Leerink Swann Equities Analysts Decrease Earnings Estimates for Biogen Inc. (BIIB)
Biogen Inc. (NASDAQ:BIIB) – Leerink Swann decreased their FY2017 earnings per share estimates for shares of Biogen in a report released on Wednesday. Leerink Swann analyst G. Porges now forecasts that the firm will earn $20.96 per share for the year, down from their previous estimate of $21.04. Leerink Swann currently has a “Hold” rating and a $367.00 target price on the stock. Leerink Swann also issued estimates for Biogen’s FY2018 earnings at $23.02 EPS.
BIIB has been the subject of several other research reports. JPMorgan Chase & Co. reiterated a “buy” rating and set a $386.00 price target on shares of Biogen in a research note on Friday, September 16th. Jefferies Group reiterated a “buy” rating and set a $319.00 price target on shares of Biogen in a research note on Thursday, August 4th. Robert W. Baird reiterated a “neutral” rating and set a $284.00 price target on shares of Biogen in a research note on Wednesday, August 10th. Vetr upgraded Biogen from a “buy” rating to a “strong-buy” rating and set a $346.47 price target for the company in a research note on Monday, September 12th. Finally, Piper Jaffray Cos. set a $333.00 price objective on Biogen and gave the stock a “hold” rating in a research report on Thursday, September 22nd. Ten equities research analysts have rated the stock with a hold rating, fourteen have issued a buy rating and one has assigned a strong buy rating to the company. The company has an average rating of “Buy” and a consensus price target of $347.34.
Biogen (NASDAQ:BIIB) traded up 0.87% on Thursday, reaching $294.41. The company had a trading volume of 1,552,288 shares. The stock has a market cap of $64.51 billion, a price-to-earnings ratio of 17.20 and a beta of 0.95. The company has a 50-day moving average of $306.87 and a 200 day moving average of $280.59. Biogen has a one year low of $223.02 and a one year high of $333.65.
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Biogen (NASDAQ:BIIB) last released 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 earned $2.89 billion during the quarter, compared to analyst estimates of $2.79 billion. During the same quarter in the previous year, the firm posted $4.22 EPS. The business’s revenue for the quarter was up 11.7% compared to the same quarter last year.
Hedge funds have recently added to or reduced their stakes in the stock. Kings Point Capital Management purchased a new stake in Biogen during the second quarter valued at about $145,000. Signaturefd LLC increased its stake in Biogen by 217.7% in the second quarter. Signaturefd LLC now owns 718 shares of the biotechnology company’s stock valued at $174,000 after buying an additional 492 shares in the last quarter. Canandaigua National Bank & Trust Co. purchased a new stake in Biogen during the third quarter valued at about $203,000. Cohen Capital Management Inc. purchased a new stake in Biogen during the third quarter valued at about $203,000. Finally, Lakeview Capital Partners LLC purchased a new stake in Biogen during the second quarter valued at about $205,000. 86.21% of the stock is currently owned by hedge funds and other institutional investors.
In other Biogen news, EVP Adriana Karaboutis sold 262 shares of Biogen stock in a transaction dated Tuesday, October 4th. The stock was sold at an average price of $311.94, for a total value of $81,728.28. Following the sale, the executive vice president now owns 7,579 shares of the company’s stock, valued at approximately $2,364,193.26. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO George A. Scangos sold 157 shares of Biogen stock in a transaction dated Thursday, July 21st. The shares were sold at an average price of $280.00, for a total value of $43,960.00. Following the completion of the sale, the chief executive officer now directly owns 54,779 shares in the company, valued at approximately $15,338,120. 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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