Q3 2024 Earnings Forecast for Biogen Inc. Issued By Wedbush (NASDAQ:BIIB)

Biogen Inc. (NASDAQ:BIIB) – Research analysts at Wedbush raised their Q3 2024 EPS estimates for shares of Biogen in a research report issued to clients and investors on Wednesday, April 17th. Wedbush analyst L. Chico now expects that the biotechnology company will earn $4.13 per share for the quarter, up from their previous estimate of $4.11. Wedbush has a “Neutral” rating and a $213.00 price target on the stock. The consensus estimate for Biogen’s current full-year earnings is $15.48 per share. Wedbush also issued estimates for Biogen’s FY2024 earnings at $15.32 EPS.

Biogen (NASDAQ:BIIB) last issued its quarterly earnings results on Tuesday, February 13th. The biotechnology company reported $2.95 EPS for the quarter, missing the consensus estimate of $3.18 by ($0.23). The firm had revenue of $2.39 billion for the quarter, compared to the consensus estimate of $2.47 billion. Biogen had a net margin of 11.81% and a return on equity of 14.91%. During the same quarter in the previous year, the company posted $4.05 earnings per share.

A number of other equities analysts also recently commented on BIIB. Royal Bank of Canada restated an “outperform” rating and issued a $364.00 target price on shares of Biogen in a research note on Tuesday, March 5th. JPMorgan Chase & Co. dropped their target price on shares of Biogen from $270.00 to $240.00 and set a “neutral” rating on the stock in a research note on Thursday, April 11th. Canaccord Genuity Group dropped their target price on shares of Biogen from $310.00 to $305.00 and set a “buy” rating on the stock in a research note on Tuesday, February 20th. Cantor Fitzgerald restated an “overweight” rating and issued a $311.00 target price on shares of Biogen in a research note on Tuesday, February 20th. Finally, HC Wainwright reissued a “buy” rating and set a $325.00 price objective on shares of Biogen in a report on Wednesday, February 14th. Ten analysts have rated the stock with a hold rating and eighteen have issued a buy rating to the company. According to MarketBeat.com, Biogen currently has a consensus rating of “Moderate Buy” and an average price target of $296.35.

Biogen Price Performance

Shares of BIIB stock opened at $190.52 on Thursday. The company has a debt-to-equity ratio of 0.46, a current ratio of 2.00 and a quick ratio of 1.26. The company has a market capitalization of $27.69 billion, a P/E ratio of 23.87, a P/E/G ratio of 1.86 and a beta of -0.02. The company’s 50-day simple moving average is $216.17 and its two-hundred day simple moving average is $236.24. Biogen has a one year low of $189.52 and a one year high of $319.76.

Insider Transactions at Biogen

In related news, Director Eric K. Rowinsky acquired 455 shares of the stock in a transaction dated Thursday, February 15th. The stock was acquired at an average cost of $222.54 per share, for a total transaction of $101,255.70. Following the completion of the purchase, the director now owns 20,629 shares of the company’s stock, valued at approximately $4,590,777.66. The purchase was disclosed in a document filed with the SEC, which is available through this link. In other Biogen news, Director Eric K. Rowinsky bought 455 shares of the firm’s stock in a transaction that occurred on Thursday, February 15th. The stock was bought at an average cost of $222.54 per share, for a total transaction of $101,255.70. Following the completion of the transaction, the director now directly owns 20,629 shares of the company’s stock, valued at approximately $4,590,777.66. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, insider Priya Singhal sold 419 shares of the business’s stock in a transaction on Monday, February 12th. The shares were sold at an average price of $239.45, for a total transaction of $100,329.55. Following the transaction, the insider now owns 4,516 shares of the company’s stock, valued at $1,081,356.20. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 882 shares of company stock worth $202,030. Company insiders own 0.60% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. Altshuler Shaham Ltd acquired a new position in Biogen during the fourth quarter valued at $25,000. Livelsberger Financial Advisory purchased a new position in Biogen in the fourth quarter valued at $26,000. OFI Invest Asset Management purchased a new position in Biogen in the third quarter valued at $26,000. Gladius Capital Management LP purchased a new position in Biogen in the third quarter valued at $28,000. Finally, Hexagon Capital Partners LLC increased its holdings in Biogen by 76.1% in the fourth quarter. Hexagon Capital Partners LLC now owns 118 shares of the biotechnology company’s stock valued at $31,000 after buying an additional 51 shares in the last quarter. 87.93% of the stock is currently owned by institutional investors and hedge funds.

About Biogen

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.