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 guidance of 15.000-16.000 for the period, compared to the consensus earnings per share estimate of 15.460. The company issued revenue guidance of -. Biogen also updated its FY24 guidance to $15.00-16.00 EPS.

Wall Street Analyst Weigh In

Several research firms recently weighed in on BIIB. Piper Sandler reduced their price target on shares of Biogen from $350.00 to $325.00 and set an overweight rating for the company in a research report on Wednesday, February 14th. Cantor Fitzgerald restated an overweight rating and set a $311.00 price target on shares of Biogen in a research report on Tuesday, February 20th. Canaccord Genuity Group reduced their price target on shares of Biogen from $310.00 to $305.00 and set a buy rating for the company in a research report on Tuesday, February 20th. Bank Of America (Bofa) reduced their price target on shares of Biogen from $290.00 to $280.00 and set a neutral rating for the company in a research report on Monday, February 12th. Finally, JPMorgan Chase & Co. reduced their price target on shares of Biogen from $270.00 to $240.00 and set a neutral rating for the company in a research report on Thursday, April 11th. Ten equities research analysts have rated the stock with a hold rating and eighteen have given a buy rating to the company. According to MarketBeat, the stock presently has a consensus rating of Moderate Buy and a consensus target price of $295.35.

Biogen Stock Up 4.6 %

BIIB stock traded up $8.81 during midday trading on Wednesday, hitting $201.99. The company’s stock had a trading volume of 3,264,689 shares, compared to its average volume of 1,191,884. The company has a quick ratio of 1.26, a current ratio of 2.00 and a debt-to-equity ratio of 0.46. Biogen has a 52-week low of $189.44 and a 52-week high of $319.76. The firm has a market capitalization of $29.36 billion, a P/E ratio of 25.64, a PEG ratio of 1.85 and a beta of -0.02. The firm has a 50-day simple moving average of $213.55 and a 200-day simple moving average of $234.62.

Biogen (NASDAQ:BIIB) last issued its quarterly earnings results 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 analysts’ expectations of $2.47 billion. Biogen had a net margin of 11.81% and a return on equity of 14.91%. During the same period in the prior year, the business earned $4.05 EPS. As a group, equities analysts forecast that Biogen will post 15.48 EPS for the current year.

Insider Buying and Selling

In related news, Director Eric K. Rowinsky acquired 455 shares of the firm’s stock in a transaction that occurred on Thursday, February 15th. The shares were purchased at an average price of $222.54 per share, with a total value of $101,255.70. Following the completion of the acquisition, the director now owns 20,629 shares in the company, valued at $4,590,777.66. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. In other Biogen news, insider Priya Singhal sold 419 shares of the company’s stock in a transaction dated Monday, February 12th. The shares were sold at an average price of $239.45, for a total value of $100,329.55. Following the sale, the insider now owns 4,516 shares of the company’s stock, valued at $1,081,356.20. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Eric K. Rowinsky purchased 455 shares of Biogen stock in a transaction on Thursday, February 15th. The stock was acquired at an average cost of $222.54 per share, for a total transaction of $101,255.70. Following the acquisition, the director now directly owns 20,629 shares of the company’s stock, valued at $4,590,777.66. The disclosure for this purchase 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.

About Biogen

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.