Biogen (BIIB) to Release Quarterly Earnings on Wednesday

Biogen (NASDAQ:BIIB) is scheduled to post its quarterly earnings results before the market opens on Wednesday, April 24th. Analysts expect Biogen to post earnings of $3.48 per share for the quarter. Biogen has set its FY24 guidance at $15.00-$16.00 EPS and its FY 2024 guidance at 15.000-16.000 EPS.Persons interested in registering for the company’s earnings conference call can do so using this link.

Biogen (NASDAQ:BIIB) last posted its quarterly earnings results on Tuesday, February 13th. The biotechnology company reported $2.95 EPS for the quarter, missing analysts’ consensus estimates of $3.18 by ($0.23). The firm had revenue of $2.39 billion during the quarter, compared to analyst estimates of $2.47 billion. Biogen had a return on equity of 14.91% and a net margin of 11.81%. During the same quarter last year, the business posted $4.05 earnings per share. On average, analysts expect Biogen to post $15 EPS for the current fiscal year and $18 EPS for the next fiscal year.

Biogen Stock Down 0.8 %

NASDAQ:BIIB opened at $195.15 on Wednesday. The company has a market capitalization of $28.37 billion, a price-to-earnings ratio of 24.45, a price-to-earnings-growth ratio of 1.66 and a beta of -0.02. Biogen has a one year low of $194.94 and a one year high of $319.76. The stock has a 50-day simple moving average of $218.13 and a 200 day simple moving average of $236.87. The company has a debt-to-equity ratio of 0.46, a quick ratio of 1.26 and a current ratio of 2.00.

Analyst Upgrades and Downgrades

A number of research firms recently commented on BIIB. Mizuho decreased their price target on Biogen from $355.00 to $277.00 and set a “buy” rating for the company in a research note on Thursday, February 22nd. StockNews.com downgraded Biogen from a “buy” rating to a “hold” rating in a research note on Tuesday, February 20th. BMO Capital Markets decreased their price target on Biogen from $295.00 to $285.00 and set an “outperform” rating for the company in a research note on Wednesday, February 14th. Canaccord Genuity Group decreased their target price on Biogen from $310.00 to $305.00 and set a “buy” rating for the company in a research note on Tuesday, February 20th. Finally, Royal Bank of Canada restated an “outperform” rating and issued a $364.00 target price on shares of Biogen in a research note on Tuesday, March 5th. Ten research analysts have rated the stock with a hold rating and nineteen have given a buy rating to the company’s stock. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus target price of $298.96.

Insider Buying and Selling at Biogen

In other Biogen news, insider Priya Singhal sold 262 shares of Biogen stock in a transaction that occurred on Thursday, February 22nd. The shares were sold at an average price of $221.23, for a total transaction of $57,962.26. Following the transaction, the insider now directly owns 4,886 shares in the company, valued at approximately $1,080,929.78. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. In related news, Director Eric K. Rowinsky purchased 455 shares of the company’s stock in a transaction dated Thursday, February 15th. The shares were acquired at an average cost of $222.54 per share, with a total value of $101,255.70. Following the completion of the purchase, the director now owns 20,629 shares of the company’s stock, valued at approximately $4,590,777.66. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Priya Singhal sold 262 shares of the company’s stock in a transaction on 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 directly owns 4,886 shares in the company, valued at $1,080,929.78. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 882 shares of company stock valued at $202,030. Corporate insiders own 0.60% of the company’s stock.

Hedge Funds Weigh In On Biogen

A number of hedge funds have recently modified their holdings of the stock. Raymond James Trust N.A. increased its position in Biogen by 16.4% during the first quarter. Raymond James Trust N.A. now owns 3,294 shares of the biotechnology company’s stock worth $693,000 after buying an additional 464 shares during the last quarter. Cibc World Market Inc. increased its position in Biogen by 39.9% during the first quarter. Cibc World Market Inc. now owns 15,244 shares of the biotechnology company’s stock worth $3,210,000 after buying an additional 4,349 shares during the last quarter. Vanguard Group Inc. increased its position in Biogen by 1.6% during the first quarter. Vanguard Group Inc. now owns 11,720,584 shares of the biotechnology company’s stock worth $2,468,356,000 after buying an additional 183,285 shares during the last quarter. Baird Financial Group Inc. increased its position in Biogen by 15.3% during the first quarter. Baird Financial Group Inc. now owns 89,722 shares of the biotechnology company’s stock worth $18,896,000 after buying an additional 11,882 shares during the last quarter. Finally, Brown Brothers Harriman & Co. increased its position in Biogen by 10.7% during the first quarter. Brown Brothers Harriman & Co. now owns 5,938 shares of the biotechnology company’s stock worth $1,251,000 after buying an additional 573 shares during the last quarter. 87.93% of the stock is owned by institutional investors and hedge funds.

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.