Q1 2024 EPS Estimates for Biogen Inc. (NASDAQ:BIIB) Lifted by Analyst

Biogen Inc. (NASDAQ:BIIB) – Stock analysts at Leerink Partnrs boosted their Q1 2024 EPS estimates for shares of Biogen in a note issued to investors on Tuesday, April 9th. Leerink Partnrs analyst M. Goodman now anticipates that the biotechnology company will post earnings per share of $3.31 for the quarter, up from their prior estimate of $3.25. The consensus estimate for Biogen’s current full-year earnings is $15.46 per share. Leerink Partnrs also issued estimates for Biogen’s Q2 2024 earnings at $4.08 EPS.

A number of other equities analysts have also commented on BIIB. Bank Of America (Bofa) dropped their price target on shares of Biogen from $290.00 to $280.00 and set a “neutral” rating on the stock in a research report on Monday, February 12th. Needham & Company LLC dropped their target price on shares of Biogen from $305.00 to $300.00 and set a “buy” rating on the stock in a report on Tuesday, February 13th. Stifel Nicolaus decreased their price target on shares of Biogen from $315.00 to $287.00 and set a “buy” rating for the company in a report on Thursday, December 14th. William Blair reiterated an “outperform” rating on shares of Biogen in a research note on Monday, April 1st. Finally, Barclays decreased their target price on Biogen from $230.00 to $215.00 and set an “equal weight” rating for the company in a research note on Thursday, April 4th. Ten research analysts have rated the stock with a hold rating and nineteen have given a buy rating to the company’s stock. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $300.12.

Biogen Stock Up 1.1 %

BIIB opened at $203.68 on Friday. The firm has a market cap of $29.61 billion, a P/E ratio of 25.52, a price-to-earnings-growth ratio of 1.69 and a beta of -0.02. The company has a debt-to-equity ratio of 0.46, a quick ratio of 1.26 and a current ratio of 2.00. The business has a 50 day moving average price of $220.95 and a 200 day moving average price of $238.41. Biogen has a twelve month low of $200.65 and a twelve month high of $319.76.

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

Institutional Trading of Biogen

Several hedge funds have recently modified their holdings of BIIB. Raymond James Trust N.A. increased its holdings in shares of Biogen by 16.4% in the first quarter. Raymond James Trust N.A. now owns 3,294 shares of the biotechnology company’s stock valued at $693,000 after purchasing an additional 464 shares in the last quarter. Cibc World Market Inc. increased its holdings in shares of Biogen by 39.9% in the first quarter. Cibc World Market Inc. now owns 15,244 shares of the biotechnology company’s stock valued at $3,210,000 after purchasing an additional 4,349 shares in the last quarter. Vanguard Group Inc. increased its holdings in shares of Biogen by 1.6% in the first quarter. Vanguard Group Inc. now owns 11,720,584 shares of the biotechnology company’s stock valued at $2,468,356,000 after purchasing an additional 183,285 shares in the last quarter. Baird Financial Group Inc. increased its holdings in shares of Biogen by 15.3% in the first quarter. Baird Financial Group Inc. now owns 89,722 shares of the biotechnology company’s stock valued at $18,896,000 after purchasing an additional 11,882 shares in the last quarter. Finally, Brown Brothers Harriman & Co. increased its holdings in shares of Biogen by 10.7% in the first quarter. Brown Brothers Harriman & Co. now owns 5,938 shares of the biotechnology company’s stock valued at $1,251,000 after purchasing an additional 573 shares in the last quarter. Institutional investors and hedge funds own 87.93% of the company’s stock.

Insider Buying and Selling

In related news, insider Priya Singhal sold 262 shares of the stock in a transaction dated Thursday, February 22nd. The shares were sold at an average price of $221.23, for a total value of $57,962.26. Following the completion of the transaction, the insider now owns 4,886 shares of the company’s stock, valued at $1,080,929.78. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. In other news, Director Eric K. Rowinsky acquired 455 shares of the company’s stock in a transaction dated 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 completion of the acquisition, the director now owns 20,629 shares in the company, valued at approximately $4,590,777.66. The acquisition was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, insider Priya Singhal sold 262 shares of the firm’s stock in a transaction that occurred on Thursday, February 22nd. The stock was sold at an average price of $221.23, for a total transaction of $57,962.26. Following the sale, the insider now directly owns 4,886 shares of the company’s stock, valued at approximately $1,080,929.78. The disclosure for this sale can be found here. Insiders sold 882 shares of company stock valued at $202,030 over the last quarter. Corporate insiders own 0.60% of the company’s stock.

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.