Biogen Inc. (NASDAQ:BIIB) Expected to Earn FY2024 Earnings of $15.85 Per Share

Biogen Inc. (NASDAQ:BIIB) – Research analysts at Cantor Fitzgerald boosted their FY2024 earnings per share estimates for shares of Biogen in a research report issued to clients and investors on Thursday, April 25th. Cantor Fitzgerald analyst E. Schmidt now expects that the biotechnology company will post earnings per share of $15.85 for the year, up from their prior estimate of $15.54. Cantor Fitzgerald has a “Overweight” rating and a $311.00 price objective on the stock. The consensus estimate for Biogen’s current full-year earnings is $15.57 per share.

A number of other research analysts have also recently commented on the company. JPMorgan Chase & Co. reduced their price objective on Biogen from $270.00 to $240.00 and set a “neutral” rating on the stock in a research note on Thursday, April 11th. Bank Of America (Bofa) decreased their target price on Biogen from $290.00 to $280.00 and set a “neutral” rating for the company in a research note on Monday, February 12th. BTIG Research restated a “neutral” rating on shares of Biogen in a research note on Sunday, January 7th. Wells Fargo & Company downgraded Biogen from an “overweight” rating to an “equal weight” rating and decreased their target price for the company from $315.00 to $240.00 in a research note on Wednesday, February 14th. Finally, Royal Bank of Canada reiterated an “outperform” rating and set a $364.00 price objective on shares of Biogen in a research report on Tuesday, March 5th. Ten research analysts have rated the stock with a hold rating and eighteen have assigned a buy rating to the company. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average price target of $293.88.

Biogen Stock Performance

Biogen stock opened at $208.90 on Monday. Biogen has a fifty-two week low of $189.44 and a fifty-two week high of $319.76. The stock has a fifty day moving average of $212.55 and a two-hundred day moving average of $233.34. The company has a debt-to-equity ratio of 0.41, a quick ratio of 1.26 and a current ratio of 2.10. The company has a market capitalization of $30.42 billion, a price-to-earnings ratio of 26.08, a PEG ratio of 2.13 and a beta of -0.02.

Biogen (NASDAQ:BIIB) last issued its 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. Biogen had a return on equity of 14.83% and a net margin of 12.07%. The business had revenue of $2.29 billion during the quarter, compared to the consensus estimate of $2.31 billion. During the same period in the prior year, the business posted $3.40 EPS. The company’s revenue for the quarter was down 7.0% on a year-over-year basis.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently made changes to their positions in BIIB. OFI Invest Asset Management bought a new stake in Biogen in the 3rd quarter valued at about $26,000. Livelsberger Financial Advisory bought a new stake in Biogen in the 4th quarter valued at about $26,000. Rise Advisors LLC bought a new stake in Biogen during the 1st quarter worth approximately $27,000. Gladius Capital Management LP bought a new stake in Biogen during the 3rd quarter worth approximately $28,000. Finally, KB Financial Partners LLC increased its holdings in Biogen by 105.1% during the 3rd quarter. KB Financial Partners LLC now owns 121 shares of the biotechnology company’s stock worth $31,000 after purchasing an additional 62 shares in the last quarter. 87.93% of the stock is owned by institutional investors and hedge funds.

Insiders Place Their Bets

In other Biogen news, insider Priya Singhal sold 419 shares of the firm’s stock in a transaction on Monday, February 12th. The stock was 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 in the company, valued at approximately $1,081,356.20. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. In other news, insider Priya Singhal sold 419 shares of Biogen stock in a transaction on Monday, February 12th. The stock was sold at an average price of $239.45, for a total value of $100,329.55. Following the transaction, the insider now owns 4,516 shares in the company, valued at approximately $1,081,356.20. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, Director Eric K. Rowinsky acquired 455 shares of the business’s stock in a transaction that occurred on Thursday, February 15th. The shares were purchased at an average cost of $222.54 per share, for a total transaction of $101,255.70. Following the acquisition, the director now owns 20,629 shares in the company, valued at $4,590,777.66. The disclosure for this purchase can be found here. Insiders have sold a total of 882 shares of company stock worth $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.