Q2 2024 Earnings Estimate for Biogen Inc. Issued By Wedbush (NASDAQ:BIIB)

Biogen Inc. (NASDAQ:BIIB) – Equities researchers at Wedbush reduced their Q2 2024 earnings per share estimates for shares of Biogen in a note issued to investors on Wednesday, April 24th. Wedbush analyst L. Chico now anticipates that the biotechnology company will earn $3.43 per share for the quarter, down from their prior forecast of $3.83. Wedbush currently has a “Neutral” rating and a $215.00 price target on the stock. The consensus estimate for Biogen’s current full-year earnings is $15.48 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.

Several other brokerages also recently weighed in on BIIB. Needham & Company LLC reaffirmed a “buy” rating and issued a $294.00 target price on shares of Biogen in a research report on Wednesday. JPMorgan Chase & Co. cut their target price on shares of Biogen from $270.00 to $240.00 and set a “neutral” rating on the stock in a research note on Thursday, April 11th. HC Wainwright dropped their price target on Biogen from $325.00 to $300.00 and set a “buy” rating on the stock in a research report on Thursday. StockNews.com lowered Biogen from a “buy” rating to a “hold” rating in a report on Tuesday, February 20th. Finally, Piper Sandler reduced their price target on shares of Biogen from $350.00 to $325.00 and set an “overweight” rating for the company in a report on Wednesday, February 14th. Ten analysts have rated the stock with a hold rating and eighteen have given a buy rating to the company’s stock. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price of $293.88.

Biogen Stock Performance

Shares of NASDAQ:BIIB opened at $202.46 on Friday. The firm has a market capitalization of $29.43 billion, a PE ratio of 25.28, a P/E/G ratio of 1.92 and a beta of -0.02. Biogen has a 12 month low of $189.44 and a 12 month high of $319.76. The company has a debt-to-equity ratio of 0.41, a current ratio of 2.10 and a quick ratio of 1.26. The business has a 50-day moving average of $212.76 and a two-hundred day moving average of $234.17.

Biogen (NASDAQ:BIIB) last issued 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 net margin of 12.07% and a return on equity of 14.83%. The business had revenue of $2.29 billion during the quarter, compared to the consensus estimate of $2.31 billion. During the same period in the previous year, the firm posted $3.40 earnings per share. The company’s quarterly revenue was down 7.0% compared to the same quarter last year.

Hedge Funds Weigh In On Biogen

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. ICICI Prudential Asset Management Co Ltd grew its stake in shares of Biogen by 15.0% in the fourth quarter. ICICI Prudential Asset Management Co Ltd now owns 35,989 shares of the biotechnology company’s stock worth $9,313,000 after acquiring an additional 4,693 shares during the last quarter. Boone Capital Management LLC grew its holdings in shares of Biogen by 52.9% during the 3rd quarter. Boone Capital Management LLC now owns 96,115 shares of the biotechnology company’s stock worth $24,703,000 after purchasing an additional 33,238 shares in the last quarter. iA Global Asset Management Inc. increased its holdings in Biogen by 35.2% in the 3rd quarter. iA Global Asset Management Inc. now owns 12,071 shares of the biotechnology company’s stock valued at $3,102,000 after buying an additional 3,145 shares during the period. Illinois Municipal Retirement Fund raised its position in Biogen by 13.8% in the third quarter. Illinois Municipal Retirement Fund now owns 68,391 shares of the biotechnology company’s stock worth $17,577,000 after purchasing an additional 8,291 shares in the last quarter. Finally, Dynamic Advisor Solutions LLC grew its holdings in shares of Biogen by 6.2% in the 4th quarter. Dynamic Advisor Solutions LLC now owns 4,850 shares of the biotechnology company’s stock worth $1,251,000 after purchasing an additional 285 shares during the last quarter. Institutional investors and hedge funds own 87.93% of the company’s stock.

Insiders Place Their Bets

In other news, insider Priya Singhal sold 262 shares of the stock in a transaction that occurred on Thursday, February 22nd. The shares were sold at an average price of $221.23, for a total value of $57,962.26. Following the completion of the sale, the insider now directly 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 is available through the SEC website. In other news, Director Eric K. Rowinsky acquired 455 shares of the company’s stock in a transaction that occurred on Thursday, February 15th. The shares were purchased at an average price of $222.54 per share, for a total transaction of $101,255.70. Following the completion of the acquisition, the director now owns 20,629 shares of the company’s stock, valued at approximately $4,590,777.66. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Priya Singhal sold 262 shares of the firm’s stock in a transaction that occurred 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 transaction, the insider now directly owns 4,886 shares in the company, valued at approximately $1,080,929.78. The disclosure for this sale can be found here. In the last ninety days, insiders sold 882 shares of company stock worth $202,030. 0.60% of the stock is currently owned by company insiders.

Biogen Company Profile

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.