Biogen Inc. (BIIB) Issues Quarterly Earnings Results
Biogen Inc. (NASDAQ:BIIB) posted its quarterly earnings data on Tuesday. The biotechnology company reported $5.04 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $4.50 by $0.54, Bloomberg Earnings reports. The business had revenue of $3.08 billion for the quarter, compared to the consensus estimate of $2.81 billion. Biogen had a net margin of 30.17% and a return on equity of 38.17%. The company’s revenue was up 6.4% compared to the same quarter last year. During the same period last year, the firm posted $5.21 earnings per share. Biogen updated its FY17 guidance to $20.80-21.40 EPS.
Biogen (NASDAQ:BIIB) opened at 287.36 on Tuesday. The firm has a market capitalization of $60.95 billion, a PE ratio of 18.00 and a beta of 0.77. Biogen has a 1-year low of $244.28 and a 1-year high of $307.76. The stock’s 50 day moving average is $270.82 and its 200-day moving average is $273.59.
Several equities analysts have issued reports on the stock. BMO Capital Markets reaffirmed a “hold” rating and set a $318.00 price objective on shares of Biogen in a report on Tuesday, July 18th. Credit Suisse Group set a $300.00 price target on shares of Biogen and gave the stock a “hold” rating in a research note on Friday, July 14th. Vetr raised shares of Biogen from a “buy” rating to a “strong-buy” rating and set a $306.48 price target on the stock in a research note on Wednesday, July 12th. Jefferies Group LLC reissued a “hold” rating and issued a $310.00 price target on shares of Biogen in a research note on Tuesday, July 11th. Finally, Morgan Stanley reissued an “equal weight” rating on shares of Biogen in a research note on Monday, July 10th. Thirteen research analysts have rated the stock with a hold rating, fourteen have assigned a buy rating and two have assigned a strong buy rating to the company. The company presently has a consensus rating of “Buy” and an average target price of $325.48.
In other news, Director Alexander J. Denner bought 73,858 shares of the stock in a transaction that occurred on Thursday, April 27th. The shares were purchased at an average cost of $278.50 per share, with a total value of $20,569,453.00. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, EVP Susan H. Alexander sold 7,758 shares of Biogen stock in a transaction dated Wednesday, July 19th. The stock was sold at an average price of $285.00, for a total value of $2,211,030.00. Following the transaction, the executive vice president now directly owns 27,232 shares in the company, valued at $7,761,120. The disclosure for this sale can be found here. 0.32% of the stock is currently owned by company insiders.
Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Berkshire Asset Management LLC PA raised its position in Biogen by 9.4% in the first quarter. Berkshire Asset Management LLC PA now owns 2,197 shares of the biotechnology company’s stock worth $601,000 after buying an additional 189 shares during the period. Wrapmanager Inc. raised its position in Biogen by 7.7% in the first quarter. Wrapmanager Inc. now owns 5,525 shares of the biotechnology company’s stock worth $1,511,000 after buying an additional 396 shares during the period. Savant Capital LLC raised its position in Biogen by 3.7% in the first quarter. Savant Capital LLC now owns 846 shares of the biotechnology company’s stock worth $231,000 after buying an additional 30 shares during the period. Boltwood Capital Management raised its position in Biogen by 18.3% in the first quarter. Boltwood Capital Management now owns 2,460 shares of the biotechnology company’s stock worth $672,000 after buying an additional 380 shares during the period. Finally, Reilly Financial Advisors LLC raised its position in Biogen by 5.1% in the first quarter. Reilly Financial Advisors LLC now owns 1,130 shares of the biotechnology company’s stock worth $309,000 after buying an additional 55 shares during the period. 87.50% of the stock is currently owned by hedge funds and other institutional investors.
Biogen Inc is a biopharmaceutical company. The Company focuses on discovering, developing, manufacturing and delivering therapies to people living with serious neurological, rare and autoimmune diseases. The Company markets products, including TECFIDERA, AVONEX, PLEGRIDY, TYSABRI, ZINBRYTA and FAMPYRA for multiple sclerosis (MS), FUMADERM for the treatment of severe plaque psoriasis and SPINRAZA for the treatment of spinal muscular atrophy (SMA).
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