Biogen Inc. Expected to Post Q2 2024 Earnings of $4.24 Per Share (NASDAQ:BIIB)

Biogen Inc. (NASDAQ:BIIB) – Equities research analysts at Leerink Partnrs boosted their Q2 2024 earnings per share estimates for Biogen in a research report issued on Wednesday, April 24th. Leerink Partnrs analyst M. Goodman now anticipates that the biotechnology company will post earnings of $4.24 per share 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.

Several other brokerages have also recently weighed in on BIIB. StockNews.com cut shares of Biogen from a “buy” rating to a “hold” rating in a research report on Tuesday, February 20th. Barclays decreased their price target on Biogen from $215.00 to $200.00 and set an “equal weight” rating for the company in a report on Thursday. UBS Group cut their price objective on shares of Biogen from $250.00 to $214.00 and set a “neutral” rating on the stock in a report on Wednesday, April 17th. Canaccord Genuity Group lowered their target price on shares of Biogen from $310.00 to $305.00 and set a “buy” rating for the company in a report on Tuesday, February 20th. Finally, JPMorgan Chase & Co. decreased their price objective on shares of Biogen from $270.00 to $240.00 and set a “neutral” rating for the company in a research note on Thursday, April 11th. Ten equities research analysts have rated the stock with a hold rating and eighteen have given a buy rating to the company’s stock. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $293.88.

Biogen Price Performance

Shares of NASDAQ:BIIB opened at $202.46 on Friday. Biogen has a twelve month low of $189.44 and a twelve month high of $319.76. The stock’s 50 day moving average is $212.76 and its 200-day moving average is $234.17. 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 market capitalization of $29.43 billion, a price-to-earnings ratio of 25.28, a PEG ratio of 1.92 and a beta of -0.02.

Biogen (NASDAQ:BIIB) last posted its quarterly earnings results on Wednesday, April 24th. The biotechnology company reported $3.67 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $3.45 by $0.22. The firm had revenue of $2.29 billion for the quarter, compared to analysts’ expectations of $2.31 billion. Biogen had a return on equity of 14.83% and a net margin of 12.07%. The company’s revenue for the quarter was down 7.0% compared to the same quarter last year. During the same period in the prior year, the business earned $3.40 EPS.

Hedge Funds Weigh In On Biogen

A number of institutional investors have recently made changes to their positions in BIIB. Tritonpoint Wealth LLC lifted its holdings in Biogen by 14.7% in the 1st quarter. Tritonpoint Wealth LLC now owns 2,321 shares of the biotechnology company’s stock valued at $521,000 after purchasing an additional 298 shares in the last quarter. Fjarde AP Fonden Fourth Swedish National Pension Fund grew its stake in Biogen by 6.5% in the 1st quarter. Fjarde AP Fonden Fourth Swedish National Pension Fund now owns 27,821 shares of the biotechnology company’s stock worth $5,999,000 after acquiring an additional 1,700 shares during the period. Valeo Financial Advisors LLC raised its holdings in Biogen by 53.0% in the 1st quarter. Valeo Financial Advisors LLC now owns 1,412 shares of the biotechnology company’s stock valued at $285,000 after acquiring an additional 489 shares during the last quarter. V Square Quantitative Management LLC boosted its holdings in shares of Biogen by 21.9% during the first quarter. V Square Quantitative Management LLC now owns 3,245 shares of the biotechnology company’s stock worth $700,000 after purchasing an additional 584 shares during the last quarter. Finally, Newbridge Financial Services Group Inc. purchased a new stake in shares of Biogen in the first quarter valued at $89,000. 87.93% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling

In other news, insider Priya Singhal sold 262 shares of the company’s stock in a transaction dated 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 sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. In other news, insider Priya Singhal sold 262 shares of the firm’s stock in a transaction that occurred on Thursday, February 22nd. The stock was 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 approximately $1,080,929.78. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Eric K. Rowinsky acquired 455 shares of Biogen stock in a transaction that occurred on Thursday, February 15th. The stock was bought at an average price 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 a total of 882 shares of company stock worth $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.