Biogen (NASDAQ:BIIB) Updates FY 2024 Earnings Guidance

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

Analyst Upgrades and Downgrades

Several analysts recently weighed in on the company. Truist Financial restated a buy rating and set a $340.00 price objective on shares of Biogen in a research report on Monday, March 25th. Bank Of America (Bofa) decreased their price target on Biogen from $290.00 to $280.00 and set a neutral rating for the company in a research note on Monday, February 12th. Bank of America decreased their target price on Biogen from $280.00 to $260.00 and set a neutral rating for the company in a research note on Friday, April 12th. 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 note on Thursday, April 11th. Finally, Mizuho reduced their price objective on Biogen from $355.00 to $277.00 and set a buy rating for the company in a research note on Thursday, February 22nd. Ten equities research analysts have rated the stock with a hold rating and eighteen have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the company presently has a consensus rating of Moderate Buy and a consensus target price of $293.88.

Biogen Trading Up 3.2 %

BIIB traded up $6.44 during midday trading on Friday, reaching $208.90. 1,894,098 shares of the company’s stock traded hands, compared to its average volume of 1,185,437. The firm has a fifty day moving average of $212.55 and a two-hundred day moving average of $233.78. The stock has a market capitalization of $30.42 billion, a price-to-earnings ratio of 26.08, a P/E/G ratio of 2.06 and a beta of -0.02. The company has a debt-to-equity ratio of 0.41, a current ratio of 2.10 and a quick ratio of 1.26. Biogen has a 52 week low of $189.44 and a 52 week high of $319.76.

Biogen (NASDAQ:BIIB) last released its quarterly earnings results on Wednesday, April 24th. The biotechnology company reported $3.67 EPS for the quarter, beating analysts’ consensus estimates of $3.45 by $0.22. The business had revenue of $2.29 billion during the quarter, compared to analyst estimates of $2.31 billion. Biogen had a return on equity of 14.83% and a net margin of 12.07%. Biogen’s quarterly revenue was down 7.0% compared to the same quarter last year. During the same quarter in the prior year, the company posted $3.40 EPS. On average, equities analysts anticipate that Biogen will post 15.55 earnings per share for the current fiscal year.

Insiders Place Their Bets

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

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.