Wedbush Analysts Cut Earnings Estimates for Biogen Inc. (NASDAQ:BIIB)

Biogen Inc. (NASDAQ:BIIB) – Equities research analysts at Wedbush reduced their Q2 2024 earnings per share estimates for Biogen in a report issued on Wednesday, April 24th. Wedbush analyst L. Chico now forecasts that the biotechnology company will earn $3.43 per share for the quarter, down from their prior estimate of $3.83. Wedbush has a “Neutral” rating and a $215.00 price target on the stock. The consensus estimate for Biogen’s current full-year earnings is $15.55 per share. Wedbush also issued estimates for Biogen’s Q4 2024 earnings at $4.30 EPS, FY2024 earnings at $15.42 EPS, FY2027 earnings at $19.77 EPS and FY2028 earnings at $19.62 EPS.

BIIB has been the topic of several other research reports. Truist Financial reiterated a “buy” rating and set a $340.00 price objective on shares of Biogen in a report on Monday, March 25th. Barclays reduced their price target on shares of Biogen from $215.00 to $200.00 and set an “equal weight” rating for the company in a report on Thursday. Piper Sandler dropped their price objective on shares of Biogen from $350.00 to $325.00 and set an “overweight” rating on the stock in a report on Wednesday, February 14th. Mizuho lowered their target price on Biogen from $355.00 to $277.00 and set a “buy” rating for the company in a report on Thursday, February 22nd. Finally, BMO Capital Markets cut their price target on Biogen from $295.00 to $285.00 and set an “outperform” rating on the stock in a report on Wednesday, February 14th. Ten investment analysts have rated the stock with a hold rating and eighteen have given a buy rating to the company’s stock. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and an average price target of $293.88.

Biogen Stock Performance

BIIB stock opened at $208.90 on Friday. Biogen has a 1-year low of $189.44 and a 1-year high of $319.76. The business’s 50-day moving average price is $212.55 and its two-hundred day moving average price is $233.57. The firm has a market cap of $30.42 billion, a PE ratio of 26.08, a P/E/G ratio of 2.06 and a beta of -0.02. The company has a current ratio of 2.10, a quick ratio of 1.26 and a debt-to-equity ratio of 0.41.

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

Insiders Place Their Bets

In other news, insider Priya Singhal sold 262 shares of Biogen stock in a transaction 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 completion of the sale, the insider now 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 Securities & Exchange Commission, which can be accessed through this link. In other Biogen news, Director Eric K. Rowinsky bought 455 shares of the business’s stock in a transaction on Thursday, February 15th. The stock was purchased at an average cost of $222.54 per share, for a total transaction of $101,255.70. Following the completion of 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 available at this link. Also, insider Priya Singhal sold 262 shares of the company’s stock in a transaction on Thursday, February 22nd. The stock was sold at an average price of $221.23, for a total value of $57,962.26. Following the sale, the insider now owns 4,886 shares of the company’s stock, valued at $1,080,929.78. The disclosure for this sale can be found here. Insiders sold 882 shares of company stock worth $202,030 over the last three months. Insiders own 0.60% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors have recently bought and sold shares of BIIB. Stratos Wealth Partners LTD. grew its holdings in shares of Biogen by 1.1% during the 3rd quarter. Stratos Wealth Partners LTD. now owns 4,032 shares of the biotechnology company’s stock valued at $1,036,000 after purchasing an additional 42 shares during the last quarter. Sequoia Financial Advisors LLC lifted its stake in shares of Biogen by 2.3% in the 3rd quarter. Sequoia Financial Advisors LLC now owns 2,043 shares of the biotechnology company’s stock valued at $525,000 after acquiring an additional 45 shares during the last quarter. PAX Financial Group LLC lifted its stake in shares of Biogen by 2.9% in the 3rd quarter. PAX Financial Group LLC now owns 1,577 shares of the biotechnology company’s stock valued at $405,000 after acquiring an additional 45 shares during the last quarter. Cary Street Partners Investment Advisory LLC boosted its holdings in shares of Biogen by 2.4% during the 3rd quarter. Cary Street Partners Investment Advisory LLC now owns 1,955 shares of the biotechnology company’s stock valued at $502,000 after acquiring an additional 45 shares in the last quarter. Finally, Ballentine Partners LLC grew its position in Biogen by 3.2% during the 3rd quarter. Ballentine Partners LLC now owns 1,528 shares of the biotechnology company’s stock worth $393,000 after acquiring an additional 48 shares during the last quarter. Institutional investors and hedge funds 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.