Biogen Inc. (BIIB) Stock Moves -0.37%: What You Should Know
Biogen Inc. (BIIB) closed at $245.27 in the latest trading session, marking a -0.37% move from the prior day. The stock exceeded the S&P 500, which registered a loss of 0.56% for the day. Elsewhere, the Dow saw a downswing of 0.25%, while the tech-heavy Nasdaq depreciated by 0.59%.
The the stock of company has fallen by 2.19% in the past month, lagging the Medical sector's gain of 3.8% and the S&P 500's gain of 1.2%.
Market participants will be closely following the financial results of Biogen Inc. in its upcoming release. The company plans to announce its earnings on February 13, 2024. The company is forecasted to report an EPS of $3.16, showcasing a 21.98% downward movement from the corresponding quarter of the prior year. At the same time, our most recent consensus estimate is projecting a revenue of $2.46 billion, reflecting a 3.47% fall from the equivalent quarter last year.
Additionally, investors should keep an eye on any recent revisions to analyst forecasts for Biogen Inc. These revisions typically reflect the latest short-term business trends, which can change frequently. As such, positive estimate revisions reflect analyst optimism about the company's business and profitability.
Our research shows that these estimate changes are directly correlated with near-term stock prices. To benefit from this, we have developed the Zacks Rank, a proprietary model which takes these estimate changes into account and provides an actionable rating system.
The Zacks Rank system ranges from #1 (Strong Buy) to #5 (Strong Sell). It has a remarkable, outside-audited track record of success, with #1 stocks delivering an average annual return of +25% since 1988. Within the past 30 days, our consensus EPS projection has moved 0.04% higher. Biogen Inc. is currently sporting a Zacks Rank of #3 (Hold).
Looking at valuation, Biogen Inc. is presently trading at a Forward P/E ratio of 15.61. For comparison, its industry has an average Forward P/E of 22.08, which means Biogen Inc. is trading at a discount to the group.
Also, we should mention that BIIB has a PEG ratio of 2.27. The PEG ratio is akin to the commonly utilized P/E ratio, but this measure also incorporates the company's anticipated earnings growth rate. As of the close of trade yesterday, the Medical - Biomedical and Genetics industry held an average PEG ratio of 1.84.
The Medical - Biomedical and Genetics industry is part of the Medical sector. This industry, currently bearing a Zacks Industry Rank of 74, finds itself in the top 30% echelons of all 250+ industries.
The Zacks Industry Rank evaluates the power of our distinct industry groups by determining the average Zacks Rank of the individual stocks forming the groups. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.
To follow BIIB in the coming trading sessions, be sure to utilize Zacks.com.
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Biogen Inc. (BIIB) : Free Stock Analysis Report
