Biogen Idec Trading Down 4.2% After Earnings Miss (BIIB)
Biogen Idec (NASDAQ:BIIB) shares were down 4.2% during trading on Thursday following a dissappointing earnings announcement, StockRatingsNetwork reports. The stock traded as low as $286.48 and last traded at $293.72, with a volume of 1,696,044 shares. The stock had previously closed at $306.75.
The company reported $2.47 EPS for the quarter, missing the Thomson Reuters consensus estimate of $2.56 by $0.09. The company had revenue of $2.10 billion for the quarter, compared to the consensus estimate of $2.00 billion. During the same quarter in the prior year, the company posted $1.80 earnings per share. The company’s quarterly revenue was up 50.5% on a year-over-year basis.
A number of analysts have recently weighed in on BIIB shares. Analysts at Zacks reiterated an “outperform” rating on shares of Biogen Idec in a research note on Thursday. They now have a $368.00 price target on the stock. Separately, analysts at Nomura reiterated a “buy” rating on shares of Biogen Idec in a research note on Thursday. They now have a $415.00 price target on the stock. Finally, analysts at Morgan Stanley initiated coverage on shares of Biogen Idec in a research note on Wednesday, March 26th. They set an “overweight” rating and a $395.00 price target on the stock. Seven analysts have rated the stock with a hold rating and twenty have assigned a buy rating to the company’s stock. Biogen Idec currently has an average rating of “Buy” and a consensus target price of $323.39.
In other Biogen Idec news, EVP Steven Holtzman sold 1,221 shares of the company’s stock in a transaction dated Thursday, April 17th. The stock was sold at an average price of $291.00, for a total transaction of $355,311.00. Following the completion of the sale, the executive vice president now directly owns 6,970 shares of the company’s stock, valued at approximately $2,028,270. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link.
The stock has a 50-day moving average of $312.8 and a 200-day moving average of $289.. The company has a market cap of $69.698 billion and a P/E ratio of 39.28.
Biogen Idec Inc (NASDAQ:BIIB) is a global biotechnology company.
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