Q2 2024 EPS Estimates for Biogen Inc. Lifted by Analyst (NASDAQ:BIIB)

Biogen Inc. (NASDAQ:BIIB) – Research analysts at Leerink Partnrs boosted their Q2 2024 EPS estimates for Biogen in a research report issued on Wednesday, April 24th. Leerink Partnrs analyst M. Goodman now expects that the biotechnology company will earn $4.24 per share for the quarter, up from their previous estimate of $4.08. The consensus estimate for Biogen’s current full-year earnings is $15.55 per share. Leerink Partnrs also issued estimates for Biogen’s Q3 2024 earnings at $4.08 EPS, Q4 2024 earnings at $3.61 EPS and FY2024 earnings at $15.60 EPS.

Biogen (NASDAQ:BIIB) last released its quarterly earnings results on Wednesday, April 24th. The biotechnology company reported $3.67 EPS for the quarter, topping analysts’ consensus estimates of $3.45 by $0.22. Biogen had a return on equity of 14.83% and a net margin of 12.07%. The business had revenue of $2.29 billion for the quarter, compared to analyst estimates of $2.31 billion. During the same period in the prior year, the company earned $3.40 EPS. Biogen’s revenue for the quarter was down 7.0% on a year-over-year basis.

BIIB has been the topic of several other research reports. Truist Financial reiterated a “buy” rating and set a $340.00 price target on shares of Biogen in a research report on Monday, March 25th. Bank Of America (Bofa) decreased their price target on shares of Biogen from $290.00 to $280.00 and set a “neutral” rating on the stock in a research note on Monday, February 12th. Robert W. Baird dropped their price objective on shares of Biogen from $333.00 to $316.00 and set an “outperform” rating for the company in a research report on Wednesday, February 14th. StockNews.com lowered Biogen from a “buy” rating to a “hold” rating in a research report on Tuesday, February 20th. Finally, William Blair restated an “outperform” rating on shares of Biogen in a research report on Monday, April 1st. Ten research analysts have rated the stock with a hold rating and eighteen have issued a buy rating to the company. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus price target of $293.88.

Biogen Price Performance

Shares of BIIB stock opened at $208.90 on Friday. Biogen has a 52 week low of $189.44 and a 52 week high of $319.76. The stock has a market capitalization of $30.42 billion, a PE ratio of 26.08, a PEG ratio of 2.06 and a beta of -0.02. The company has a debt-to-equity ratio of 0.41, a quick ratio of 1.26 and a current ratio of 2.10. The stock’s fifty day moving average is $212.55 and its 200-day moving average is $233.57.

Insider Activity

In other Biogen news, insider Priya Singhal sold 419 shares of the stock in a transaction dated Monday, February 12th. The stock was 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 directly owns 4,516 shares in the company, valued at $1,081,356.20. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In other Biogen news, Director Eric K. Rowinsky purchased 455 shares of the firm’s stock in a transaction dated 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 purchase, the director now directly owns 20,629 shares of the company’s stock, valued at $4,590,777.66. The acquisition was disclosed in a filing with the SEC, which is accessible through this link. Also, insider Priya Singhal sold 419 shares of the business’s stock in a transaction 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 disclosure for this sale can be found here. Insiders sold 882 shares of company stock valued at $202,030 in the last quarter. Company insiders own 0.60% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds have recently added to or reduced their stakes in the business. Pinnacle Associates Ltd. boosted its stake in shares of Biogen by 4.5% during the 1st quarter. Pinnacle Associates Ltd. now owns 4,761 shares of the biotechnology company’s stock worth $1,027,000 after buying an additional 204 shares during the last quarter. Tritonpoint Wealth LLC boosted its position in Biogen by 14.7% during the first quarter. Tritonpoint Wealth LLC now owns 2,321 shares of the biotechnology company’s stock valued at $521,000 after purchasing an additional 298 shares during the last quarter. Fjarde AP Fonden Fourth Swedish National Pension Fund grew its stake in Biogen by 6.5% in the first quarter. Fjarde AP Fonden Fourth Swedish National Pension Fund now owns 27,821 shares of the biotechnology company’s stock valued at $5,999,000 after purchasing an additional 1,700 shares in the last quarter. Valeo Financial Advisors LLC increased its position in shares of Biogen by 53.0% during the 1st quarter. Valeo Financial Advisors LLC now owns 1,412 shares of the biotechnology company’s stock worth $285,000 after purchasing an additional 489 shares during the last quarter. Finally, V Square Quantitative Management LLC raised its stake in shares of Biogen by 21.9% during the 1st quarter. V Square Quantitative Management LLC now owns 3,245 shares of the biotechnology company’s stock worth $700,000 after purchasing an additional 584 shares in 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.