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

Biogen Inc. (NASDAQ:BIIB) – Analysts at William Blair decreased their Q3 2024 EPS estimates for Biogen in a research note issued to investors on Thursday, August 1st. William Blair analyst M. Minter now expects that the biotechnology company will post earnings of $3.73 per share for the quarter, down from their previous forecast of $4.05. William Blair has a “Outperform” rating on the stock. The consensus estimate for Biogen’s current full-year earnings is $15.87 per share. William Blair also issued estimates for Biogen’s FY2024 earnings at $16.19 EPS.

Several other analysts have also weighed in on BIIB. Robert W. Baird decreased their price objective on Biogen from $316.00 to $294.00 and set an “outperform” rating on the stock in a report on Monday, July 29th. Truist Financial reiterated a “buy” rating and issued a $302.00 price target (down from $340.00) on shares of Biogen in a research report on Monday. Scotiabank lowered their target price on shares of Biogen from $275.00 to $244.00 and set a “sector outperform” rating on the stock in a report on Friday, August 2nd. Barclays cut their price target on shares of Biogen from $200.00 to $190.00 and set an “equal weight” rating for the company in a report on Friday, August 2nd. Finally, HC Wainwright reaffirmed a “buy” rating and set a $300.00 price objective on shares of Biogen in a research note on Thursday, May 23rd. Nine investment analysts have rated the stock with a hold rating and eighteen have given a buy rating to the company. Based on data from MarketBeat, Biogen has an average rating of “Moderate Buy” and a consensus price target of $276.42.

Biogen Stock Up 0.9 %

Shares of BIIB opened at $200.13 on Monday. Biogen has a 52 week low of $189.44 and a 52 week high of $278.95. The firm has a market capitalization of $29.14 billion, a P/E ratio of 24.99, a P/E/G ratio of 2.09 and a beta of -0.04. The company has a 50-day simple moving average of $224.62 and a 200-day simple moving average of $222.47. The company has a debt-to-equity ratio of 0.40, a quick ratio of 1.32 and a current ratio of 2.29.

Biogen (NASDAQ:BIIB) last announced its earnings results on Thursday, August 1st. The biotechnology company reported $5.28 EPS for the quarter, topping the consensus estimate of $4.00 by $1.28. Biogen had a net margin of 11.98% and a return on equity of 15.71%. The firm had revenue of $2.47 billion for the quarter, compared to the consensus estimate of $2.39 billion. During the same quarter last year, the firm posted $4.02 EPS. The business’s quarterly revenue was up .4% on a year-over-year basis.

Institutional Investors Weigh In On Biogen

Several large investors have recently made changes to their positions in BIIB. Global Retirement Partners LLC raised its stake in shares of Biogen by 68.6% in the 4th quarter. Global Retirement Partners LLC now owns 263 shares of the biotechnology company’s stock valued at $65,000 after purchasing an additional 107 shares during the period. Ballentine Partners LLC boosted its position in Biogen by 7.9% during the fourth quarter. Ballentine Partners LLC now owns 1,649 shares of the biotechnology company’s stock valued at $427,000 after purchasing an additional 121 shares during the last quarter. Prime Capital Investment Advisors LLC acquired a new position in Biogen during the fourth quarter valued at approximately $3,674,000. Tritonpoint Wealth LLC acquired a new position in shares of Biogen during the 4th quarter worth approximately $523,000. Finally, Bleakley Financial Group LLC raised its stake in shares of Biogen by 13.4% during the 4th quarter. Bleakley Financial Group LLC now owns 2,291 shares of the biotechnology company’s stock worth $593,000 after purchasing an additional 270 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.