The biotech company will report third-quarter results before Wednesday's open
Biotechnology firm Biogen Inc (NASDAQ:BIIB) is scheduled to report third-quarter results before the open on Wednesday, Oct. 30. Ahead of the event, it was announced that Biogen's Executive V.P. and Chief Financial Officer Michael McDonnel will retire in February and be replaced by Robin Kramer. At last glance, BIIB was up 2% at $185.36.
BIIB has a fairly dismal post-earnings history, as it's closed lower the day after earnings in seven of the last eight quarters. Shares averaged a 5.5% move the day after earnings over the last two years, regardless of direction. This time around, the options market is pricing in a slightly larger post-earnings move of 5.6%.
A move to the downside wouldn't do Biogen stock any favors, as it attempts to bounce from yesterday's close at $181.25 -- its lowest since June 2013. The stock's pandemic-era highs are a distant memory, down 28.4% lower since the start of 2024 and down 4.5% in this relatively new quarter. Plus, BIIB is on track for its fourth-straight monthly loss.
Despite the unimpressive technical setup, analysts are bullish, leaving plenty of room for downgrades. Of the 29 in coverage, 20 rate the equity a "buy" or better. On the flip side, its 50-day put/call volume ratio at the International Securities Exchange (ISE), Chicago Board Options Exchange (CBOE), and NASDAQ OMX PHLX (PHLX) sits in the 89th percentile of readings from the past month, indicating a penchant for bearish bets in the options pits.