Equities Analysts Offer Predictions for Biogen Inc.’s Q3 2024 Earnings (NASDAQ:BIIB)

Biogen Inc. (NASDAQ:BIIB) – Research analysts at Wedbush increased their Q3 2024 earnings per share (EPS) estimates for Biogen in a note issued to investors on Wednesday, April 17th. Wedbush analyst L. Chico now anticipates that the biotechnology company will post earnings of $4.13 per share for the quarter, up from their previous forecast of $4.11. Wedbush currently has a “Neutral” rating and a $213.00 target price 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 posted its quarterly earnings data on Tuesday, February 13th. The biotechnology company reported $2.95 EPS for the quarter, missing analysts’ consensus estimates of $3.18 by ($0.23). The firm had revenue of $2.39 billion for the quarter, compared to analysts’ expectations of $2.47 billion. Biogen had a net margin of 11.81% and a return on equity of 14.91%. During the same quarter last year, the company posted $4.05 EPS.

A number of other equities analysts have also weighed in on BIIB. Oppenheimer dropped their price objective on Biogen from $295.00 to $290.00 and set an “outperform” rating for the company in a research note on Wednesday, February 14th. Barclays decreased their price objective on Biogen from $230.00 to $215.00 and set an “equal weight” rating on the stock in a research report on Thursday, April 4th. UBS Group decreased their price objective on Biogen from $276.00 to $250.00 and set a “neutral” rating on the stock in a research report on Friday, February 16th. Mizuho decreased their price objective on Biogen from $355.00 to $277.00 and set a “buy” rating on the stock in a research report on Thursday, February 22nd. Finally, Bank Of America (Bofa) decreased their price objective on Biogen from $290.00 to $280.00 and set a “neutral” rating on the stock in a research report on Monday, February 12th. Ten research analysts have rated the stock with a hold rating and eighteen have given a buy rating to the company’s stock. According to data from MarketBeat.com, Biogen currently has an average rating of “Moderate Buy” and a consensus target price of $297.73.

Biogen Stock Performance

NASDAQ:BIIB opened at $192.16 on Thursday. The stock has a 50-day simple moving average of $217.16 and a two-hundred day simple moving average of $236.56. Biogen has a 52-week low of $192.01 and a 52-week high of $319.76. The company has a debt-to-equity ratio of 0.46, a quick ratio of 1.26 and a current ratio of 2.00. The firm has a market capitalization of $27.93 billion, a PE ratio of 24.08, a P/E/G ratio of 1.86 and a beta of -0.02.

Insider Buying and Selling

In other Biogen news, insider Priya Singhal sold 262 shares of Biogen stock in a transaction dated Thursday, February 22nd. The stock was sold at an average price of $221.23, for a total transaction of $57,962.26. Following the completion of the transaction, the insider now 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 accessible through this link. In related news, insider Priya Singhal sold 262 shares of Biogen stock in a transaction dated 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 transaction, the insider now owns 4,886 shares in the company, valued at approximately $1,080,929.78. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, Director Eric K. Rowinsky purchased 455 shares of the business’s stock in a transaction that occurred on Thursday, February 15th. The stock was acquired at an average price 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 disclosure for this purchase can be found here. Insiders sold 882 shares of company stock worth $202,030 in the last 90 days. Insiders own 0.60% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently made changes to their positions in the stock. Snowden Capital Advisors LLC raised its position in shares of Biogen by 2.5% during the 2nd quarter. Snowden Capital Advisors LLC now owns 1,591 shares of the biotechnology company’s stock valued at $453,000 after buying an additional 39 shares during the period. First Manhattan Co. raised its position in shares of Biogen by 33.3% during the 4th quarter. First Manhattan Co. now owns 160 shares of the biotechnology company’s stock valued at $44,000 after buying an additional 40 shares during the period. Systematic Financial Management LP raised its position in shares of Biogen by 2.5% during the 1st quarter. Systematic Financial Management LP now owns 1,640 shares of the biotechnology company’s stock valued at $456,000 after buying an additional 40 shares during the period. Stratos Wealth Partners LTD. raised its position in shares of Biogen by 1.1% during the 3rd quarter. Stratos Wealth Partners LTD. now owns 4,032 shares of the biotechnology company’s stock valued at $1,036,000 after buying an additional 42 shares during the period. Finally, Sequoia Financial Advisors LLC raised its position in shares of Biogen by 2.3% during the 3rd quarter. Sequoia Financial Advisors LLC now owns 2,043 shares of the biotechnology company’s stock valued at $525,000 after buying an additional 45 shares during the period. 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.