FY2024 Earnings Forecast for Biogen Inc. (NASDAQ:BIIB) Issued By Cantor Fitzgerald

Biogen Inc. (NASDAQ:BIIB) – Research analysts at Cantor Fitzgerald lifted their FY2024 earnings per share (EPS) estimates for Biogen in a research note issued on Thursday, April 25th. Cantor Fitzgerald analyst E. Schmidt now expects that the biotechnology company will post earnings of $15.85 per share for the year, up from their previous forecast of $15.54. Cantor Fitzgerald has a “Overweight” rating and a $311.00 price objective on the stock. The consensus estimate for Biogen’s current full-year earnings is $15.57 per share.

BIIB has been the topic of a number of other reports. William Blair reiterated an “outperform” rating on shares of Biogen in a research report on Monday, April 1st. JPMorgan Chase & Co. reduced their price objective on shares of Biogen from $270.00 to $240.00 and set a “neutral” rating for the company in a research report on Thursday, April 11th. 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. HC Wainwright decreased their price target on Biogen from $325.00 to $300.00 and set a “buy” rating on the stock in a research note on Thursday, April 25th. Finally, Truist Financial reissued a “buy” rating and issued a $340.00 target price on shares of Biogen in a report on Monday, March 25th. Ten investment analysts have rated the stock with a hold rating and eighteen have issued a buy rating to the company. Based on data from MarketBeat.com, Biogen currently has a consensus rating of “Moderate Buy” and a consensus target price of $293.88.

Biogen Trading Up 3.2 %

Shares of BIIB stock opened at $215.50 on Monday. Biogen has a twelve month low of $189.44 and a twelve month high of $319.76. The company has a current ratio of 2.10, a quick ratio of 1.32 and a debt-to-equity ratio of 0.41. The business’s 50 day moving average is $212.48 and its two-hundred day moving average is $233.02. The company has a market capitalization of $31.38 billion, a P/E ratio of 26.90, a price-to-earnings-growth ratio of 2.13 and a beta of -0.02.

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, topping the consensus estimate of $3.45 by $0.22. Biogen had a net margin of 12.07% and a return on equity of 14.83%. The company had revenue of $2.29 billion for the quarter, compared to the consensus estimate of $2.31 billion. During the same period last year, the firm posted $3.40 EPS. Biogen’s revenue for the quarter was down 7.0% on a year-over-year basis.

Insiders Place Their Bets

In other news, insider Priya Singhal sold 419 shares of Biogen stock in a transaction on 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 owns 4,516 shares of the company’s stock, valued at $1,081,356.20. The sale was disclosed in a document filed with the SEC, which is available 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 acquired at an average cost of $222.54 per share, for a total transaction of $101,255.70. Following the acquisition, the director now directly owns 20,629 shares in the company, valued at approximately $4,590,777.66. The purchase was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, insider Priya Singhal sold 419 shares of the stock in a transaction on 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 transaction, the insider now directly owns 4,516 shares in the company, valued at $1,081,356.20. The disclosure for this sale can be found here. Insiders have sold a total of 882 shares of company stock valued at $202,030 in the last quarter. 0.60% of the stock is currently owned by company insiders.

Institutional Trading of Biogen

Institutional investors have recently modified their holdings of the company. Primecap Management Co. CA lifted its position in Biogen by 1.6% during the fourth quarter. Primecap Management Co. CA now owns 16,264,481 shares of the biotechnology company’s stock valued at $4,208,760,000 after buying an additional 251,915 shares in the last quarter. Vanguard Group Inc. raised its stake in shares of Biogen by 18.2% in the 4th quarter. Vanguard Group Inc. now owns 14,407,330 shares of the biotechnology company’s stock valued at $3,728,185,000 after acquiring an additional 2,218,744 shares during the period. Wellington Management Group LLP lifted its holdings in shares of Biogen by 0.5% during the 3rd quarter. Wellington Management Group LLP now owns 5,374,310 shares of the biotechnology company’s stock valued at $1,381,251,000 after acquiring an additional 27,951 shares in the last quarter. Northern Trust Corp boosted its position in Biogen by 2.8% during the 3rd quarter. Northern Trust Corp now owns 1,643,035 shares of the biotechnology company’s stock worth $422,276,000 after purchasing an additional 45,437 shares during the period. Finally, Morgan Stanley boosted its position in Biogen by 4.3% during the 3rd quarter. Morgan Stanley now owns 1,493,113 shares of the biotechnology company’s stock worth $383,745,000 after purchasing an additional 61,814 shares during the period. Hedge funds and other 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.