Biogen (NASDAQ:BIIB) Issues FY24 Earnings Guidance

Biogen (NASDAQ:BIIB) issued an update on its FY24 earnings guidance on Thursday morning. The company provided EPS guidance of $15.75-16.25 for the period, compared to the consensus EPS estimate of $15.60. Biogen also updated its FY 2024 guidance to 15.750-16.250 EPS.

Analysts Set New Price Targets

Several research firms recently weighed in on BIIB. Royal Bank of Canada reiterated an outperform rating and set a $317.00 target price on shares of Biogen in a research report on Wednesday, June 26th. Oppenheimer reissued an outperform rating and set a $270.00 price objective on shares of Biogen in a research note on Monday, April 29th. Wedbush increased their target price on Biogen from $213.00 to $215.00 and gave the stock a neutral rating in a research report on Thursday, April 25th. Needham & Company LLC restated a buy rating and set a $288.00 price target on shares of Biogen in a research note on Thursday. Finally, JPMorgan Chase & Co. cut their price objective on Biogen from $270.00 to $240.00 and set a neutral rating on the stock in a report on Thursday, April 11th. Ten equities research analysts have rated the stock with a hold rating and sixteen have assigned a buy rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of Moderate Buy and an average price target of $283.00.

Biogen Stock Down 2.5 %

Shares of NASDAQ:BIIB traded down $5.40 during trading on Thursday, hitting $207.80. The company’s stock had a trading volume of 194,648 shares, compared to its average volume of 1,134,300. Biogen has a fifty-two week low of $189.44 and a fifty-two week high of $278.95. The stock’s 50-day moving average price is $225.40 and its two-hundred day moving average price is $223.52. The company has a debt-to-equity ratio of 0.41, a quick ratio of 1.32 and a current ratio of 2.10. The company has a market capitalization of $30.26 billion, a PE ratio of 26.84, a PEG ratio of 2.14 and a beta of -0.04.

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.