Equities Analysts Offer Predictions for Biogen Inc.’s Q3 2024 Earnings (NASDAQ:BIIB)

Biogen Inc. (NASDAQ:BIIB) – Stock analysts at Wedbush lifted their Q3 2024 earnings estimates for Biogen in a note issued to investors on Wednesday, April 17th. Wedbush analyst L. Chico now expects that the biotechnology company will post earnings of $4.13 per share for the quarter, up from their prior forecast of $4.11. Wedbush has a “Neutral” rating and a $213.00 price objective 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 FY2024 earnings at $15.32 EPS.

A number of other equities research analysts have also recently issued reports on the company. JPMorgan Chase & Co. lowered their price objective on Biogen from $270.00 to $240.00 and set a “neutral” rating on the stock in a research note on Thursday, April 11th. Bank of America dropped their price target on shares of Biogen from $280.00 to $260.00 and set a “neutral” rating on the stock in a research note on Friday, April 12th. Needham & Company LLC cut their price objective on shares of Biogen from $305.00 to $300.00 and set a “buy” rating for the company in a report on Tuesday, February 13th. BMO Capital Markets lowered their target price on shares of Biogen from $295.00 to $285.00 and set an “outperform” rating on the stock in a report on Wednesday, February 14th. Finally, Robert W. Baird dropped their target price on Biogen from $333.00 to $316.00 and set an “outperform” rating on the stock in a research 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.com, the company has a consensus rating of “Moderate Buy” and a consensus price target of $295.58.

Biogen Stock Up 2.0 %

Shares of NASDAQ BIIB opened at $194.38 on Thursday. The company has a debt-to-equity ratio of 0.46, a current ratio of 2.00 and a quick ratio of 1.26. The stock has a market capitalization of $28.26 billion, a PE ratio of 24.36, a P/E/G ratio of 1.83 and a beta of -0.02. Biogen has a one year low of $189.44 and a one year high of $319.76. The business’s fifty day moving average price is $215.23 and its 200-day moving average price is $235.83.

Biogen (NASDAQ:BIIB) last announced its quarterly earnings data on Tuesday, February 13th. The biotechnology company reported $2.95 earnings per share for the quarter, missing the consensus estimate of $3.18 by ($0.23). Biogen had a net margin of 11.81% and a return on equity of 14.91%. The firm had revenue of $2.39 billion for the quarter, compared to the consensus estimate of $2.47 billion. During the same period last year, the company posted $4.05 earnings per share.

Institutional Inflows and Outflows

Several large investors have recently modified their holdings of BIIB. Vanguard Group Inc. raised its holdings in Biogen by 18.2% during 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 buying an additional 2,218,744 shares during the last quarter. Norges Bank purchased a new position in shares of Biogen in the fourth quarter valued at about $378,728,000. Price T Rowe Associates Inc. MD increased its position in shares of Biogen by 49.5% in the first quarter. Price T Rowe Associates Inc. MD now owns 2,088,356 shares of the biotechnology company’s stock valued at $580,627,000 after acquiring an additional 691,843 shares during the period. FIL Ltd raised its stake in shares of Biogen by 936.4% during the fourth quarter. FIL Ltd now owns 656,502 shares of the biotechnology company’s stock valued at $169,883,000 after acquiring an additional 593,158 shares during the last quarter. Finally, First Trust Advisors LP boosted its holdings in shares of Biogen by 141.0% during the fourth quarter. First Trust Advisors LP now owns 977,308 shares of the biotechnology company’s stock worth $252,898,000 after purchasing an additional 571,795 shares during the period. Hedge funds and other institutional investors own 87.93% of the company’s stock.

Insider Activity at Biogen

In related news, insider Priya Singhal sold 419 shares of the firm’s stock in a transaction dated Monday, February 12th. The stock was sold at an average price of $239.45, for a total transaction of $100,329.55. Following the transaction, the insider now directly owns 4,516 shares of the company’s stock, valued at approximately $1,081,356.20. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. In other news, insider Priya Singhal sold 419 shares of the company’s stock in a transaction on Monday, February 12th. The shares were 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 approximately $1,081,356.20. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Eric K. Rowinsky bought 455 shares of Biogen stock in a transaction that occurred on Thursday, February 15th. The shares were acquired at an average cost of $222.54 per share, for a total transaction of $101,255.70. Following the acquisition, the director now owns 20,629 shares in the company, valued at approximately $4,590,777.66. The disclosure for this purchase can be found here. Insiders have sold a total of 882 shares of company stock valued at $202,030 over the last 90 days. 0.60% of the stock is owned by 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.