Biogen stock fall despite strong quarterly results

Biogen (BIIB.US) stock dropped more than 2% despite stronger-than-expected quarterly figures.  During the first quarter, the biotech company earned $5.34 per share, minus some items, on $2.69 billion in sales. Earnings dropped 42% and sales declined 24% compared to previous year. Still both measures came in above market estimates. Analysts expected adjusted profit of $4.97 per share and $2.65 billion in sales. For fiscal 2021, the company raised its adjusted earnings guidance to a range of $17.50 to $19.00 per share from the range of $17.00 to $18.50 per share, but maintained its revenues outlook between $10.45 billion and $10.75 billion. Stifel analysts pointed to the fact that the strong earnings were overshadowed by the uncertainty surrounding the company's Alzheimer’s drug aducanumab.

Biogen (BIIB.US) stock launched today's session with a bearish price gap, however sellers failed to break below the long term upward trendline and price managed to erase some of the losses. If buyers will manage to uphold momentum then another upward impulse towards the major resistance zone around $270 could be launched. However if sellers will manage to regain control then and break below the aforementioned upward trendline then support at $250.49 could be at risk. Source: xStation5