$2.50 Billion in Sales Expected for Biogen Inc. (NASDAQ:BIIB) This Quarter

Wall Street brokerages expect that Biogen Inc. (NASDAQ:BIIB – Get Rating) will post sales of $2.50 billion for the current fiscal quarter, according to Zacks. Twenty Seven analysts have issued estimates for Biogen’s earnings. The highest sales estimate is $2.60 billion and the lowest is $2.36 billion. Biogen posted sales of $2.78 billion during the same quarter last year, which would indicate a negative year over year growth rate of 10.1%. The business is expected to issue its next quarterly earnings report on Monday, January 1st.

On average, analysts expect that Biogen will report full year sales of $9.85 billion for the current fiscal year, with estimates ranging from $9.67 billion to $10.04 billion. For the next financial year, analysts expect that the firm will report sales of $9.54 billion, with estimates ranging from $8.82 billion to $10.58 billion. Zacks’ sales calculations are a mean average based on a survey of research firms that that provide coverage for Biogen.

Biogen (NASDAQ:BIIB – Get Rating) last posted its quarterly earnings data on Tuesday, May 3rd. The biotechnology company reported $3.62 EPS for the quarter, missing analysts’ consensus estimates of $4.41 by ($0.79). Biogen had a return on equity of 23.46% and a net margin of 13.40%. The business had revenue of $2.53 billion for the quarter, compared to analyst estimates of $2.50 billion. During the same quarter in the prior year, the company earned $5.34 earnings per share. The company’s quarterly revenue was down 6.1% on a year-over-year basis.

Several brokerages recently issued reports on BIIB. Oppenheimer cut their target price on shares of Biogen from $240.00 to $225.00 in a research note on Wednesday, May 4th. Canaccord Genuity Group cut their target price on shares of Biogen from $335.00 to $305.00 and set a “buy” rating for the company in a research note on Monday, February 7th. StockNews.com downgraded shares of Biogen from a “strong-buy” rating to a “buy” rating in a research note on Tuesday, May 10th. Morgan Stanley cut their target price on shares of Biogen from $330.00 to $283.00 and set an “overweight” rating for the company in a research note on Tuesday, April 12th. Finally, Wolfe Research cut their target price on shares of Biogen from $244.00 to $217.00 and set a “peer perform” rating for the company in a research note on Friday, February 4th. Seventeen investment analysts have rated the stock with a hold rating and eighteen have issued a buy rating to the stock. Based on data from MarketBeat, Biogen presently has an average rating of “Buy” and a consensus price target of $284.47.

Shares of Biogen stock traded up $1.98 during trading hours on Monday, reaching $206.20. 1,013,334 shares of the company’s stock were exchanged, compared to its average volume of 1,268,520. The company has a 50 day moving average of $206.87 and a two-hundred day moving average of $220.88. Biogen has a fifty-two week low of $187.16 and a fifty-two week high of $468.55. The company has a current ratio of 2.01, a quick ratio of 1.70 and a debt-to-equity ratio of 0.56. The stock has a market cap of $30.20 billion, a P/E ratio of 21.11, a P/E/G ratio of 1.20 and a beta of 0.42.

Several hedge funds and other institutional investors have recently bought and sold shares of BIIB. Norges Bank bought a new stake in shares of Biogen during the fourth quarter worth $373,125,000. Southeastern Asset Management Inc. TN bought a new stake in shares of Biogen during the fourth quarter worth $205,977,000. RA Capital Management L.P. bought a new stake in shares of Biogen during the first quarter worth $153,111,000. BlackRock Inc. grew its stake in shares of Biogen by 2.8% during the first quarter. BlackRock Inc. now owns 14,121,097 shares of the biotechnology company’s stock worth $2,973,904,000 after buying an additional 384,143 shares during the last quarter. Finally, Pacer Advisors Inc. grew its stake in shares of Biogen by 2,510.5% during the first quarter. Pacer Advisors Inc. now owns 324,148 shares of the biotechnology company’s stock worth $68,266,000 after buying an additional 311,731 shares during the last quarter. 83.92% of the stock is currently owned by hedge funds and other institutional investors.

About Biogen (Get Rating)

Biogen Inc discovers, develops, manufactures, and delivers therapies for treating neurological and neurodegenerative diseases. The company offers TECFIDERA, VUMERITY, AVONEX, PLEGRIDY, TYSABRI, and FAMPYRA for multiple sclerosis (MS); SPINRAZA for spinal muscular atrophy; and FUMADERM to treat plaque psoriasis.

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