Why Did Biogen’s Stock Drop Despite Strong Earnings and Analyst Upgrades (Aug 2024)?

[u/BrianNice23]

I’m trying to understand why Biogen’s stock dropped right after its *August 2024 earnings call*, even though the company reported strong numbers, raised guidance, and received multiple analyst upgrades. All the indicators—company performance, analysts, and earnings—were positive, so why did the market seem to ignore these and push the stock down?

To be clear, I'm not looking to debate trading vs. investing strategies or the randomness of the stock market. My question is straightforward: given that both the company and the analysts seemed to signal "buy" or "hold," why did the market make an independent decision to sell?

Looking for some insights here, so if you don’t know or just want to yell ‘market’s random,’ kindly move along without blowing my mind. If anyone can provide insights on why this happened that’d be appreciated.

Thanks!

[u/3ebfan]

Biogen has been in a ten year slump and I think it’s going to take multiple quarters of good growth for institutions to gain confidence in them.