Q2 2024 EPS Estimates for Biogen Inc. Lifted by Analyst (NASDAQ:BIIB)

Biogen Inc. (NASDAQ:BIIB) – Equities researchers at Leerink Partnrs raised their Q2 2024 EPS estimates for shares of Biogen in a research report issued on Wednesday, April 24th. Leerink Partnrs analyst M. Goodman now anticipates that the biotechnology company will post earnings per share of $4.24 for the quarter, up from their prior forecast of $4.08. The consensus estimate for Biogen’s current full-year earnings is $15.48 per share. Leerink Partnrs also issued estimates for Biogen’s Q3 2024 earnings at $4.08 EPS, Q4 2024 earnings at $3.61 EPS and FY2024 earnings at $15.60 EPS.

Biogen (NASDAQ:BIIB) last issued its quarterly earnings data 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 analysts’ expectations of $2.31 billion. During the same period last year, the company posted $3.40 EPS. The business’s revenue was down 7.0% on a year-over-year basis.

A number of other equities analysts have also recently commented on the stock. William Blair reaffirmed an “outperform” rating on shares of Biogen in a research note on Monday, April 1st. Mizuho dropped their price target on shares of Biogen from $355.00 to $277.00 and set a “buy” rating for the company in a research note on Thursday, February 22nd. Needham & Company LLC reaffirmed a “buy” rating and set a $294.00 price target on shares of Biogen in a research note on Wednesday. Bank of America dropped their price target on shares of Biogen from $280.00 to $260.00 and set a “neutral” rating for the company in a research note on Friday, April 12th. Finally, Wells Fargo & Company cut shares of Biogen from an “overweight” rating to an “equal weight” rating and dropped their price target for the stock from $315.00 to $240.00 in a research note on Wednesday, February 14th. Ten research analysts have rated the stock with a hold rating and eighteen have issued a buy rating to the company’s stock. Based on data from MarketBeat, Biogen currently has a consensus rating of “Moderate Buy” and a consensus target price of $293.88.

Biogen Stock Performance

Shares of NASDAQ:BIIB opened at $208.90 on Friday. Biogen has a 52 week low of $189.44 and a 52 week high of $319.76. The company has a quick ratio of 1.26, a current ratio of 2.10 and a debt-to-equity ratio of 0.41. The firm has a fifty day simple moving average of $212.55 and a two-hundred day simple moving average of $233.78. The stock has a market capitalization of $30.37 billion, a P/E ratio of 26.08, a PEG ratio of 1.92 and a beta of -0.02.

Insider Activity

In other news, insider Priya Singhal sold 419 shares of the business’s stock in a transaction dated 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 in the company, valued at approximately $1,081,356.20. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. In other Biogen news, Director Eric K. Rowinsky purchased 455 shares of Biogen stock in a transaction dated Thursday, February 15th. The stock was acquired at an average price 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 purchase was disclosed in a filing with the SEC, which is available through the SEC website. Also, insider Priya Singhal sold 419 shares of the business’s stock in a transaction dated Monday, February 12th. The shares were sold at an average price of $239.45, for a total transaction 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 disclosure for this sale can be found here. In the last quarter, insiders sold 882 shares of company stock worth $202,030. 0.60% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Large investors have recently modified their holdings of the company. ICICI Prudential Asset Management Co Ltd raised its stake in shares of Biogen by 15.0% during the 4th 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 in the last quarter. Boone Capital Management LLC raised its stake 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 acquiring an additional 33,238 shares in the last quarter. iA Global Asset Management Inc. raised its stake in shares of Biogen by 35.2% during the 3rd quarter. iA Global Asset Management Inc. now owns 12,071 shares of the biotechnology company’s stock worth $3,102,000 after acquiring an additional 3,145 shares in the last quarter. Illinois Municipal Retirement Fund raised its stake in shares of Biogen by 13.8% during the 3rd quarter. Illinois Municipal Retirement Fund now owns 68,391 shares of the biotechnology company’s stock worth $17,577,000 after acquiring an additional 8,291 shares in the last quarter. Finally, Dynamic Advisor Solutions LLC raised its stake in shares of Biogen by 6.2% during the 4th quarter. Dynamic Advisor Solutions LLC now owns 4,850 shares of the biotechnology company’s stock worth $1,251,000 after acquiring an additional 285 shares in the last quarter. Institutional investors own 87.93% of the company’s stock.

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.