Biogen Idec Inc. (NASDAQ:BIIB)’s shares rose on Monday after it declared on Q4 earnings plunged about 3% following it fixed a tax error and saw costs surge.
The biotech drug maker reported on Monday that its tax expense surged by $29M after altering the way it logs capitalized interest at a Denmark location. The error had accrued over some years.
Total cost and expenses surged over 7% to $987.5M with selling, general and administrative costs climbing 32%.
The firm generated $292.1M, or $1.23 a share, in the quarter that ended Dec. 31. That evaluated with $300.2M, or $1.22 a share in previous year’s quarter, when the firm had more shares outstanding. Adjusted earnings, which eliminate amortization and several other costs, were $1.40 a share.
Moving readers toward the broader market, let’s consider percentage change in stocks prices of other stocks in the similar sector who contribute major role in the market that includes Amgen, Inc. (NASDAQ:AMGN) rose +2.60%, ACADIA Pharmaceuticals Inc. (NASDAQ:ACAD) edged up +7.59%, Arena Pharmaceuticals, Inc. (NASDAQ:ARNA) which also decreased -1.72% and Gilead Sciences, Inc. (NASDAQ:GILD) closed down -0.60%.
Biogen Idec Inc. (NASDAQ:BIIB) stock’s trade at beginning with a price of $169.64 and throughout the trading session climbed at a high of $156.94 other than when day-trade ended the stock finally advanced +2.59% to $149.99.
The stock is going forward its 52 week low with 30.96% and lagging behind from its 52 week high price with -4.57%. BIIB last month stock price volatility remained 2.02%.
BIIB stock institutional ownership remained 93.98% while insider ownership included 0.04%. In its share capital BIIB has 236.60 million outstanding shares among them 236.39 million shares have been floated in market exchange.
Company’s beta coefficient included 0.84. Beta factors measures the amount of market risk associated with market trade.
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