William Blair Weighs in on Biogen Inc.’s Q3 2024 Earnings (NASDAQ:BIIB)

Biogen Inc. (NASDAQ:BIIB) – Investment analysts at William Blair upped their Q3 2024 earnings per share (EPS) estimates for shares of Biogen in a report issued on Thursday, April 25th. William Blair analyst M. Minter now expects that the biotechnology company will post earnings of $4.17 per share for the quarter, up from their prior estimate of $3.64. William Blair currently has a “Outperform” rating on the stock. The consensus estimate for Biogen’s current full-year earnings is $15.57 per share. William Blair also issued estimates for Biogen’s Q4 2024 earnings at $4.24 EPS, FY2024 earnings at $15.88 EPS, Q1 2025 earnings at $4.26 EPS, Q2 2025 earnings at $4.16 EPS, FY2025 earnings at $16.87 EPS and FY2026 earnings at $17.13 EPS.

Biogen (NASDAQ:BIIB) last issued its earnings results on Wednesday, April 24th. The biotechnology company reported $3.67 earnings per share for the quarter, topping analysts’ consensus estimates of $3.45 by $0.22. Biogen had a net margin of 12.07% and a return on equity of 14.83%. The company had revenue of $2.29 billion for the quarter, compared to analysts’ expectations of $2.31 billion. During the same period in the prior year, the company earned $3.40 earnings per share. The firm’s revenue was down 7.0% compared to the same quarter last year.

Other analysts have also recently issued reports about the company. Oppenheimer dropped their price target on Biogen from $290.00 to $270.00 and set an “outperform” rating on the stock in a research report on Friday, April 19th. Cantor Fitzgerald reaffirmed an “overweight” rating and issued a $311.00 target price on shares of Biogen in a research report on Tuesday, February 20th. BMO Capital Markets reduced their price target on shares of Biogen from $295.00 to $285.00 and set an “outperform” rating for the company in a report on Wednesday, February 14th. Needham & Company LLC reaffirmed a “buy” rating and issued a $294.00 price objective on shares of Biogen in a report on Wednesday, April 24th. Finally, Mizuho reduced their target price on shares of Biogen from $355.00 to $277.00 and set a “buy” rating for the company in a research note on Thursday, February 22nd. Ten investment analysts have rated the stock with a hold rating and eighteen have assigned a buy rating to the company’s stock. According to MarketBeat, Biogen has an average rating of “Moderate Buy” and an average price target of $293.88.

Biogen Price Performance

BIIB opened at $208.90 on Monday. The company has a quick ratio of 1.26, a current ratio of 2.10 and a debt-to-equity ratio of 0.41. The company’s 50-day moving average price is $212.55 and its 200 day moving average price is $233.34. Biogen has a fifty-two week low of $189.44 and a fifty-two week high of $319.76. The firm has a market cap of $30.42 billion, a price-to-earnings ratio of 26.08, a price-to-earnings-growth ratio of 2.13 and a beta of -0.02.

Insider Buying and Selling

In related news, insider Priya Singhal sold 419 shares of Biogen stock in a transaction dated 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 of the company’s stock, valued at approximately $1,081,356.20. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. In other Biogen news, Director Eric K. Rowinsky acquired 455 shares of Biogen stock in a transaction that occurred on Thursday, February 15th. The stock was purchased at an average cost of $222.54 per share, with a total value of $101,255.70. Following the purchase, the director now owns 20,629 shares in the company, valued at $4,590,777.66. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, insider Priya Singhal sold 419 shares of Biogen stock in a transaction dated Monday, February 12th. The shares were sold at an average price of $239.45, for a total value of $100,329.55. Following the transaction, the insider now directly owns 4,516 shares in the company, valued at approximately $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. Corporate insiders own 0.60% of the company’s stock.

Hedge Funds Weigh In On Biogen

Hedge funds have recently modified their holdings of the stock. ICICI Prudential Asset Management Co Ltd boosted its position in Biogen by 15.0% during the fourth quarter. ICICI Prudential Asset Management Co Ltd now owns 35,989 shares of the biotechnology company’s stock valued at $9,313,000 after purchasing an additional 4,693 shares during the last quarter. Boone Capital Management LLC grew its stake in Biogen by 52.9% in the 3rd quarter. Boone Capital Management LLC now owns 96,115 shares of the biotechnology company’s stock valued at $24,703,000 after buying an additional 33,238 shares during the last quarter. iA Global Asset Management Inc. grew its position in shares of Biogen by 35.2% in the third quarter. iA Global Asset Management Inc. now owns 12,071 shares of the biotechnology company’s stock valued at $3,102,000 after purchasing an additional 3,145 shares during the last quarter. Illinois Municipal Retirement Fund boosted its stake in Biogen by 13.8% during the 3rd quarter. Illinois Municipal Retirement Fund now owns 68,391 shares of the biotechnology company’s stock valued at $17,577,000 after purchasing an additional 8,291 shares during the period. Finally, Dynamic Advisor Solutions LLC grew its stake in shares of Biogen by 6.2% in the fourth quarter. Dynamic Advisor Solutions LLC now owns 4,850 shares of the biotechnology company’s stock worth $1,251,000 after acquiring an additional 285 shares during the last quarter. 87.93% of the stock is owned by institutional investors and hedge funds.

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.