Biogen Stock (NASDAQ:BIIB), Trade Ideas

Biogen

Biogen and Idec merged in 2003, combining forces to market Biogen's multiple sclerosis drug Avonex and Idec's cancer drug Rituxan. Today, Rituxan and next-generation antibody Gazyva are marketed via a collaboration with Roche. Biogen also markets novel multiple sclerosis drugs Plegridy, Tysabri, Tecfidera, and Vumerity. In Japan, Biogen's MS portfolio is copromoted by Eisai. Hemophilia therapies Eloctate and Alprolix (partnered with Sobi) were spun off as part of Bioverativ in 2017. Biogen's newer products include Spinraza (SMA, with partner Ionis), Leqembi (Alzheimers, with partner Eisai), Skyclarys (Friedreich's Ataxia, Reata), Zurzuvae (post-partum depression, Sage), and Qalsody (ALS, Ionis). Biogen has several drug candidates in phase 3 trials in neurology-related fields.

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These Analysts Revise Their Forecasts On Biogen After Q1 Results

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Discover the challenges facing Leqembi, the first Alzheimer&#39;s drug shown to slow progression. Skepticism among doctors and concerns about efficacy and costs hinder widespread adoption despite FDA approval.

Biogen/Eisai&#39;s Popular Alzheimer&#39;s Drug Leqembi Is Seeing Slow Adoption - Here&#39;s Why

Biogen Inc

Biogen Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/BIIB#NASDAQ">BIIB</a>) reported better-than-expected earnings for its <a href="https://www.benzinga.com/general/biotech/24/04/38410191/biogens-leqembi-commercial-ramp-up-modest-but-up-ticking-reports-mixed-bag-q1-earnings">first quarter on Wednesday</a>.
Biogen reported first-quarter adjusted EPS of $3.67, up 8%, beating the consensus of $3.44. The company reported sales of $2.29 billion, down 7% year over year and missing the consensus of $2.31 billion, according to data from <a href="https://pro.benzinga.com/dashboard">Benzinga Pro</a>.
Multiple sclerosis revenue of $1.1 billion decreased by 4% (down 4% on constant currency). Multiple sclerosis drug Tysabri sales were down to $431.3 million from $472.8 million. Rare disease revenue decreased 4% year over year (down 4% CC) to $423.9 million. Spinraza's revenue fell to $341.3 million from $443.3 million a year ago.
For the fiscal year 2024, Biogen reaffirms adjusted EPS Of $15.00-$16.00 versus consensus of $15.48, up around 5% versus 2023 at the mid-point. The company expects 2024 total revenue to decline by a low- to mid-single-digit percentage, with operating income expected to grow at a low-double-digit percentage.
Biogen shares gained 4.6% to close at $201.99 on Wednesday.
These analysts made changes to their price targets on Biogen following earnings announcement.
<ul>
<li>HC Wainwright &amp; Co. cut the price target on Biogen from $325 to $300. HC Wainwright &amp; Co. analyst Andrew Fein maintained a Buy rating.</li>
<li>Wedbush boosted the price target on Biogen from $213 to $215. Wedbush analyst Laura Chico maintained a Neutral rating.</li>
<li>Needham analyst Ami Fadia, meanwhile, reiterated Biogen with a Buy and maintained a $294 price target.</li>
</ul>
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Top Wall Street analysts changed their outlook on these top names. For a complete view of all analyst rating changes, including upgrades and downgrades, please see our <a href="https://www.benzinga.com/analyst-stock-ratings">analyst ratings page</a>.
<ul>
<li>Rosenblatt raised the price target for Meta Platforms, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/META#NASDAQ">META</a>) from $520 to $562. Rosenblatt analyst Barton Crockett maintained a Buy rating. Meta Platforms shares fell 0.5% to close at $493.50 on Wednesday. <a href="https://www.benzinga.com/quote/META/analyst-ratings">See how other analysts view this </a>stock.</li>
<li>Wedbush boosted the price target for SLM Corporation (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/SLM#NASDAQ">SLM</a>) from $26 to $28. Wedbush analyst David Chiaverini maintained an Outperform rating. SLM shares rose 0.8% to close at $22.10 on Wednesday. <a href="https://www.benzinga.com/quote/SLM/analyst-ratings">See how other analysts view this stock</a>.</li>
<li>Oppenheimer lowered Humana Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/HUM#NYSE">HUM</a>) price target from $415 to $370. Oppenheimer analyst Michael Wiederhorn maintained an Outperform rating. Humana shares fell 3.7% to close at $315.98 on Wednesday. <a href="https://www.benzinga.com/quote/HUM/analyst-ratings">See how other analysts view this stock</a>.</li>
<li>DA Davidson cut the price target for Helen of Troy Limited (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/HELE#NASDAQ">HELE</a>) from $151 to $139. DA Davidson analyst Linda Bolton Weiser maintained a Buy rating. Helen of Troy shares fell 9.5% to close at $90.71 on Wednesday. <a href="https://www.benzinga.com/quote/HELE/analyst-ratings">See how other analysts view this stock</a>.</li>
<li>HC Wainwright &amp; Co. cut Biogen Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/BIIB#NASDAQ">BIIB</a>) price target from $325 to $300. HC Wainwright &amp; Co. analyst Andrew Fein maintained a Buy rating. Biogen shares rose 4.6% to close at $201.99 on Wednesday. <a href="https://www.benzinga.com/quote/BIIB/analyst-ratings">See how other analysts view this stock</a>.</li>
<li>Susquehanna cut Lam Research Corporation (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/LRCX#NASDAQ">LRCX</a>) price target from $880 to $850. Susquehanna analyst Mehdi Hosseini maintained a Neutral rating. Lam Research shares fell 0.3% to close at $884.89 on Wednesday. <a href="https://www.benzinga.com/quote/LRCX/analyst-ratings">See how other analysts view this stock</a>.</li>
<li>Baird raised the price target for Texas Instruments Incorporated (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TXN#NASDAQ">TXN</a>) from $125 to $175. Baird analyst Tristan Gerra maintained a Neutral rating. Texas Instruments shares gained 5.6% to close at $174.81 on Wednesday. <a href="https://www.benzinga.com/quote/TXN/analyst-ratings">See how other analysts view this stock</a>.</li>
<li>Wedbush raised Chipotle Mexican Grill, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CMG#NYSE">CMG</a>) price target from $2,850 to $3,200. Wedbush analyst Nick Setyan maintained a Neutral rating. Chipotle shares rose 0.4% to close at $2,926.76 on Wednesday. <a href="https://www.benzinga.com/quote/CMG/analyst-ratings">See how other analysts view this stock</a>.</li>
<li>B of A Securities lowered Deckers Outdoor Corporation (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/DECK#NYSE">DECK</a>) price target from $875 to $860. B of A Securities analyst Christopher Nardone downgraded the stock from Buy to Neutral. Deckers Outdoor shares rose 2.7% to close at $851.71 on Wednesday. <a href="https://www.benzinga.com/quote/DECK/analyst-ratings">See how other analysts view this stock</a>.</li>
<li>Deutsche Bank boosted Lockheed Martin Corporation (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/LMT#NYSE">LMT</a>) price target from $467 to $487. Deutsche Bank analyst Scott Deuschle maintained a Hold rating. Lockheed Martin shares fell 0.2% to close at $459.14 on Wednesday. <a href="https://www.benzinga.com/quote/LMT/analyst-ratings">See how other analysts view this stock</a>.</li>
</ul>
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Wedbush analyst Laura Chico maintains Biogen (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/BIIB#NASDAQ">BIIB</a>) with a Neutral and raises the price target from $213 to $215.

Analyst Ratings

Wedbush Maintains Neutral on Biogen, Raises Price Target to $215

HC Wainwright &amp; Co. analyst Andrew Fein maintains Biogen (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/BIIB#NASDAQ">BIIB</a>) with a Buy and lowers the price target from $325 to $300.

HC Wainwright & Co. Maintains Buy on Biogen, Lowers Price Target to $300

Needham analyst Ami Fadia reiterates Biogen (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/BIIB#NASDAQ">BIIB</a>) with a Buy and maintains $294 price target.

Reiteration

Needham Reiterates Buy on Biogen, Maintains $294 Price Target

Nine months after the U.S. launch of&nbsp;Eisai Limited&nbsp;(OTC:<a class="ticker" href="https://www.benzinga.com/stock/ESALY#OTC">ESALY</a>) and&nbsp;Biogen Inc&#8217;s&nbsp;(NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/BIIB#NASDAQ">BIIB</a>) Leqembi, the first drug shown to slow Alzheimer&#8217;s progression, adoption faces hurdles due to skepticism among some doctors.&nbsp;
Initially hopeful, Alzheimer&#8217;s experts anticipated challenges with Leqembi&#8217;s requirements, including frequent infusions and diagnostic tests, leading to slow adoption&nbsp;<a target="_blank" href="https://www.benzinga.com/analyst-ratings/analyst-color/23/07/33148410/expanded-medicare-coverage-for-biogen-eisais-leqembi-signals-a-turning-point-in-alz" rel="noreferrer noopener">after FDA approval</a>.&nbsp;
Interviews with 20 neurologists and geriatricians revealed concerns about efficacy, costs, and risks, hampering widespread prescription.
Read Next:&nbsp;<a target="_blank" href="https://www.benzinga.com/general/biotech/24/03/37897025/european-medicines-agency-delays-approval-decision-for-biogen-eisai-partnered-alzheimers-drug-lec" rel="noreferrer noopener">European Medicines Agency Delays Approval Decision For Biogen-Eisai Partnered Alzheimer&#8217;s Drug Lecanemab</a>.
Reuters highlighted that seven interviewed doctors cited skepticism, while six highlighted &#8220;therapeutic nihilism&#8221; as a significant barrier to Leqembi adoption.&nbsp;
Dr. Reisa Sperling likened skepticism to past fatalistic attitudes toward cancer treatment. Eisai&#8217;s chief administrative officer,&nbsp;Alex Scott, acknowledged skepticism&#8217;s impact, citing historical skepticism toward Alzheimer&#8217;s research.
In trials, Leqembi,&nbsp;targeting&nbsp;amyloid, showed a 27%&nbsp;cognition decline slowdown.&nbsp;However, adoption has been sluggish, with only a fraction of intended patients receiving treatment.&nbsp;
Factors include long adoption cycles for new drugs and concerns about Leqembi&#8217;s efficacy and costs.
Despite FDA approval, less than half of U.S. neurologists recommend Leqembi, citing limited patient benefit and significant risks.&nbsp;
Dr. Michael Greicius doubts Leqembi&#8217;s meaningful patient benefits, given slim trial differences, Reuter writes.&nbsp;Dr. Eric Widera and Donna Fick caution about the drug&#8217;s risks and unclear benefits.
Some physicians have expressed worries regarding the potential for brain swelling and bleeding linked to Leqembi.&nbsp;
They&#8217;ve also highlighted concerns about the financial burden imposed by the drug&#8217;s&nbsp;$26,500&nbsp;yearly cost, along with the expenses related to regular MRIs and bi-monthly infusions.
Reuters notes that of the 10,000 Americans the companies hoped to treat by the end of March, Eisai announced that only a couple thousand had begun treatment as of January.&nbsp;
Biogen and Eisai intend to increase their sales force by 30%, aiming for 100,000 patients by 2026.
In its first-quarter earnings release, Biogen said Leqembi launch uptake accelerated with first-quarter global in-market sales of approximately&nbsp;$19 million, nearly triple the fourth quarter of 2023, and patients on therapy increasing&nbsp;nearly&nbsp;2.5 times&nbsp;<a target="_blank" href="https://www.benzinga.com/general/biotech/24/04/38410191/biogens-leqembi-commercial-ramp-up-modest-but-up-ticking-reports-mixed-bag-q1-earnings" rel="noreferrer noopener">since the end of 2023</a>.&nbsp;
Read Next:&nbsp;<a target="_blank" href="https://www.benzinga.com/general/biotech/24/01/36871446/biogen-gives-up-on-aduhelm-efforts-after-two-years-of-controversial-fda-accelerated-approval-for-" rel="noreferrer noopener">Biogen Gives Up On Aduhelm Efforts After Two Years Of Controversial FDA Accelerated Approval For Alzheimer&#8217;s, Shifts Focus On Newer Medicines</a>.
Price Action:&nbsp;BIIB shares are up 3.36% at $199.68&nbsp;at the last check Wednesday.
Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
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Biogen/Eisai's Popular Alzheimer's Drug Leqembi Is Seeing Slow Adoption - Here's Why

Rising Treasury yields have investors cautious despite positive news <a href="https://www.benzinga.com/calendars/earnings">from the earnings season.</a>
The yield on the long-dated 30-year Treasury bond has surged to 4.79%. It&#8217;s on track to close at the highest level since early November, ahead of crucial economic data on Thursday.
The iShares 20+ Year Treasury Bond ETF (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TLT#NASDAQ">TLT</a>) fell 0.9%, extending its year-to-date drop to 10%. 
Rising yields are propelling the greenback higher, particularly against the low-yielding Japanese yen which tumbled to past 155 per dollar, hitting the lowest level since June 1990.
Tesla Inc. posted lower-than-expected results last quarter, but shares rose 10%. Investors reacted to the automaker&#8217;s pledge to produce more affordable models to broaden the market.
The S&amp;P 500 fell 0.4% by midday trading in New York; the tech-heavy Nasdaq 100 managed to hold steady; and small caps saw wider declines, with the iShares Russell 2000 ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/IWM#NYSE">IWM</a>) down 1%. 
Gold remains unchanged, while oil prices edged up by 0.5%, despite the Energy Information Administration revealing a 6.368 million barrel drop in crude oil inventories last week, significantly below market expectations of a 1.6 million barrel increase.
Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>) fell 2.7% to $64,500 amid waning sentiment towards riskier assets. 
<h3 class="wp-block-heading">Wednesday&#8217;s Performance In Major US Indices, ETFs</h3>
<figure class="wp-block-table is-style-stripes"> 
<table>
<tbody>
<tr>
<td>Major Indices</td>
<td>Price</td>
<td>1-day %chg</td>
</tr>
<tr>
<td>Nasdaq 100</td>
<td>17,470.46</td>
<td>0.0%</td>
</tr>
<tr>
<td>Dow Jones</td>
<td>38,334.54</td>
<td>-0.4%</td>
</tr>
<tr>
<td>S&amp;P 500</td>
<td>5,048.09</td>
<td>-0.4%</td>
</tr>
<tr>
<td>Russell 2000</td>
<td>1,983.56</td>
<td>-1.0%</td>
</tr>
</tbody>
</table>
<figcaption class="wp-element-caption">Updated at 12:35 p.m. EDT</figcaption></figure>
The&nbsp;SPDR S&amp;P 500 ETF Trust&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SPY#NYSE">SPY</a>) fell 0.5% to $503.45, the&nbsp;SPDR Dow Jones Industrial Average (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/DIA#NYSE">DIA</a>) fell 0.4% to $383.43 and the tech-heavy&nbsp;Invesco QQQ Trust&nbsp;(NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/QQQ#NASDAQ">QQQ</a>) inched 0.1% lower to $424.43, according to&nbsp;<a href="https://pro.benzinga.com/dashboard">Benzinga Pro data</a>.&nbsp;
Sector-wise, the Consumer Discretionary Select Sector SPDR Fund (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLY#NYSE">XLY</a>) outperformed, up 0.3%. The Industrials Select Sector SPDR Fund (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLI#NYSE">XLI</a>) was the major laggard, down 1.5%. 
<h3 class="wp-block-heading">Wednesday&#8217;s Stock Movers</h3>
<ul>
<li>Texas Instruments Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TXN#NASDAQ">TXN</a>) rose 6.5%, after beating both earnings and revenue estimates last quarter. </li>
<li>Other companies reacting to earnings were Steel Dynamics, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/STLD#NASDAQ">STLD</a>) (down 2.5%), Mattel, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MAT#NASDAQ">MAT</a>) (up 3.6%), Baker Hughes Company (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/BKR#NASDAQ">BKR</a>) (down nearly 2%), Chubb Ltd. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CB#NYSE">CB</a>), (down over 3%), Old Dominion Freight Line, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ODFL#NASDAQ">ODFL</a>) (down over 10%), Norfolk Southern Corporation (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/NSC#NYSE">NSC</a>) (down 5%), Boston Scientific Corporation (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BSX#NYSE">BSX</a>) (up over 6%), AT&amp;T Corp. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/T#NYSE">T</a>) (up 1.8%), Boeing Co. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BA#NYSE">BA</a>) (down 1.6%), CME Group Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/CME#NASDAQ">CME</a>) (down 1.4%), General Dynamics Corp. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GD#NYSE">GD</a>) (down 3.2%) and Hilton Worldwide Holdings Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/HLT#NYSE">HLT</a>) (up 4.3%). </li>
<li>Notable names reporting after the close are Whirlpool Corporation (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/WHR#NYSE">WHR</a>), Western Union Company (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/WU#NYSE">WU</a>), ServiceNow, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/NOW#NYSE">NOW</a>), QuantumScape Corporation (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/QS#NYSE">QS</a>), O&#8217;Reilly Automotive, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ORLY#NASDAQ">ORLY</a>), Meta Platforms, Meritage Homes Corporation (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/MTH#NYSE">MTH</a>), Lam Research Corp. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/LRCX#NASDAQ">LRCX</a>), Knight-Swift Transportation Holdings Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/KNX#NYSE">KNX</a>), International Business Machines Corp. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/IBM#NYSE">IBM</a>), Ford Motor Co. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/F#NYSE">F</a>) and Chipotle Mexican Grill, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CMG#NYSE">CMG</a>).</li>
</ul>
Now Read: <a href="https://www.benzinga.com/economics/macro-economic-events/24/04/38410454/treasury-yields-reach-5-month-high-lift-mortgage-rates-expert-warns-federal-debt-">Treasury Yields Reach 5-Month High, Lift Mortgage Rates; Expert Warns &#8216;Federal Debt Blob Is Out Of Control&#8217;</a>

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Treasury Yields Rise, Tesla Jumps On Cheaper Model Pledge, Yen Plummets To 34-Year Lows: What's Driving Markets Wednesday?

On Wednesday,&nbsp;Biogen Inc&nbsp;(NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/BIIB#NASDAQ">BIIB</a>)&nbsp;<a target="_blank" href="https://investors.biogen.com/static-files/96fc50af-d220-4980-a7df-5eca64128c29" rel="noreferrer noopener">reported</a>&nbsp;first-quarter adjusted EPS of $3.67, up 8%, beating the consensus of $3.44.
The company reported sales of&nbsp;$2.29 billion, down 7% year over year and missing the consensus of $2.31 billion.
Multiple sclerosis revenue of $1.1 billion decreased by 4% (down 4% on constant currency). Multiple sclerosis drug Tysabri sales were down to $431.3 million from $472.8 million.
Also Read:&nbsp;<a target="_blank" href="https://www.benzinga.com/analyst-ratings/analyst-color/24/02/37137498/biogen-could-engage-in-1b-2b-deals-to-fill-revenue-shortfall-gaps-analyst-says" rel="noreferrer noopener">Biogen Could Engage In $1B-$2B Deals To Fill Revenue Shortfall Gaps, Analyst Says</a>.
Rare disease revenue&nbsp;decreased&nbsp;4% year over year (down 4% CC) to $423.9 million. Spinraza&#8217;s revenue fell to $341.3 million from $443.3 million a year ago.
Revenues from Skyclarys, acquired via Reata acquisition, reached $78 million during the quarter, with patient identification and access progressing in the U.S. and the E.U. launch underway.
The company said Leqembi (Alzheimer&#8217;s drug) launch uptake accelerated with first-quarter global in-market sales of approximately&nbsp;$19 million, nearly triple the fourth quarter of 2023, and patients on therapy increasing&nbsp;nearly&nbsp;2.5 times since the end of 2023.&nbsp;
A significant increase in new patient starts was observed in March, contributing to over 20% of cumulative patients on Leqembi.&nbsp;
Postpartum depression drug Zurzuvae&#8217;s launch shows encouraging early trends.
Guidance:&nbsp;For the fiscal year 2024, Biogen reaffirms adjusted EPS Of $15.00-$16.00 versus consensus of $15.48, up around 5% versus 2023 at the mid-point.
The company expects 2024 total revenue to decline by a low-&nbsp;to&nbsp;mid-single-digit percentage, with operating income expected to grow at a&nbsp;low-double-digit&nbsp;percentage.
Biogen expects core pharmaceutical revenue (product revenue + Leqembi) to be flat vs. 2023.
William Blair&nbsp;writes that the Leqembi launch continues to face logistical and clinical perception headwinds and has been slower than initially anticipated.
The analyst notes that the bottom-line beat&nbsp;is&nbsp;largely driven&nbsp;by Biogen&#8217;s push to reset its cost basis through the &#8220;Fit for Growth&#8221; savings initiative.
Read Next:&nbsp;<a target="_blank" href="https://www.benzinga.com/general/biotech/24/03/37558545/eli-lillys-donanemab-for-alzheimers-hits-fda-speed-breaker-biogen-stock-gains-on-delayed-decision" rel="noreferrer noopener">Eli Lilly&#8217;s Donanemab For Alzheimer&#8217;s Hits FDA Speed Breaker, Biogen Stock Gains On Delayed Decision</a>.
Price Action:&nbsp;BIIB shares are up 4.47% at $201.81&nbsp;at the last check Wednesday.

Guidance

Biogen's Leqembi Commercial Ramp-Up Modest But Up Ticking, Reports Mixed Bag Q1 Earnings

WIIM

Biogen shares are trading higher following a Q1 EPS beat.

<ul>
<li>Continue to expect total revenue to decline by a low- to mid-single digit percentage vs. 2023 and expect core pharmaceutical revenue (product revenue + LEQEMBI) to be flat vs. 2023</li>
<li>Continue to expect operating income to grow low-double digit percentage vs. 2023 with expected midsingle digit percentage point operating margin improvement</li>
</ul>

Biogen Reaffirms 2024 Adjusted EPS Guidance Of $15.00-$16.00, Representing EPS Growth Of Approximately 5% Versus 2023 At The Mid-point Versus Consensus Of $15.48

Biogen (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/BIIB#NASDAQ">BIIB</a>) reported quarterly earnings of $3.67 per share which beat the analyst consensus estimate of $3.44 by 6.69 percent. This is a 7.94 percent increase over earnings of $3.40 per share from the same period last year. The company reported quarterly sales of $2.291 billion which missed the analyst consensus estimate of $2.311 billion by 0.87 percent. This is a 7.00 percent decrease over sales of $2.463 billion the same period last year.

Earnings Beats

Earnings Misses

Biogen Q1 2024 Adj EPS $3.67 Beats $3.44 Estimate, Sales $2.291B Miss $2.311B Estimate

Nasdaq and S&amp;P 500 futures signaled a higher open on Wednesday, thanks to upbeat guidance from EV giant Tesla, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TSLA#NASDAQ">TSLA</a>) and <a href="https://www.benzinga.com/news/earnings/24/04/38390554/texas-instruments-q1-earnings-eps-beat-revenue-beat-despite-decline-across-all-end-markets">semiconductor major Texas Instruments, Inc. </a>(NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TXN#NASDAQ">TXN</a>), although Dow futures were marginally lower. Investors will keep their eyes peeled for some important economic data, including early quarterly GDP growth and personal consumption expenditure figures, later this week.
The PCI reading will likely be the last inflation reading before the&nbsp;Federal Reserve&nbsp;announces its&nbsp;next&nbsp;verdict in May. Bond yields resumed their climb, reflecting worries the Fed was not cutting rates enough this year.
 Futures Performance On Wednesday ( as of 6:10 a.m. EDT)
<figure class="wp-block-table is-style-stripes"> 
<table>
<tbody>
<tr>
<td>Futures</td>
<td>Performance (+/-)</td>
</tr>
<tr>
<td>Nasdaq 100</td>
<td>+0.46%</td>
</tr>
<tr>
<td>S&amp;P 500</td>
<td>+0.09%</td>
</tr>
<tr>
<td>Dow</td>
<td>-0.08%</td>
</tr>
<tr>
<td>R2K</td>
<td>-0.41%</td>
</tr>
</tbody>
</table>
<figcaption class="wp-element-caption"> In <a href="https://www.benzinga.com/premarket/" target="_blank" rel="noreferrer noopener">premarket</a>&nbsp;trading on Wednesday, the&nbsp;SPDR S&amp;P 500 ETF Trust&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SPY#NYSE">SPY</a>) rose 0.07% to $505.98,&nbsp;and the&nbsp;Invesco QQQ ETF&nbsp;(NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/QQQ#NASDAQ">QQQ</a>) gained 0.51% to $427.22, according to&nbsp;<a href="https://benzinga.grsm.io/lxquj26b2sag" target="_blank" rel="noreferrer noopener">Benzinga Pro data</a>.</figcaption></figure>
Cues From Past Session:
Traders relished <a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/04/38381361/us-private-sector-growth-unexpectedly-slows-in-april-marks-lowest-increase-in-4-mon">weak private-sector activity data </a>on Tuesday, pushing bond yields lower, as they saw it as a catalyst that could keep the Fed dovish. S&amp;P Global&#8217;s manufacturing purchasing managers&#8217; index unexpectedly fell into contraction territory and the service sector PMI came in below expectations, with the composite PMI falling to a two-month low.
The major indices opened higher and rose in early trading before moving roughly sideways for the remainder of the session. The Dow Jones Industrial Average climbed for a fourth straight session and settled at a two-week high, while the Nasdaq Composite and the S&amp;P 500 Index notched up their second straight session of gains. 
IT and communication services stocks led the gains on a day when only the material space came under selling pressure.
<figure class="wp-block-table is-style-stripes"> 
<table>
<tbody>
<tr>
<td>Index</td>
<td>Performance (+/-)</td>
<td>Value</td>
</tr>
<tr>
<td>Nasdaq Composite</td>
<td>+1.59%</td>
<td>15,696.64</td>
</tr>
<tr>
<td>S&amp;P 500 Index</td>
<td>+1.20%</td>
<td>5,070.55</td>
</tr>
<tr>
<td>Dow Industrials</td>
<td>+0.69%</td>
<td>38,503.69</td>
</tr>
<tr>
<td>Russell 2000</td>
<td>+1.79%</td>
<td>2,002.64</td>
</tr>
</tbody>
</table>
</figure>
Insights From Analysts:
The market may have resumed the rally after the early-April lull, said Carson Group&#8217;s Ryan Detrick. &#8220;Late April tends to be strong. We had a weak first part. Now are we getting the stronger late part,&#8221; he said. The analyst noted that late last week, there were multiple signs of a pending low forming, along with the CBOE volatility index in backwardation, huge inflows, and strong breadth under the surface.
<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter"> 
<div class="wp-block-embed__wrapper">
<blockquote class="twitter-tweet" data-width="500" data-dnt="true">Late April tends to be strong. We had the weak first part &#x2705; Now are we getting the stronger late part &#x2753; I think so, as noted many times late last week, multiple signs of a pending low were forming (VIX in backwardation, huge outflows, strong breadth under the surface). <a href="https://t.co/aeJuXd83vn">https://t.co/aeJuXd83vn</a>
&mdash; Ryan Detrick, CMT (@RyanDetrick) <a href="https://twitter.com/RyanDetrick/status/1782877381448859715?ref_src=twsrc%5Etfw">April 23, 2024</a></blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></div>
<figcaption class="wp-element-caption"> FundStrat&#8217;s Tom Lee said in a post at the start of the week that it was surprising to see pessimism surge so quickly following two weeks of market wobble. &#8220;This is why equities risk/reward has improved so much to start this week,&#8221; he said, adding that &#8220;tops&#8221; rarely happen when bearishness prevails. The analyst sees the need for just one catalyst that can bring back the momentum. In an interview with CNBC, he <a href="https://twitter.com/fundstrat/status/1782457285689614681">said</a>, &#8220;Now we just need a positive catalyst. I think as long as inflation tracks better than expected, I think we're in a good position to rally.&#8221; Upcoming Economic Data:</figcaption></figure>
The Commerce Department is scheduled to release the durables goods orders report for March at 8:30 a.m. EDT. Economists, on average, expect durable goods orders to rise 2.6% month-over-month, faster than the 1.3% increase in February. Excluding the volatile transportation orders, the order growth may have slowed from 0.5% to 0.3%.
The Energy Information Administration will release its petroleum status report at 10:30 a.m. EDT.
The Atlanta Fed is due to release its first-quarter GDP data at 12:30 p.m. EDT.
The Treasury will auction five-year notes at 1 p.m. EDT.
See Also: <a href="https://www.benzinga.com/money/best-futures-brokers">Best Futures Brokers</a>
Stocks In Focus: 
<ul>
<li>Tesla rallied over 10% <a href="https://www.benzinga.com/premarket">in premarket trading</a> following the release of its quarterly results.</li>
<li>The other stocks moving on earnings reporting Tuesday after the market close are Texas Instruments (up over 7%), Steel Dynamics, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/STLD#NASDAQ">STLD</a>) (up over 3%), Mattel, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MAT#NASDAQ">MAT</a>) (up about 3%), and Baker Hughes Company (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/BKR#NASDAQ">BKR</a>) (down over 3%).</li>
<li>Thermo Fisher Scientific Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/TMO#NYSE">TMO</a>), Old Dominion Freight Line, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ODFL#NASDAQ">ODFL</a>), Norfolk Southern Corporation (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/NSC#NYSE">NSC</a>), Humana Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/HUM#NYSE">HUM</a>), Hasbro, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/HAS#NASDAQ">HAS</a>), General Dynamics Corporation (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GD#NYSE">GD</a>), Boston Scientific Corporation (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BSX#NYSE">BSX</a>), Biogen, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/BIIB#NASDAQ">BIIB</a>) and AT&amp;T Corp. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/T#NYSE">T</a>) are among the <a href="https://www.benzinga.com/calendars/earnings">companies reporting their earnings ahead of the market open.</a></li>
<li>Notable names reporting after the close are Whirlpool Corporation (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/WHR#NYSE">WHR</a>), Western Union Company (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/WU#NYSE">WU</a>), ServiceNow, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/NOW#NYSE">NOW</a>), QuantumScape Corporation (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/QS#NYSE">QS</a>), O&#8217;Reilly Automotive, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ORLY#NASDAQ">ORLY</a>), Meta Platforms, Meritage Homes Corporation (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/MTH#NYSE">MTH</a>), Lam Research Corp. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/LRCX#NASDAQ">LRCX</a>), Knight-Swift Transportation Holdings Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/KNX#NYSE">KNX</a>), International Business Machines Corp. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/IBM#NYSE">IBM</a>), Ford Motor Co. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/F#NYSE">F</a>) and Chipotle Mexican Grill, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CMG#NYSE">CMG</a>).</li>
</ul>
Commodities, Bonds, and Global Equity Markets:
Crude oil futures, which staged a moderate recovery on Tuesday, have reversed course, with a barrel of WTI-grade crude trading down 0.45% at under $83. Gold futures also saw weakness but held above the $2,300 level.
The 10-year note yield, which eased on Tuesday, inched its way back up to 4.64% ahead of Friday&#8217;s inflation data.
Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>) continued to hold the $66,000 level, as it moved in a tight range. 
Asian stocks rallied across the board, tracking the positive lead from Wall Street overnight and latching on to the <a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/04/38349204/can-magnificent-7-help-script-market-turnaround-earnings-pick-up-pace-with-microsof">optimism over positive tech earnings.</a> The Australian market, however, ended marginally lower. Sentiment in Europe was positive, although the upward move was more muted, given the markets in the region have been higher for a third straight session. The Euro STOXX 50 was up about 0.33% in early trading.
Read Next: <a href="https://www.benzinga.com/news/24/04/38371547/ray-dalios-way-loses-shine-as-investors-yank-out-billions-from-risk-parity-funds-after-disappointing">Ray Dalio&#8217;s Way Loses Shine As Investors Yank Out Billions From Risk-Parity Funds After Disappointing Returns: But Is It A &#8216;Classic Investment Error?&#8217;</a>
Photo via Shutterstock

Equities

Previews

Federal Reserve

Pre-Market Outlook

TSLA

Nasdaq Futures Get A Lift From Tesla, Texas Instruments Earnings: Analyst Points To Key Catalyst For Boosting Rally

As the <a href="https://www.benzinga.com/news/large-cap/24/04/38342737/nasdaq-100-notches-worst-day-since-late-2023-worst-week-since-late-2022-as-ai-driven-chipmakers-tu">market runs into rough weather,</a> the importance of the upcoming week&#8217;s earnings cannot be emphasized enough. A lot is riding on the earnings reports of companies like Tesla, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TSLA#NASDAQ">TSLA</a>), Meta Platforms, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/META#NASDAQ">META</a>), Microsoft Corp. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MSFT#NASDAQ">MSFT</a>) and Alphabet, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/GOOGL#NASDAQ">GOOGL</a>) (GOOG).
The Season So Far: The percentage of S&amp;P 500 companies that have reported positive earning surprises and the magnitude of earnings surprises are at or above their 10-year averages, <a href="https://insight.factset.com/sp-500-earnings-season-update-april-19-2024?utm_source=Direct&amp;utm_medium=Email&amp;utm_campaign=FO-04-19-2024&amp;utm_content=httpsinsightfactsetcomsp500earningsseasonupdateapril192024">said</a> FactSet in its report released Friday. That said, substantial downward revisions to earnings per share (EPS) estimates of two healthcare companies have led to a decline in earnings growth over the past two weeks.
The combined earnings per share growth rate of S&amp;P 500 companies, considering both the already reported actual results and the estimates for those yet to report, is at 0.5%, according to FactSet. The metric, however, fell from the 0.9% estimated previous week and the 3.4% estimated at the end of the first quarter. Earnings growth for the quarter may extend the positive growth streak to three quarters.
So far, 14% of the S&amp;P 500 companies have reported March quarter results. 
See Also: <a href="https://www.benzinga.com/money/best-tech-stocks">Best Tech Stocks To Buy Right Now</a>
Look Ahead: The upcoming week will likely feature earnings releases from 158 S&amp;P 500 companies, including 11 Dow 30 components. With the bank earnings tapering off, the spotlight shifts to tech companies, as they begin to roll out their quarterly scorecard this week.
Apart from some big techs, which are part of the group called the &#8220;Magnificent Seven,&#8221; homebuilders, defense contractors, airlines and transportation companies are also due to release their quarterly reports. 
All eyes are focused on Tesla as analysts expect a downbeat report from the company. Analysts see the scope of a further contraction in margin and potentially a double miss yet again in the first quarter.
AI stalwarts Microsoft, Alphabet and Meta are widely expected to report strong results. Following the recent tech-led sell-off, Wedbush analyst Daniel Ives said, &#8220;We believe 1Q earnings will be a major positive catalyst for the tech sector and <a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/04/38252477/why-microsoft-alphabet-amazon-palantir-and-meta-could-rise-15-in-2024-according-to-">expect tech stocks to be up another 15% for the year</a> adding to the strong start to 2024.&#8221;
The earnings schedule of key names are as follows:
Monday 
<ul>
<li>Before the bell: Albertsons Companies, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/ACI#NYSE">ACI</a>), Verizon Communications Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/VZ#NYSE">VZ</a>), Zions Bancorporation, National Association (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ZION#NASDAQ">ZION</a>)</li>
<li>After the close: Ameriprise Financial, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/AMP#NYSE">AMP</a>), Nucor Corporation (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/NUE#NYSE">NUE</a>) Cleveland-Cliffs Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CLF#NYSE">CLF</a>), Packaging Corporation of America (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/PKG#NYSE">PKG</a>) and SAP SE (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SAP#NYSE">SAP</a>), Quest Diagnostics Incorporated (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/DGX#NYSE">DGX</a>)</li>
</ul>
Tuesday 
<ul>
<li>Before the bell: D.R. Horton, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/DHI#NYSE">DHI</a>), Fiserv, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/FI#NYSE">FI</a>), General Electric Co. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GE#NYSE">GE</a>), General Motors Corp. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GM#NYSE">GM</a>), JetBlue Airways Corporation (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/JBLU#NASDAQ">JBLU</a>), Kimberly-Clark Corporation (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/KMB#NYSE">KMB</a>), Novartis AG (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/NVS#NYSE">NVS</a>), PepsiCo. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/PEP#NYSE">PEP</a>), PulteGroup, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/PHM#NYSE">PHM</a>), Spotify Technology S.A. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SPOT#NYSE">SPOT</a>), United Parcel Service, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/UPS#NYSE">UPS</a>) and Xerox Holdings Corporation (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XRX#NYSE">XRX</a>), Halliburton Company (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/HAL#NYSE">HAL</a>) and Lockheed Martin Corporation (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/LMT#NYSE">LMT</a>)</li>
<li>After the close: Visa, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/V#NYSE">V</a>), Texas Instruments, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TXN#NASDAQ">TXN</a>), Tesla, Steel Dynamics, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/STLD#NASDAQ">STLD</a>), Seagate Technology Holdings plc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/STX#NASDAQ">STX</a>), Mattel, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MAT#NASDAQ">MAT</a>), Chubb Limited (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CB#NYSE">CB</a>), Canadian National Railway Company (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CNI#NYSE">CNI</a>) and Baker Hughes Company (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/BKR#NASDAQ">BKR</a>)</li>
</ul>
Wednesday 
<ul>
<li>Before the bell: Thermo Fisher Scientific Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/TMO#NYSE">TMO</a>), Old Dominion Freight Line, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ODFL#NASDAQ">ODFL</a>), Norfolk Southern Corporation (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/NSC#NYSE">NSC</a>), Humana Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/HUM#NYSE">HUM</a>), Hasbro, Inc. (NASDA: HAS), General Dynamics Corporation (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GD#NYSE">GD</a>), Boston Scientific Corporation (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BSX#NYSE">BSX</a>), Biogen, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/BIIB#NASDAQ">BIIB</a>) and AT&amp;T Corp. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/T#NYSE">T</a>)</li>
<li>After the close: Whirlpool Corporation (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/WHR#NYSE">WHR</a>), Western Union Company (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/WU#NYSE">WU</a>), ServiceNow, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/NOW#NYSE">NOW</a>), QuantumScape Corporation (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/QS#NYSE">QS</a>), O&#8217;Reilly Automotive, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ORLY#NASDAQ">ORLY</a>), Meta Platforms, Meritage Homes Corporation (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/MTH#NYSE">MTH</a>), Lam Research Corp. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/LRCX#NASDAQ">LRCX</a>), Knight-Swift Transportation Holdings Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/KNX#NYSE">KNX</a>), International Business Machines Corp. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/IBM#NYSE">IBM</a>), Ford Motor Co. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/F#NYSE">F</a>) and Chipotle Mexican Grill, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CMG#NYSE">CMG</a>)</li>
</ul>
Thursday 
<ul>
<li>Before the bell: Altria Group, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/MO#NYSE">MO</a>), American Airlines Group Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AAL#NASDAQ">AAL</a>), AstraZeneca Plc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AZN#NASDAQ">AZN</a>), Bristol-Myers Squibb Co. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BMY#NYSE">BMY</a>), Caterpillar, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CAT#NYSE">CAT</a>), CMS Energy Corporation (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CMS#NYSE">CMS</a>), Comcast Corporation (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/CMCSA#NASDAQ">CMCSA</a>), Dow Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/DOW#NYSE">DOW</a>), Harley-Davidson, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/HOG#NYSE">HOG</a>), Hertz Global Holdings, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/HTZ#NASDAQ">HTZ</a>), Honeywell International Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/HON#NASDAQ">HON</a>), Merck &amp; Co., Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/MRK#NYSE">MRK</a>), Mobileye Global Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MBLY#NASDAQ">MBLY</a>), Nasdaq, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NDAQ#NASDAQ">NDAQ</a>), Newmont Corporation (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/NEM#NYSE">NEM</a>), Royal Caribbean Cruises Ltd. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/RCL#NYSE">RCL</a>), Sanofi (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/SNY#NASDAQ">SNY</a>), Southwest Airlines Co. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/LUV#NYSE">LUV</a>) and STMicroelectronics N.V. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/STM#NYSE">STM</a>)</li>
<li>After the close: Alphabet, Boyd Gaming Corporation (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BYD#NYSE">BYD</a>), Capital One Financial Corporation (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/COF#NYSE">COF</a>), Gilead Sciences, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/GILD#NASDAQ">GILD</a>), Intel Corp. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/INTC#NASDAQ">INTC</a>), Juniper Networks, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/JNPR#NYSE">JNPR</a>), KLA Corp. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/KLAC#NASDAQ">KLAC</a>), Microsoft, Roku, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ROKU#NASDAQ">ROKU</a>), Teladoc Health, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/TDOC#NYSE">TDOC</a>), T-Mobile US, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TMUS#NASDAQ">TMUS</a>) and Western Digital Corporation (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/WDC#NASDAQ">WDC</a>)</li>
</ul>
Friday 
<ul>
<li>Before the bell: AbbVie Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/ABBV#NYSE">ABBV</a>), Aon plc (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/AON#NYSE">AON</a>), Autoliv, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/ALV#NYSE">ALV</a>), AutoNation, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/AN#NYSE">AN</a>), Barnes Group Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/B#NYSE">B</a>), Charter Communications, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/CHTR#NASDAQ">CHTR</a>), Colgate-Palmolive Company (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CL#NYSE">CL</a>), Chevron Corporation (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CVX#NYSE">CVX</a>), Exxon Mobil Corporation (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XOM#NYSE">XOM</a>) and Newell Brands Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NWL#NASDAQ">NWL</a>)</li>
</ul>
The SPDR S&amp;P 500 ETF Trust (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SPY#NYSE">SPY</a>), an exchange-traded fund that tracks the performance of the broader S&amp;P 500 Index, ended Friday&#8217;s session down 0.87% at $495.16, according to <a href="https://benzinga.grsm.io/lxquj26b2sag">Benzinga Pro data. </a>The ETF has pulled back from its all-time high (intraday) of $524.61 hit on March 28. The Invesco QQQ Trust (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/QQQ#NASDAQ">QQQ</a>), an ETF levered more to high-profile, non-financial tech companies, has lost 7.72% from its all-time intraday high of $449.34 (March 21).
Read Next: <a href="https://www.benzinga.com/news/large-cap/24/04/38342737/nasdaq-100-notches-worst-day-since-late-2023-worst-week-since-late-2022-as-ai-driven-chipmakers-tu">Nvidia In Correction Territory — Did AI-Led Tech Stock Bubble Just Burst? This Data Point Offers A Clue.</a>
Photo: Shutterstock

Analyst Color

ABBV

CHTR

CMCSA

GILD

GOOGL

INTC

JBLU

JNPR

KLAC

MBLY

MSFT

NDAQ

ROKU

SPOT

TDOC

TMUS

ZION

Can Magnificent 7 Help Script Market Turnaround? Earnings Pick Up Pace With Microsoft, Meta, Alphabet And Tesla Expected This Week

Oppenheimer analyst Jay Olson maintains Biogen (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/BIIB#NASDAQ">BIIB</a>) with a Outperform and lowers the price target from $290 to $270.

Oppenheimer Maintains Outperform on Biogen, Lowers Price Target to $270

Deep-pocketed investors have adopted a bearish approach towards Biogen (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/BIIB#NASDAQ">BIIB</a>), and it's something market players shouldn't ignore. Our tracking of public options records at Benzinga unveiled this significant move today. The identity of these investors remains unknown, but such a substantial move in BIIB usually suggests something big is about to happen.
We gleaned this information from our observations today when Benzinga's options scanner highlighted 36 extraordinary options activities for Biogen. This level of activity is out of the ordinary.
The general mood among these heavyweight investors is divided, with 13% leaning bullish and 86% bearish. Among these notable options, 4 are puts, totaling $206,242, and 32 are calls, amounting to $10,097,960.
<h3>What's The Price Target?</h3>
After evaluating the trading volumes and Open Interest, it's evident that the major market movers are focusing on a price band between $110.0 and $230.0 for Biogen, spanning the last three months.
<h3>Insights into Volume &amp; Open Interest</h3>
In terms of liquidity and interest, the mean open interest for Biogen options trades today is 266.14 with a total volume of 14,960.00.
In the following chart, we are able to follow the development of volume and open interest of call and put options for Biogen's big money trades within a strike price range of $110.0 to $230.0 over the last 30 days.
<h3>Biogen Option Volume And Open Interest Over Last 30 Days</h3>
<img src="https://www.benzinga.com/files/images/story/2024/1713465978_0.png" alt="Options Call Chart" />
<h3>Largest Options Trades Observed:</h3>

<table>
<thead>
<tr>
<th>Symbol</th>
<th>PUT/CALL</th>
<th>Trade Type</th>
<th>Sentiment</th>
<th>Exp. Date</th>
<th>Ask</th>
<th>Bid</th>
<th>Price</th>
<th>Strike Price</th>
<th>Total Trade Price</th>
<th>Open Interest</th>
<th style="text-align: right;">Volume</th>
</tr>
</thead>
<tbody>
<tr>
<td>BIIB</td>
<td>CALL</td>
<td>SWEEP</td>
<td>BULLISH</td>
<td>01/16/26</td>
<td>$96.1</td>
<td>$94.2</td>
<td>$96.1</td>
<td>$110.00</td>
<td>$2.2M</td>
<td>1.5K</td>
<td style="text-align: right;">937</td>
</tr>
<tr>
<td>BIIB</td>
<td>CALL</td>
<td>SWEEP</td>
<td>BEARISH</td>
<td>01/16/26</td>
<td>$96.0</td>
<td>$95.9</td>
<td>$95.9</td>
<td>$110.00</td>
<td>$1.4M</td>
<td>1.5K</td>
<td style="text-align: right;">772</td>
</tr>
<tr>
<td>BIIB</td>
<td>CALL</td>
<td>SWEEP</td>
<td>BEARISH</td>
<td>01/16/26</td>
<td>$96.1</td>
<td>$96.0</td>
<td>$96.0</td>
<td>$110.00</td>
<td>$768.0K</td>
<td>1.5K</td>
<td style="text-align: right;">692</td>
</tr>
<tr>
<td>BIIB</td>
<td>CALL</td>
<td>SWEEP</td>
<td>BEARISH</td>
<td>01/16/26</td>
<td>$96.9</td>
<td>$96.0</td>
<td>$96.0</td>
<td>$110.00</td>
<td>$595.2K</td>
<td>1.5K</td>
<td style="text-align: right;">370</td>
</tr>
<tr>
<td>BIIB</td>
<td>CALL</td>
<td>SWEEP</td>
<td>BEARISH</td>
<td>01/16/26</td>
<td>$100.0</td>
<td>$96.0</td>
<td>$96.0</td>
<td>$110.00</td>
<td>$576.0K</td>
<td>1.5K</td>
<td style="text-align: right;">522</td>
</tr>
</tbody>
</table>

<h3>About Biogen</h3>
Biogen and Idec merged in 2003, combining forces to market Biogen's multiple sclerosis drug Avonex and Idec's cancer drug Rituxan. Today, Rituxan and next-generation antibody Gazyva are marketed via a collaboration with Roche. Biogen also markets novel multiple sclerosis drugs Plegridy, Tysabri, Tecfidera, and Vumerity. In Japan, Biogen's MS portfolio is copromoted by Eisai. Hemophilia therapies Eloctate and Alprolix (partnered with Sobi) were spun off as part of Bioverativ in 2017. Biogen's newer products include Spinraza (SMA, with partner Ionis), Leqembi (Alzheimers, with partner Eisai), Skyclarys (Friedreich's Ataxia, Reata), Zurzuvae (post-partum depression, Sage), and Qalsody (ALS, Ionis). Biogen has several drug candidates in phase 3 trials in neurology-related fields.
After a thorough review of the options trading surrounding Biogen, we move to examine the company in more detail. This includes an assessment of its current market status and performance.
<h3>Biogen's Current Market Status</h3>
<ul>
<li>Trading volume stands at 891,533, with BIIB's price down by -0.75%, positioned at $190.72.</li>
<li>RSI indicators show the stock to be may be oversold.</li>
<li>Earnings announcement expected in 6 days.</li>
</ul>
<h3>What The Experts Say On Biogen</h3>
5 market experts have recently issued ratings for this stock, with a consensus target price of $253.4.
<ul>
<li>Maintaining their stance, an analyst from Wedbush continues to hold a Neutral rating for Biogen, targeting a price of $213. </li>
<li>An analyst from UBS persists with their Neutral rating on Biogen, maintaining a target price of $214. </li>
<li>Reflecting concerns, an analyst from Truist Securities lowers its rating to Buy with a new price target of $340.</li>
<li>An analyst from JP Morgan persists with their Neutral rating on Biogen, maintaining a target price of $240. </li>
<li>An analyst from B of A Securities persists with their Neutral rating on Biogen, maintaining a target price of $260. </li>
</ul>
Options trading presents higher risks and potential rewards. Astute traders manage these risks by continually educating themselves, adapting their strategies, monitoring multiple indicators, and keeping a close eye on market movements. Stay informed about the latest Biogen options trades with real-time alerts from <a href="https://benzinga.grsm.io/register174">Benzinga Pro</a>.

Options

Biogen Unusual Options Activity For April 18

Wedbush analyst Laura Chico maintains Biogen (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/BIIB#NASDAQ">BIIB</a>) with a Neutral and lowers the price target from $245 to $213.

Wedbush Maintains Neutral on Biogen, Lowers Price Target to $213

Financial giants have made a conspicuous bearish move on Biogen. Our analysis of options history for Biogen (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/BIIB#NASDAQ">BIIB</a>) revealed 8 unusual trades.
Delving into the details, we found 37% of traders were bullish, while 62% showed bearish tendencies. Out of all the trades we spotted, 6 were puts, with a value of $269,862, and 2 were calls, valued at $200,763.
<h3>Projected Price Targets</h3>
Analyzing the Volume and Open Interest in these contracts, it seems that the big players have been eyeing a price window from $185.0 to $210.0 for Biogen during the past quarter. 
<h3>Volume &amp; Open Interest Trends</h3>
In terms of liquidity and interest, the mean open interest for Biogen options trades today is 95.5 with a total volume of 647.00.
In the following chart, we are able to follow the development of volume and open interest of call and put options for Biogen's big money trades within a strike price range of $185.0 to $210.0 over the last 30 days.
<h3>Biogen Option Activity Analysis: Last 30 Days</h3>
<img src="https://www.benzinga.com/files/images/story/2024/1712945846_0.png" alt="Options Call Chart" />
<h3>Noteworthy Options Activity:</h3>

<table>
<thead>
<tr>
<th>Symbol</th>
<th>PUT/CALL</th>
<th>Trade Type</th>
<th>Sentiment</th>
<th>Exp. Date</th>
<th>Ask</th>
<th>Bid</th>
<th>Price</th>
<th>Strike Price</th>
<th>Total Trade Price</th>
<th style="text-align: right;">Open Interest</th>
<th style="text-align: right;">Volume</th>
</tr>
</thead>
<tbody>
<tr>
<td>BIIB</td>
<td>CALL</td>
<td>SWEEP</td>
<td>NEUTRAL</td>
<td>01/17/25</td>
<td>$23.2</td>
<td>$20.3</td>
<td>$21.8</td>
<td>$210.00</td>
<td>$135.1K</td>
<td style="text-align: right;">7</td>
<td style="text-align: right;">88</td>
</tr>
<tr>
<td>BIIB</td>
<td>CALL</td>
<td>SWEEP</td>
<td>BEARISH</td>
<td>01/17/25</td>
<td>$20.6</td>
<td>$20.5</td>
<td>$20.5</td>
<td>$210.00</td>
<td>$65.6K</td>
<td style="text-align: right;">7</td>
<td style="text-align: right;">172</td>
</tr>
<tr>
<td>BIIB</td>
<td>PUT</td>
<td>SWEEP</td>
<td>BEARISH</td>
<td>10/18/24</td>
<td>$15.7</td>
<td>$15.4</td>
<td>$15.7</td>
<td>$200.00</td>
<td>$62.8K</td>
<td style="text-align: right;">160</td>
<td style="text-align: right;">0</td>
</tr>
<tr>
<td>BIIB</td>
<td>PUT</td>
<td>SWEEP</td>
<td>BULLISH</td>
<td>01/16/26</td>
<td>$29.9</td>
<td>$24.3</td>
<td>$26.0</td>
<td>$200.00</td>
<td>$57.2K</td>
<td style="text-align: right;">23</td>
<td style="text-align: right;">214</td>
</tr>
<tr>
<td>BIIB</td>
<td>PUT</td>
<td>SWEEP</td>
<td>BULLISH</td>
<td>01/16/26</td>
<td>$27.9</td>
<td>$22.1</td>
<td>$25.6</td>
<td>$200.00</td>
<td>$53.7K</td>
<td style="text-align: right;">23</td>
<td style="text-align: right;">17</td>
</tr>
</tbody>
</table>

<h3>About Biogen</h3>
Biogen and Idec merged in 2003, combining forces to market Biogen's multiple sclerosis drug Avonex and Idec's cancer drug Rituxan. Today, Rituxan and next-generation antibody Gazyva are marketed via a collaboration with Roche. Biogen also markets novel multiple sclerosis drugs Plegridy, Tysabri, Tecfidera, and Vumerity. In Japan, Biogen's MS portfolio is copromoted by Eisai. Hemophilia therapies Eloctate and Alprolix (partnered with Sobi) were spun off as part of Bioverativ in 2017. Biogen's newer products include Spinraza (SMA, with partner Ionis), Leqembi (Alzheimers, with partner Eisai), Skyclarys (Friedreich's Ataxia, Reata), Zurzuvae (post-partum depression, Sage), and Qalsody (ALS, Ionis). Biogen has several drug candidates in phase 3 trials in neurology-related fields.
In light of the recent options history for Biogen, it's now appropriate to focus on the company itself. We aim to explore its current performance.
<h3>Present Market Standing of Biogen</h3>
<ul>
<li>Trading volume stands at 611,364, with BIIB's price down by -1.97%, positioned at $199.66.</li>
<li>RSI indicators show the stock to be may be oversold.</li>
<li>Earnings announcement expected in 11 days.</li>
</ul>
<h3>What Analysts Are Saying About Biogen</h3>
A total of 4 professional analysts have given their take on this stock in the last 30 days, setting an average price target of $263.75.
<ul>
<li>An analyst from JP Morgan has decided to maintain their Neutral rating on Biogen, which currently sits at a price target of $240. </li>
<li>In a cautious move, an analyst from Truist Securities downgraded its rating to Buy, setting a price target of $340. </li>
<li>Consistent in their evaluation, an analyst from Barclays keeps a Equal-Weight rating on Biogen with a target price of $215. </li>
<li>Maintaining their stance, an analyst from B of A Securities continues to hold a Neutral rating for Biogen, targeting a price of $260. </li>
</ul>
Options are a riskier asset compared to just trading the stock, but they have higher profit potential. Serious options traders manage this risk by educating themselves daily, scaling in and out of trades, following more than one indicator, and following the markets closely.
If you want to stay updated on the latest options trades for Biogen, <a href="https://benzinga.grsm.io/register174">Benzinga Pro</a> gives you real-time options trades alerts.

Biogen Unusual Options Activity

B of A Securities analyst Geoff Meacham maintains Biogen (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/BIIB#NASDAQ">BIIB</a>) with a Neutral and lowers the price target from $280 to $260.

B of A Securities Maintains Neutral on Biogen, Lowers Price Target to $260

20 analysts have shared their evaluations of Biogen (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/BIIB#NASDAQ">BIIB</a>) during the recent three months, expressing a mix of bullish and bearish perspectives.
The table below provides a snapshot of their recent ratings, showcasing how sentiments have evolved over the past 30 days and comparing them to the preceding months.
<table>
<thead>
<tr>
<th></th>
<th style="text-align: right;">Bullish</th>
<th style="text-align: right;">Somewhat Bullish</th>
<th style="text-align: right;">Indifferent</th>
<th style="text-align: right;">Somewhat Bearish</th>
<th style="text-align: right;">Bearish</th>
</tr>
</thead>
<tbody>
<tr>
<td>Total Ratings</td>
<td style="text-align: right;">6</td>
<td style="text-align: right;">8</td>
<td style="text-align: right;">6</td>
<td style="text-align: right;">0</td>
<td style="text-align: right;">0</td>
</tr>
<tr>
<td>Last 30D</td>
<td style="text-align: right;">0</td>
<td style="text-align: right;">0</td>
<td style="text-align: right;">1</td>
<td style="text-align: right;">0</td>
<td style="text-align: right;">0</td>
</tr>
<tr>
<td>1M Ago</td>
<td style="text-align: right;">1</td>
<td style="text-align: right;">0</td>
<td style="text-align: right;">1</td>
<td style="text-align: right;">0</td>
<td style="text-align: right;">0</td>
</tr>
<tr>
<td>2M Ago</td>
<td style="text-align: right;">5</td>
<td style="text-align: right;">7</td>
<td style="text-align: right;">2</td>
<td style="text-align: right;">0</td>
<td style="text-align: right;">0</td>
</tr>
<tr>
<td>3M Ago</td>
<td style="text-align: right;">0</td>
<td style="text-align: right;">1</td>
<td style="text-align: right;">2</td>
<td style="text-align: right;">0</td>
<td style="text-align: right;">0</td>
</tr>
</tbody>
</table>
Analysts provide deeper insights through their assessments of 12-month price targets, revealing an average target of $294.95, a high estimate of $364.00, and a low estimate of $215.00. This current average represents a 4.71% decrease from the previous average price target of $309.54. 
<img src="https://www.benzinga.com/files/images/story/2024/1712854858_0.png" alt="price target chart" />
<h2>Understanding Analyst Ratings: A Comprehensive Breakdown</h2>
An in-depth analysis of recent analyst actions unveils how financial experts perceive Biogen. The following summary outlines key analysts, their recent evaluations, and adjustments to ratings and price targets.
<table>
<thead>
<tr>
<th>Analyst</th>
<th>Analyst Firm</th>
<th>Action Taken</th>
<th>Rating</th>
<th>Current Price Target</th>
<th>Prior Price Target</th>
</tr>
</thead>
<tbody>
<tr>
<td>Chris Schott</td>
<td>JP Morgan</td>
<td>Lowers</td>
<td>Neutral</td>
<td>$240.00</td>
<td>$270.00</td>
</tr>
<tr>
<td>Carter Gould</td>
<td>Barclays</td>
<td>Lowers</td>
<td>Equal-Weight</td>
<td>$215.00</td>
<td>$230.00</td>
</tr>
<tr>
<td>Robyn Karnauskas</td>
<td>Truist Securities</td>
<td>Maintains</td>
<td>Buy</td>
<td>$340.00</td>
<td>-</td>
</tr>
<tr>
<td>Brian Abrahams</td>
<td>RBC Capital</td>
<td>Maintains</td>
<td>Outperform</td>
<td>$364.00</td>
<td>-</td>
</tr>
<tr>
<td>Salim Syed</td>
<td>Mizuho</td>
<td>Lowers</td>
<td>Buy</td>
<td>$277.00</td>
<td>$355.00</td>
</tr>
<tr>
<td>Eric Schmidt</td>
<td>Cantor Fitzgerald</td>
<td>Maintains</td>
<td>Overweight</td>
<td>$311.00</td>
<td>-</td>
</tr>
<tr>
<td>Sumant Kulkarni</td>
<td>Canaccord Genuity</td>
<td>Lowers</td>
<td>Buy</td>
<td>$305.00</td>
<td>$310.00</td>
</tr>
<tr>
<td>Colin Bristow</td>
<td>UBS</td>
<td>Lowers</td>
<td>Neutral</td>
<td>$250.00</td>
<td>$276.00</td>
</tr>
<tr>
<td>Brian Skorney</td>
<td>Baird</td>
<td>Lowers</td>
<td>Outperform</td>
<td>$316.00</td>
<td>$333.00</td>
</tr>
<tr>
<td>Christopher Raymond</td>
<td>Piper Sandler</td>
<td>Lowers</td>
<td>Overweight</td>
<td>$325.00</td>
<td>$350.00</td>
</tr>
<tr>
<td>Evan Seigerman</td>
<td>BMO Capital</td>
<td>Lowers</td>
<td>Outperform</td>
<td>$285.00</td>
<td>$295.00</td>
</tr>
<tr>
<td>Jay Olson</td>
<td>Oppenheimer</td>
<td>Lowers</td>
<td>Outperform</td>
<td>$290.00</td>
<td>$295.00</td>
</tr>
<tr>
<td>Brian Abrahams</td>
<td>RBC Capital</td>
<td>Lowers</td>
<td>Outperform</td>
<td>$364.00</td>
<td>$379.00</td>
</tr>
<tr>
<td>Mohit Bansal</td>
<td>Wells Fargo</td>
<td>Lowers</td>
<td>Equal-Weight</td>
<td>$240.00</td>
<td>$315.00</td>
</tr>
<tr>
<td>Andrew Fein</td>
<td>HC Wainwright &amp; Co.</td>
<td>Maintains</td>
<td>Buy</td>
<td>$325.00</td>
<td>-</td>
</tr>
<tr>
<td>Ami Fadia</td>
<td>Needham</td>
<td>Lowers</td>
<td>Buy</td>
<td>$300.00</td>
<td>$305.00</td>
</tr>
<tr>
<td>Ami Fadia</td>
<td>Needham</td>
<td>Maintains</td>
<td>Buy</td>
<td>$305.00</td>
<td>-</td>
</tr>
<tr>
<td>Jay Olson</td>
<td>Oppenheimer</td>
<td>Maintains</td>
<td>Outperform</td>
<td>$295.00</td>
<td>-</td>
</tr>
<tr>
<td>Colin Bristow</td>
<td>UBS</td>
<td>Lowers</td>
<td>Neutral</td>
<td>$276.00</td>
<td>$311.00</td>
</tr>
<tr>
<td>Colin Bristow</td>
<td>UBS</td>
<td>Announces</td>
<td>Neutral</td>
<td>$276.00</td>
<td>-</td>
</tr>
</tbody>
</table>
<h3>Key Insights:</h3>
<ul>
<li>Action Taken: Analysts respond to changes in market conditions and company performance, frequently updating their recommendations. Whether they 'Maintain', 'Raise' or 'Lower' their stance, it reflects their reaction to recent developments related to Biogen. This information offers a snapshot of how analysts perceive the current state of the company.</li>
<li>Rating: Unveiling insights, analysts deliver qualitative insights into stock performance, from 'Outperform' to 'Underperform'. These ratings convey expectations for the relative performance of Biogen compared to the broader market.</li>
<li>Price Targets: Analysts predict movements in price targets, offering estimates for Biogen's future value. Examining the current and prior targets offers insights into analysts' evolving expectations.</li>
</ul>
Analyzing these analyst evaluations alongside relevant financial metrics can provide a comprehensive view of Biogen's market position. Stay informed and make data-driven decisions with the assistance of our Ratings Table.
<a href="https://www.benzinga.com/quote/BIIB/analyst-ratings?utm_source=Benzinga Insights">Stay up to date on Biogen analyst ratings.</a>
<h2>Unveiling the Story Behind Biogen</h2>
Biogen and Idec merged in 2003, combining forces to market Biogen's multiple sclerosis drug Avonex and Idec's cancer drug Rituxan. Today, Rituxan and next-generation antibody Gazyva are marketed via a collaboration with Roche. Biogen also markets novel multiple sclerosis drugs Plegridy, Tysabri, Tecfidera, and Vumerity. In Japan, Biogen's MS portfolio is copromoted by Eisai. Hemophilia therapies Eloctate and Alprolix (partnered with Sobi) were spun off as part of Bioverativ in 2017. Biogen's newer products include Spinraza (SMA, with partner Ionis), Leqembi (Alzheimers, with partner Eisai), Skyclarys (Friedreich's Ataxia, Reata), Zurzuvae (post-partum depression, Sage), and Qalsody (ALS, Ionis). Biogen has several drug candidates in phase 3 trials in neurology-related fields.
<h3>Biogen: Financial Performance Dissected</h3>
Market Capitalization: With restricted market capitalization, the company is positioned below industry averages. This reflects a smaller scale relative to peers.
Revenue Challenges: Biogen's revenue growth over 3 months faced difficulties. As of 31 December, 2023, the company experienced a decline of approximately -6.2%. This indicates a decrease in top-line earnings. As compared to its peers, the revenue growth lags behind its industry peers. The company achieved a growth rate lower than the average among peers in Health Care sector.
Net Margin: Biogen's net margin is below industry standards, pointing towards difficulties in achieving strong profitability. With a net margin of 10.46%, the company may encounter challenges in effective cost control.
Return on Equity (ROE): Biogen's ROE is below industry averages, indicating potential challenges in efficiently utilizing equity capital. With an ROE of 1.71%, the company may face hurdles in achieving optimal financial returns.
Return on Assets (ROA): Biogen's ROA is below industry averages, indicating potential challenges in efficiently utilizing assets. With an ROA of 0.91%, the company may face hurdles in achieving optimal financial returns.
Debt Management: The company maintains a balanced debt approach with a debt-to-equity ratio below industry norms, standing at 0.5.
<h2>What Are Analyst Ratings?</h2>
Within the domain of banking and financial systems, analysts specialize in reporting for specific stocks or defined sectors. Their work involves attending company conference calls and meetings, researching company financial statements, and communicating with insiders to publish "analyst ratings" for stocks. Analysts typically assess and rate each stock once per quarter.
Some analysts also offer predictions for helpful metrics such as earnings, revenue, and growth estimates to provide further guidance as to what to do with certain tickers. It is important to keep in mind that while stock and sector analysts are specialists, they are also human and can only forecast their beliefs to traders.
This article was generated by Benzinga's automated content engine and reviewed by an editor.

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