Biogen (BIIB) to Release Quarterly Earnings on Wednesday

Biogen (NASDAQ:BIIB) is scheduled to issue its quarterly earnings data before the market opens on Wednesday, April 24th. Analysts expect the company to announce 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.Parties that are interested in registering for the company’s conference call can do so using this link.

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

Biogen Stock Performance

Shares of Biogen stock opened at $195.15 on Wednesday. Biogen has a 52 week low of $194.94 and a 52 week high of $319.76. The company has a quick ratio of 1.26, a current ratio of 2.00 and a debt-to-equity ratio of 0.46. The stock’s fifty day moving average is $218.13 and its two-hundred day moving average is $236.87. The company has a market capitalization of $28.37 billion, a PE ratio of 24.45, a price-to-earnings-growth ratio of 1.66 and a beta of -0.02.

Wall Street Analysts Forecast Growth

A number of research firms have recently issued reports on BIIB. Robert W. Baird dropped their price target on Biogen from $333.00 to $316.00 and set an “outperform” rating on the stock in a research report on Wednesday, February 14th. Wells Fargo & Company downgraded Biogen from an “overweight” rating to an “equal weight” rating and dropped their price target for the stock from $315.00 to $240.00 in a research report on Wednesday, February 14th. BMO Capital Markets dropped their price objective on Biogen from $295.00 to $285.00 and set an “outperform” rating on the stock in a research report on Wednesday, February 14th. Piper Sandler decreased their price target on Biogen from $350.00 to $325.00 and set an “overweight” rating for the company in a research note on Wednesday, February 14th. Finally, Oppenheimer decreased their price target on Biogen from $295.00 to $290.00 and set an “outperform” rating for the company in a research note on Wednesday, February 14th. Ten analysts have rated the stock with a hold rating and nineteen have given a buy rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $298.96.

Insider Transactions at Biogen

In other news, Director Eric K. Rowinsky purchased 455 shares of the stock in a transaction dated Thursday, February 15th. The shares were purchased 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 directly owns 20,629 shares of the company’s stock, valued at approximately $4,590,777.66. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. In related news, insider Priya Singhal sold 262 shares of Biogen stock in a transaction that occurred 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 transaction, the insider now owns 4,886 shares in the company, valued at $1,080,929.78. The sale was disclosed in a document filed with the SEC, which is accessible through this link. Also, Director Eric K. Rowinsky acquired 455 shares of Biogen 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 transaction, the director now owns 20,629 shares of the company’s stock, valued at approximately $4,590,777.66. The disclosure for this purchase can be found here. Insiders have sold 882 shares of company stock valued at $202,030 over the last ninety days. Insiders own 0.60% of the company’s stock.

Hedge Funds Weigh In On Biogen

A number of institutional investors have recently added to or reduced their stakes in the stock. Altshuler Shaham Ltd purchased a new stake in Biogen in the fourth quarter valued at $25,000. First Manhattan Co. raised its holdings in shares of Biogen by 33.3% in the 4th quarter. First Manhattan Co. now owns 160 shares of the biotechnology company’s stock valued at $44,000 after buying an additional 40 shares during the period. Harbour Investments Inc. raised its holdings in shares of Biogen by 178.3% in the 4th quarter. Harbour Investments Inc. now owns 167 shares of the biotechnology company’s stock valued at $43,000 after buying an additional 107 shares during the period. Alpha Paradigm Partners LLC purchased a new stake in shares of Biogen in the 3rd quarter valued at $77,000. Finally, Sunbelt Securities Inc. purchased a new stake in shares of Biogen in the 1st quarter valued at $84,000. Hedge funds and other institutional investors own 87.93% 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.