Biogen Inc. (NASDAQ:BIIB) to Post Q3 2024 Earnings of $4.13 Per Share, Wedbush Forecasts

Biogen Inc. (NASDAQ:BIIB) – Investment analysts at Wedbush raised their Q3 2024 earnings estimates for Biogen in a research note issued to investors on Wednesday, April 17th. Wedbush analyst L. Chico now expects that the biotechnology company will post earnings per share of $4.13 for the quarter, up from their prior estimate of $4.11. Wedbush has a “Neutral” rating and a $213.00 price target on the stock. The consensus estimate for Biogen’s current full-year earnings is $15.48 per share. Wedbush also issued estimates for Biogen’s FY2024 earnings at $15.32 EPS.

Several other analysts also recently commented on the stock. BMO Capital Markets decreased their target price on shares of Biogen from $295.00 to $285.00 and set an “outperform” rating for the company in a research report on Wednesday, February 14th. BTIG Research restated a “neutral” rating on shares of Biogen in a research note on Sunday, January 7th. UBS Group decreased their price objective on Biogen from $250.00 to $214.00 and set a “neutral” rating on the stock in a report on Wednesday. Bank of America cut their target price on Biogen from $280.00 to $260.00 and set a “neutral” rating for the company in a research note on Friday, April 12th. Finally, Canaccord Genuity Group decreased their price target on shares of Biogen from $310.00 to $305.00 and set a “buy” rating on the stock in a research note on Tuesday, February 20th. Ten equities research analysts have rated the stock with a hold rating and eighteen have given a buy rating to the company’s stock. According to data from MarketBeat.com, Biogen has a consensus rating of “Moderate Buy” and a consensus price target of $295.58.

Biogen Stock Up 2.0 %

BIIB stock opened at $194.38 on Thursday. The company has a 50 day moving average of $215.23 and a two-hundred day moving average of $235.83. The company has a quick ratio of 1.26, a current ratio of 2.00 and a debt-to-equity ratio of 0.46. Biogen has a 12-month low of $189.44 and a 12-month high of $319.76. The company has a market cap of $28.26 billion, a price-to-earnings ratio of 24.36, a PEG ratio of 1.83 and a beta of -0.02.

Biogen (NASDAQ:BIIB) last issued 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 during 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 last year, the business earned $4.05 EPS.

Insider Activity at Biogen

In related news, Director Eric K. Rowinsky purchased 455 shares of Biogen stock in a transaction dated Thursday, February 15th. The shares were acquired at an average cost of $222.54 per share, for a total transaction of $101,255.70. Following the transaction, the director now directly owns 20,629 shares of the company’s stock, valued at $4,590,777.66. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. In other Biogen news, insider Priya Singhal sold 262 shares of the business’s stock in a transaction dated Thursday, February 22nd. The stock was 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 directly owns 4,886 shares of the company’s stock, valued at $1,080,929.78. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, Director Eric K. Rowinsky purchased 455 shares of the stock in a transaction on Thursday, February 15th. The stock was acquired 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 directly owns 20,629 shares of the company’s stock, valued at $4,590,777.66. The disclosure for this purchase can be found here. Insiders have sold 882 shares of company stock worth $202,030 over the last ninety days. Company insiders own 0.60% of the company’s stock.

Institutional Investors Weigh In On Biogen

Several institutional investors have recently bought and sold shares of BIIB. Snowden Capital Advisors LLC raised its holdings in shares of Biogen by 2.5% in the second quarter. Snowden Capital Advisors LLC now owns 1,591 shares of the biotechnology company’s stock valued at $453,000 after purchasing an additional 39 shares during the last quarter. First Manhattan Co. grew its position in Biogen by 33.3% in the fourth quarter. First Manhattan Co. now owns 160 shares of the biotechnology company’s stock valued at $44,000 after purchasing an additional 40 shares in the last quarter. Systematic Financial Management LP increased its stake in Biogen by 2.5% in the 1st quarter. Systematic Financial Management LP now owns 1,640 shares of the biotechnology company’s stock valued at $456,000 after buying an additional 40 shares during the last quarter. Stratos Wealth Partners LTD. lifted its position in Biogen by 1.1% during the 3rd quarter. Stratos Wealth Partners LTD. now owns 4,032 shares of the biotechnology company’s stock worth $1,036,000 after buying an additional 42 shares in the last quarter. Finally, Sequoia Financial Advisors LLC boosted its position in Biogen by 2.3% during the third quarter. Sequoia Financial Advisors LLC now owns 2,043 shares of the biotechnology company’s stock valued at $525,000 after purchasing an additional 45 shares during the last quarter. Institutional investors own 87.93% 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.