Q3 2016 EPS Estimates for Biogen Inc. (BIIB) Decreased by Analyst
Biogen Inc. (NASDAQ:BIIB) – Investment analysts at Leerink Swann cut their Q3 2016 earnings per share estimates for shares of Biogen in a report issued on Friday. Leerink Swann analyst G. Porges now forecasts that the brokerage will post earnings of $4.82 per share for the quarter, down from their prior estimate of $5.17. Leerink Swann has a “Hold” rating and a $367.00 price objective on the stock. Leerink Swann also issued estimates for Biogen’s Q4 2016 earnings at $5.00 EPS, FY2016 earnings at $19.80 EPS, FY2017 earnings at $21.04 EPS, FY2018 earnings at $23.28 EPS, FY2019 earnings at $24.51 EPS and FY2020 earnings at $26.25 EPS.
Biogen (NASDAQ:BIIB) last announced its quarterly earnings data on Thursday, July 21st. The biotechnology company reported $5.21 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $4.69 by $0.52. Biogen had a return on equity of 40.59% and a net margin of 33.97%. The business had revenue of $2.89 billion for the quarter, compared to analysts’ expectations of $2.79 billion. During the same period in the previous year, the business posted $4.22 EPS. The firm’s quarterly revenue was up 11.7% compared to the same quarter last year.
Several other equities analysts also recently weighed in on the company. Morgan Stanley restated a “buy” rating on shares of Biogen in a report on Thursday, June 30th. Sanford C. Bernstein initiated coverage on Biogen in a report on Wednesday, June 29th. They set an “outperform” rating and a $282.00 price target for the company. Vetr upgraded Biogen from a “buy” rating to a “strong-buy” rating and set a $346.47 price target for the company in a report on Monday, September 12th. Piper Jaffray Cos. restated a “neutral” rating and set a $333.00 price target (up from $293.00) on shares of Biogen in a report on Tuesday, August 16th. Finally, Zacks Investment Research upgraded Biogen from a “hold” rating to a “buy” rating and set a $321.00 price target for the company in a report on Wednesday, July 27th. Ten investment analysts have rated the stock with a hold rating, fourteen have given a buy rating and one has issued a strong buy rating to the stock. The stock has a consensus rating of “Buy” and a consensus target price of $347.34.
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Shares of Biogen (NASDAQ:BIIB) opened at 305.59 on Monday. The stock’s 50 day moving average price is $308.50 and its 200 day moving average price is $279.69. Biogen has a 12 month low of $223.02 and a 12 month high of $333.65. The company has a market capitalization of $66.96 billion, a PE ratio of 17.85 and a beta of 0.95.
A number of hedge funds have recently modified their holdings of the stock. Los Angeles Capital Management & Equity Research Inc. increased its stake in Biogen by 9.5% in the first quarter. Los Angeles Capital Management & Equity Research Inc. now owns 3,909 shares of the biotechnology company’s stock worth $1,018,000 after buying an additional 338 shares during the last quarter. NN Investment Partners Holdings N.V. purchased a new stake in Biogen during the first quarter worth about $49,410,000. Adell Harriman & Carpenter Inc. increased its stake in Biogen by 67.0% in the first quarter. Adell Harriman & Carpenter Inc. now owns 7,800 shares of the biotechnology company’s stock worth $2,030,000 after buying an additional 3,130 shares during the last quarter. Hikari Power Ltd increased its stake in Biogen by 371.4% in the first quarter. Hikari Power Ltd now owns 13,200 shares of the biotechnology company’s stock worth $3,436,000 after buying an additional 10,400 shares during the last quarter. Finally, Spark Investment Management LLC purchased a new stake in Biogen during the first quarter worth about $1,275,000. 86.21% of the stock is currently owned by institutional investors.
In related news, CEO George A. Scangos sold 157 shares of Biogen stock in a transaction that occurred on Thursday, July 21st. The stock was sold at an average price of $280.00, for a total transaction of $43,960.00. Following the sale, the chief executive officer now owns 54,779 shares of the company’s stock, valued at approximately $15,338,120. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Caroline Dorsa sold 27,570 shares of Biogen stock in a transaction that occurred on Thursday, September 22nd. The shares were sold at an average price of $314.00, for a total value of $8,656,980.00. Following the sale, the director now directly owns 19,663 shares in the company, valued at approximately $6,174,182. The disclosure for this sale can be found here. Corporate insiders own 0.32% of the company’s stock.
Biogen Company Profile
Biogen Inc, formerly Biogen Idec Inc, is a biopharmaceutical company. The Company operates in discovering, developing, manufacturing and delivering therapies to patients for the treatment of neurodegenerative diseases, hematologic conditions and autoimmune disorders segment. The Company markets products, including TECFIDERA, AVONEX, PLEGRIDY, TYSABRI and FAMPYRA for multiple sclerosis (MS), ELOCTATE for hemophilia A and ALPROLIX for hemophilia B, and FUMADERM for the treatment of severe plaque psoriasis.
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