Biogen Inc. (NASDAQ:BIIB) to Post Q1 2024 Earnings of $3.31 Per Share, Leerink Partnrs Forecasts

Biogen Inc. (NASDAQ:BIIB) – Equities researchers at Leerink Partnrs raised their Q1 2024 earnings estimates for shares of Biogen in a research report issued on Tuesday, April 9th. Leerink Partnrs analyst M. Goodman now expects that the biotechnology company will post earnings per share of $3.31 for the quarter, up from their previous estimate of $3.25. The consensus estimate for Biogen’s current full-year earnings is $15.46 per share. Leerink Partnrs also issued estimates for Biogen’s Q2 2024 earnings at $4.08 EPS.

A number of other research analysts have also recently issued reports on the stock. Oppenheimer lowered their price target on shares of Biogen from $295.00 to $290.00 and set an “outperform” rating for the company in a research report on Wednesday, February 14th. Needham & Company LLC lowered their price target on shares of Biogen from $305.00 to $300.00 and set a “buy” rating for the company in a research report on Tuesday, February 13th. Royal Bank of Canada reissued an “outperform” rating and set a $364.00 price target on shares of Biogen in a research report on Tuesday, March 5th. JPMorgan Chase & Co. lowered their price target on shares of Biogen from $270.00 to $240.00 and set a “neutral” rating for the company in a research report on Thursday. Finally, BMO Capital Markets lowered their price target on shares of Biogen from $295.00 to $285.00 and set an “outperform” rating for the company in a research report on Wednesday, February 14th. Ten research analysts have rated the stock with a hold rating and nineteen have issued a buy rating to the company’s stock. According to MarketBeat.com, Biogen presently has an average rating of “Moderate Buy” and a consensus target price of $298.96.

Biogen Trading Down 2.7 %

NASDAQ:BIIB opened at $198.18 on Friday. Biogen has a 12 month low of $197.78 and a 12 month high of $319.76. The stock has a market cap of $28.81 billion, a price-to-earnings ratio of 24.83, a P/E/G ratio of 1.69 and a beta of -0.02. The company has a 50-day moving average price of $220.04 and a 200-day moving average price of $238.02. The company has a current ratio of 2.00, a quick ratio of 1.26 and a debt-to-equity ratio of 0.46.

Biogen (NASDAQ:BIIB) last posted its 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). Biogen had a return on equity of 14.91% and a net margin of 11.81%. The company had revenue of $2.39 billion during the quarter, compared to analysts’ expectations of $2.47 billion. During the same period in the prior year, the business posted $4.05 earnings per share.

Institutional Investors Weigh In On Biogen

Several hedge funds and other institutional investors have recently modified their holdings of BIIB. Altshuler Shaham Ltd purchased a new stake in Biogen in the 4th quarter worth $25,000. OFI Invest Asset Management purchased a new stake in Biogen in the 3rd quarter worth $26,000. Livelsberger Financial Advisory purchased a new stake in Biogen in the 4th quarter worth $26,000. Rise Advisors LLC purchased a new stake in Biogen in the 1st quarter worth $27,000. Finally, Gladius Capital Management LP purchased a new stake in Biogen in the 3rd quarter worth $28,000. 87.93% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity

In other news, insider Priya Singhal sold 262 shares of the company’s stock in a transaction 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 in the company, valued at approximately $1,080,929.78. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. In related news, Director Eric K. Rowinsky acquired 455 shares of Biogen stock in a transaction dated Thursday, February 15th. The stock was purchased at an average cost of $222.54 per share, for a total transaction of $101,255.70. Following the purchase, the director now directly owns 20,629 shares of the company’s stock, valued at approximately $4,590,777.66. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, insider Priya Singhal sold 262 shares of the company’s stock in a transaction 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 owns 4,886 shares of the company’s stock, valued at $1,080,929.78. The disclosure for this sale can be found here. Insiders sold a total of 882 shares of company stock valued at $202,030 in the last 90 days. Company insiders own 0.60% 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.