Biogen (BIIB) Set to Announce Quarterly Earnings on Wednesday

Biogen (NASDAQ:BIIB - Get Free Report) will announce its earnings results 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.Investors interested in registering for the company's conference call can do so using this link.

Biogen (NASDAQ:BIIB - Get Free Report) last issued its quarterly earnings data on Tuesday, February 13th. The biotechnology company reported $2.95 earnings per share (EPS) for the quarter, missing analysts' consensus estimates 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 return on equity of 14.91% and a net margin of 11.81%. During the same quarter in the prior year, the company 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 1.5 %

NASDAQ:BIIB traded down $2.99 during trading hours on Wednesday, reaching $192.16. The company's stock had a trading volume of 1,320,645 shares, compared to its average volume of 1,151,376. The company has a market cap of $27.93 billion, a price-to-earnings ratio of 24.23, a price-to-earnings-growth ratio of 1.87 and a beta of -0.02. Biogen has a one year low of $192.01 and a one year high of $319.76. The business's 50-day moving average is $218.13 and its 200-day moving average is $236.87. The company has a debt-to-equity ratio of 0.46, a current ratio of 2.00 and a quick ratio of 1.26.

Insider Activity at Biogen

In other Biogen news, Director Eric K. Rowinsky acquired 455 shares of Biogen stock in a transaction on 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 owns 20,629 shares in the company, valued at $4,590,777.66. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. In other news, Director Eric K. Rowinsky acquired 455 shares of the stock in a transaction dated Thursday, February 15th. The shares were bought at an average cost of $222.54 per share, for a total transaction of $101,255.70. Following the purchase, the director now directly owns 20,629 shares of the company's stock, valued at $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 419 shares of the business's stock in a transaction dated Monday, February 12th. The stock was sold at an average price of $239.45, for a total transaction of $100,329.55. Following the transaction, the insider now owns 4,516 shares in the company, valued at $1,081,356.20. The disclosure for this sale can be found here. Insiders sold a total of 882 shares of company stock valued at $202,030 over the last quarter. Corporate insiders own 0.60% of the company's stock.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of the company. DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main increased its stake in shares of Biogen by 4.7% during the 4th quarter. DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main now owns 36,265 shares of the biotechnology company's stock worth $9,380,000 after purchasing an additional 1,644 shares during the last quarter. SageView Advisory Group LLC increased its stake in shares of Biogen by 8.2% during the 4th quarter. SageView Advisory Group LLC now owns 951 shares of the biotechnology company's stock worth $235,000 after purchasing an additional 72 shares during the last quarter. Harbour Investments Inc. increased its stake in shares of Biogen by 178.3% during the 4th quarter. Harbour Investments Inc. now owns 167 shares of the biotechnology company's stock worth $43,000 after purchasing an additional 107 shares during the last quarter. GSA Capital Partners LLP bought a new stake in shares of Biogen during the 4th quarter worth about $381,000. Finally, Exome Asset Management LLC acquired a new position in Biogen in the 4th quarter valued at about $2,122,000. 87.93% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of equities research analysts have issued reports on BIIB shares. Piper Sandler decreased their price target on shares of Biogen from $350.00 to $325.00 and set an "overweight" rating for the company in a report on Wednesday, February 14th. Robert W. Baird decreased their price target on shares of Biogen from $333.00 to $316.00 and set an "outperform" rating for the company in a report on Wednesday, February 14th. Truist Financial restated a "buy" rating and set a $340.00 price target on shares of Biogen in a report on Monday, March 25th. Royal Bank of Canada restated an "outperform" rating and set a $364.00 price target on shares of Biogen in a report on Tuesday, March 5th. Finally, Mizuho decreased their price target on shares of Biogen from $355.00 to $277.00 and set a "buy" rating for the company in a report on Thursday, February 22nd. Ten analysts have rated the stock with a hold rating and nineteen have assigned a buy rating to the stock. According to MarketBeat.com, the company currently has an average rating of "Moderate Buy" and an average price target of $297.73.

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.