Biogen Inc. (NASDAQ: BIIB) is set to report its fourth-quarter financial results before the markets open Wednesday. The consensus estimates from Thomson Reuters call for $4.08 in earnings per share (EPS) on $2.71 billion in revenue. In the same period of the previous year, the biotech company posted EPS of $4.09 and $2.64 billion in revenue.
Recently, analysts have been very bullish on this large cap biotech leader. Biogen discovers, develops and delivers to patients worldwide innovative therapies for the treatment of neurodegenerative diseases, hematologic conditions and autoimmune disorders. Founded in 1978, Biogen is one of the world’s oldest independent biotechnology companies, and patients worldwide benefit from its leading multiple sclerosis (MS) and innovative hemophilia therapies.
Analysts have acknowledged in the past that the company’s core MS drug market faces challenges going forward, with most diagnosed patients now treated, payers limiting net benefits from price increases and competing entrants expected. With those issues in mind, Jefferies in particular is still positive on Tysabri, especially for secondary-progressive multiple sclerosis, with upcoming clinical data a big factor.
Prior to the release of the earnings report, a few analysts issued calls on Biogen:
- Barclays reiterated a Buy rating with a $420 price target.
- Wells Fargo reiterated an Outperform rating.
- Credit Suisse initiated coverage with a Neutral rating and a $322 price target.
- JPMorgan reiterated an Overweight rating.
- Standpoint Research initiated coverage with a Buy rating and a $360 price target.
So far in 2016, Biogen has underperformed the broad markets, with the stock down over 14% year to date. Over the past 52 weeks, the number gets worse as the stock is down roughly 27%.
Shares of Biogen were trading down 2.5% at $262.10 on Tuesday, with a consensus analyst price target of $363.31 and a 52-week trading range of $254.00 to $480.18.
Credit Card Companies Are Doing Something Nuts
Credit card companies are at war. The biggest issuers are handing out free rewards and benefits to win the best customers.
It’s possible to find cards paying 1.5%, 2%, and even 5% cash back today. That’s free money for qualified borrowers, and the type of thing that would be crazy to pass up. Those rewards can add up to thousands of dollars every year in free money, and include other benefits as well.
We’ve assembled some of the best credit cards for users today. Or you can jump straight to our top pick today which pays up to 5% cash back, a $200 bonus on top, and $0 annual fee. Click here to apply before they stop offering rewards this generous.
Flywheel Publishing has partnered with CardRatings for our coverage of credit card products. Flywheel Publishing and CardRatings may receive a commission from card issuers.
Thank you for reading! Have some feedback for us?
Contact the 24/7 Wall St. editorial team.
Latest from 24/7
Our expert who first called NVIDIA in 2009 is predicting 2025 will see a historic AI breakthrough.
You can follow him investing $500,000 of his own money on our top AI stocks for free.