William Blair Comments on Biogen Inc.’s Q1 2024 Earnings (NASDAQ:BIIB)

Biogen Inc. (NASDAQ:BIIB) – Investment analysts at William Blair cut their Q1 2024 earnings estimates for shares of Biogen in a report issued on Wednesday, April 17th. William Blair analyst M. Minter now expects that the biotechnology company will post earnings per share of $3.54 for the quarter, down from their prior forecast of $4.57. William Blair has a “Outperform” rating on the stock. The consensus estimate for Biogen’s current full-year earnings is $15.47 per share. William Blair also issued estimates for Biogen’s FY2024 earnings at $15.29 EPS and FY2025 earnings at $17.46 EPS.

Biogen (NASDAQ:BIIB) last released its quarterly 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 firm had revenue of $2.39 billion for the quarter, compared to analysts’ expectations of $2.47 billion. Biogen had a net margin of 11.81% and a return on equity of 14.91%. During the same period in the previous year, the firm posted $4.05 EPS.

Several other analysts have also commented on the stock. Royal Bank of Canada reaffirmed an “outperform” rating and set a $364.00 price target on shares of Biogen in a research report on Tuesday, March 5th. Mizuho reduced their price target on shares of Biogen from $355.00 to $277.00 and set a “buy” rating on the stock in a research report on Thursday, February 22nd. Wedbush dropped their target price on shares of Biogen from $245.00 to $213.00 and set a “neutral” rating for the company in a report on Wednesday. HC Wainwright reiterated a “buy” rating and issued a $325.00 target price on shares of Biogen in a report on Wednesday, February 14th. Finally, JPMorgan Chase & Co. dropped their target price on shares of Biogen from $270.00 to $240.00 and set a “neutral” rating for the company in a report on Thursday, April 11th. Ten investment analysts have rated the stock with a hold rating and eighteen have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock 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 Friday. The firm has a market cap of $28.26 billion, a PE ratio of 24.36, a PEG ratio of 1.81 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 firm’s 50 day moving average price is $215.23 and its 200-day moving average price is $235.73. Biogen has a one year low of $189.44 and a one year high of $319.76.

Institutional Investors Weigh In On Biogen

Institutional investors and hedge funds have recently bought and sold shares of the stock. Altshuler Shaham Ltd purchased a new stake in Biogen in the fourth quarter valued at $25,000. OFI Invest Asset Management purchased a new stake in shares of Biogen in the third quarter valued at about $26,000. Livelsberger Financial Advisory purchased a new stake in shares of Biogen in the fourth quarter valued at about $26,000. Rise Advisors LLC purchased a new stake in shares of Biogen in the first quarter valued at about $27,000. Finally, Gladius Capital Management LP purchased a new stake in shares of Biogen in the third quarter valued at about $28,000. 87.93% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling

In related news, insider Priya Singhal sold 262 shares of the business’s stock in a transaction on Thursday, February 22nd. The shares were sold at an average price of $221.23, for a total transaction of $57,962.26. Following the completion of the transaction, the insider now owns 4,886 shares in the company, valued at $1,080,929.78. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. In related news, insider Priya Singhal sold 262 shares of the business’s stock in a transaction on Thursday, February 22nd. The shares were sold at an average price of $221.23, for a total transaction of $57,962.26. Following the completion of the transaction, the insider now owns 4,886 shares in the company, valued at $1,080,929.78. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, Director Eric K. Rowinsky purchased 455 shares of Biogen stock in a transaction that occurred on Thursday, February 15th. The stock was bought at an average cost of $222.54 per share, with a total value of $101,255.70. Following the completion of the transaction, the director now owns 20,629 shares of the company’s stock, valued at $4,590,777.66. The disclosure for this purchase can be found here. Over the last quarter, insiders sold 882 shares of company stock worth $202,030. 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.