

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

Analyst Ratings Changes

Several equities analysts recently weighed in on the stock. Barclays cut their price target on shares of Biogen from $230.00 to $215.00 and set an equal weight rating on the stock in a report on Thursday, April 4th. Bank Of America (Bofa) cut their price target on shares of Biogen from $290.00 to $280.00 and set a neutral rating on the stock in a report on Monday, February 12th. Canaccord Genuity Group cut their price target on shares of Biogen from $310.00 to $305.00 and set a buy rating on the stock in a report on Tuesday, February 20th. UBS Group cut their price target on shares of Biogen from $250.00 to $214.00 and set a neutral rating on the stock in a report on Wednesday, April 17th. Finally, Piper Sandler cut their price target on shares of Biogen from $350.00 to $325.00 and set an overweight rating on the stock in a report on Wednesday, February 14th. Ten investment analysts have rated the stock with a hold rating and eighteen have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, Biogen presently has a consensus rating of Moderate Buy and an average target price of $295.35.

Insider Activity

In other Biogen 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 transaction, 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 news, insider Priya Singhal sold 419 shares of the firm’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 sale, the insider now directly owns 4,516 shares in the company, valued at approximately $1,081,356.20. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Eric K. Rowinsky bought 455 shares of the firm’s stock in a transaction on Thursday, February 15th. The stock was acquired at an average cost of $222.54 per share, for a total transaction of $101,255.70. Following the completion of the purchase, the director now directly 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 valued at $202,030. 0.60% of the stock is currently owned by company insiders.

Biogen Company Profile

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.