Biogen Inc. to Post Q1 2024 Earnings of $3.25 Per Share, Wedbush Forecasts (NASDAQ:BIIB)

Biogen Inc. (NASDAQ:BIIB) – Research analysts at Wedbush reduced their Q1 2024 EPS estimates for shares of Biogen in a report issued on Wednesday, April 17th. Wedbush analyst L. Chico now forecasts that the biotechnology company will earn $3.25 per share for the quarter, down from their prior estimate of $3.26. Wedbush has a “Neutral” rating and a $213.00 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 $4.11 EPS, FY2025 earnings at $15.01 EPS, FY2026 earnings at $17.93 EPS, FY2027 earnings at $19.93 EPS and FY2028 earnings at $19.80 EPS.

Several other equities analysts have also recently commented on BIIB. Cantor Fitzgerald reiterated an “overweight” rating and set a $311.00 target price on shares of Biogen in a research note on Tuesday, February 20th. Bank Of America (Bofa) reduced their target price on Biogen from $290.00 to $280.00 and set a “neutral” rating for the company in a research note on Monday, February 12th. UBS Group reduced their target price on Biogen from $250.00 to $214.00 and set a “neutral” rating for the company in a research note on Wednesday. StockNews.com cut Biogen from a “buy” rating to a “hold” rating in a research note on Tuesday, February 20th. Finally, Truist Financial reiterated a “buy” rating and set a $340.00 target price on shares of Biogen in a research note on Monday, March 25th. Ten equities research analysts have rated the stock with a hold rating and eighteen have issued a buy rating to the company. According to data from MarketBeat, Biogen currently has a consensus rating of “Moderate Buy” and an average target price of $296.35.

Biogen Stock Down 0.9 %

NASDAQ BIIB opened at $190.52 on Friday. The stock has a market cap of $27.69 billion, a PE ratio of 23.87, a P/E/G ratio of 1.83 and a beta of -0.02. Biogen has a fifty-two week low of $189.52 and a fifty-two week high of $319.76. The business has a 50 day moving average price of $216.17 and a two-hundred day moving average price of $236.24. The company has a quick ratio of 1.26, a current ratio of 2.00 and a debt-to-equity ratio of 0.46.

Biogen (NASDAQ:BIIB) last released its quarterly earnings results on Tuesday, February 13th. The biotechnology company reported $2.95 earnings per share for the quarter, missing analysts’ consensus estimates of $3.18 by ($0.23). The company had revenue of $2.39 billion during the quarter, compared to analysts’ expectations of $2.47 billion. Biogen had a return on equity of 14.91% and a net margin of 11.81%. During the same quarter in the prior year, the company earned $4.05 EPS.

Hedge Funds Weigh In On Biogen

A number of hedge funds and other institutional investors have recently modified their holdings of the stock. Snowden Capital Advisors LLC boosted its position in shares of Biogen by 2.5% in the 2nd quarter. Snowden Capital Advisors LLC now owns 1,591 shares of the biotechnology company’s stock valued at $453,000 after purchasing an additional 39 shares during the period. First Manhattan Co. boosted its position in shares of Biogen by 33.3% in the 4th quarter. First Manhattan Co. now owns 160 shares of the biotechnology company’s stock valued at $44,000 after purchasing an additional 40 shares during the period. Systematic Financial Management LP boosted its position in shares of Biogen by 2.5% in the 1st quarter. Systematic Financial Management LP now owns 1,640 shares of the biotechnology company’s stock valued at $456,000 after purchasing an additional 40 shares during the period. Stratos Wealth Partners LTD. boosted its position in Biogen by 1.1% during the 3rd quarter. Stratos Wealth Partners LTD. now owns 4,032 shares of the biotechnology company’s stock worth $1,036,000 after acquiring an additional 42 shares during the period. Finally, Sequoia Financial Advisors LLC boosted its position in Biogen by 2.3% during the 3rd quarter. Sequoia Financial Advisors LLC now owns 2,043 shares of the biotechnology company’s stock worth $525,000 after acquiring an additional 45 shares during the period. Institutional investors and hedge funds own 87.93% of the company’s stock.

Insider Activity at Biogen

In related news, insider Priya Singhal sold 262 shares of the firm’s stock in a transaction dated 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 transaction, the insider now owns 4,886 shares of the company’s stock, valued at $1,080,929.78. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. In related news, insider Priya Singhal sold 262 shares of the firm’s stock in a transaction dated 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 transaction, the insider now owns 4,886 shares of the company’s stock, valued at $1,080,929.78. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, Director Eric K. Rowinsky bought 455 shares of the firm’s stock in a transaction that occurred on Thursday, February 15th. The shares were purchased 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 disclosure for this purchase can be found here. Insiders sold 882 shares of company stock valued at $202,030 over the last 90 days. 0.60% of the stock is currently owned by corporate insiders.

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.