FY2024 EPS Estimates for Biogen Inc. Decreased by Analyst (NASDAQ:BIIB)

Biogen Inc. (NASDAQ:BIIB) – Equities researchers at Cantor Fitzgerald decreased their FY2024 earnings per share (EPS) estimates for Biogen in a research note issued to investors on Thursday, April 4th. Cantor Fitzgerald analyst E. Schmidt now anticipates that the biotechnology company will post earnings of $15.54 per share for the year, down from their previous forecast of $15.77. Cantor Fitzgerald has a “Overweight” rating and a $311.00 price objective on the stock. The consensus estimate for Biogen’s current full-year earnings is $15.47 per share.

Biogen (NASDAQ:BIIB) last announced its earnings results on Tuesday, February 13th. The biotechnology company reported $2.95 earnings per share (EPS) for the quarter, missing the consensus estimate of $3.18 by ($0.23). Biogen had a net margin of 11.81% and a return on equity of 14.91%. The business had revenue of $2.39 billion for the quarter, compared to analysts’ expectations of $2.47 billion. During the same quarter last year, the firm earned $4.05 EPS.

Several other brokerages have also recently weighed in on BIIB. Piper Sandler lowered their target price on Biogen from $350.00 to $325.00 and set an “overweight” rating for the company in a report on Wednesday, February 14th. Needham & Company LLC lowered their price objective on shares of Biogen from $305.00 to $300.00 and set a “buy” rating for the company in a research note on Tuesday, February 13th. BMO Capital Markets cut their target price on shares of Biogen from $295.00 to $285.00 and set an “outperform” rating on the stock in a research report on Wednesday, February 14th. HC Wainwright reaffirmed a “buy” rating and issued a $325.00 price target on shares of Biogen in a research report on Wednesday, February 14th. Finally, Wells Fargo & Company downgraded shares of Biogen from an “overweight” rating to an “equal weight” rating and dropped their price objective for the company from $315.00 to $240.00 in a research note on Wednesday, February 14th. Nine research analysts have rated the stock with a hold rating and nineteen have given a buy rating to the stock. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average target price of $302.52.

Biogen Trading Up 0.8 %

BIIB stock opened at $206.52 on Monday. Biogen has a 12 month low of $202.18 and a 12 month high of $319.76. The firm’s 50-day moving average is $222.73 and its 200 day moving average is $238.92. The company has a market capitalization of $30.02 billion, a PE ratio of 25.88, a P/E/G ratio of 1.70 and a beta of -0.02. The company has a debt-to-equity ratio of 0.46, a current ratio of 2.00 and a quick ratio of 1.26.

Institutional Investors Weigh In On Biogen

A number of hedge funds have recently added to or reduced their stakes in the business. Vanguard Group Inc. increased its stake in shares of Biogen by 18.2% during the fourth quarter. Vanguard Group Inc. now owns 14,407,330 shares of the biotechnology company’s stock worth $3,728,185,000 after buying an additional 2,218,744 shares during the period. Norges Bank acquired a new position in Biogen during the 4th quarter worth approximately $378,728,000. Price T Rowe Associates Inc. MD increased its position in shares of Biogen by 49.5% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 2,088,356 shares of the biotechnology company’s stock valued at $580,627,000 after purchasing an additional 691,843 shares during the last quarter. FIL Ltd raised its holdings in shares of Biogen by 936.4% in the 4th quarter. FIL Ltd now owns 656,502 shares of the biotechnology company’s stock valued at $169,883,000 after purchasing an additional 593,158 shares in the last quarter. Finally, First Trust Advisors LP grew its stake in shares of Biogen by 141.0% during the fourth quarter. First Trust Advisors LP now owns 977,308 shares of the biotechnology company’s stock worth $252,898,000 after purchasing an additional 571,795 shares in the last quarter. 87.93% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity

In other Biogen news, insider Priya Singhal sold 419 shares of the business’s stock in a transaction that occurred on Monday, February 12th. The stock was sold at an average price of $239.45, for a total transaction of $100,329.55. Following the completion of the sale, the insider now directly owns 4,516 shares in the company, valued at approximately $1,081,356.20. The transaction was disclosed in a document filed with the SEC, which is available through this link. In other Biogen news, Director Eric K. Rowinsky acquired 455 shares of the company’s stock in a transaction that occurred on Thursday, February 15th. The stock was bought at an average price of $222.54 per share, with a total value of $101,255.70. Following the purchase, the director now owns 20,629 shares in the company, valued at $4,590,777.66. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Priya Singhal sold 419 shares of the business’s stock in a transaction on Monday, February 12th. The shares were sold at an average price of $239.45, for a total value of $100,329.55. Following the completion of the sale, the insider now owns 4,516 shares in the company, valued at approximately $1,081,356.20. The disclosure for this sale can be found here. Insiders have sold a total of 882 shares of company stock worth $202,030 over the last 90 days. 0.60% of the stock is currently owned by company insiders.

About Biogen

Biogen Inc discovers, develops, manufactures, and delivers therapies for treating neurological and neurodegenerative diseases in the United States, Europe, Germany, Asia, and internationally. The company provides TECFIDERA, VUMERITY, AVONEX, PLEGRIDY, TYSABRI, and FAMPYRA for multiple sclerosis (MS); SPINRAZA for spinal muscular atrophy; ADUHELM to treat Alzheimer's disease; FUMADERM to treat plaque psoriasis; BENEPALI, an etanercept biosimilar referencing ENBREL; IMRALDI, an adalimumab biosimilar referencing HUMIRA; FLIXABI, an infliximab biosimilar referencing REMICADE; and BYOOVIZ, a ranibizumab biosimilar referencing LUCENTIS.