Wedbush Comments on Biogen Inc.’s Q2 2024 Earnings (NASDAQ:BIIB)

Biogen Inc. (NASDAQ:BIIB) – Equities research analysts at Wedbush dropped their Q2 2024 earnings per share (EPS) estimates for Biogen in a research note issued on Wednesday, April 24th. Wedbush analyst L. Chico now forecasts that the biotechnology company will post earnings of $3.43 per share for the quarter, down from their previous estimate of $3.83. Wedbush has a “Neutral” rating and a $215.00 price objective 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 Q4 2024 earnings at $4.30 EPS, FY2024 earnings at $15.42 EPS, FY2027 earnings at $19.77 EPS and FY2028 earnings at $19.62 EPS.

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

Other analysts have also issued reports about the company. Mizuho cut their price target on Biogen from $355.00 to $277.00 and set a “buy” rating on the stock in a report on Thursday, February 22nd. William Blair restated an “outperform” rating on shares of Biogen in a report on Monday, April 1st. Barclays lowered their target price on Biogen from $215.00 to $200.00 and set an “equal weight” rating on the stock in a research report on Thursday. Wells Fargo & Company downgraded Biogen from an “overweight” rating to an “equal weight” rating and lowered their target price for the company from $315.00 to $240.00 in a research report on Wednesday, February 14th. Finally, Canaccord Genuity Group lowered their target price on Biogen from $310.00 to $305.00 and set a “buy” rating on the stock in a research report on Tuesday, February 20th. Ten 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, the stock presently has an average rating of “Moderate Buy” and an average price target of $293.88.

Biogen Stock Performance

Shares of Biogen stock opened at $208.90 on Friday. The firm has a market cap of $30.37 billion, a price-to-earnings ratio of 26.08, a price-to-earnings-growth ratio of 1.92 and a beta of -0.02. The stock’s 50-day moving average is $212.55 and its 200-day moving average is $233.78. Biogen has a one year low of $189.44 and a one year high of $319.76. The company has a debt-to-equity ratio of 0.41, a current ratio of 2.10 and a quick ratio of 1.26.

Institutional Investors Weigh In On Biogen

Several institutional investors have recently made changes to their positions in the stock. Primecap Management Co. CA lifted its stake in Biogen by 1.6% during the fourth quarter. Primecap Management Co. CA now owns 16,264,481 shares of the biotechnology company’s stock worth $4,208,760,000 after purchasing an additional 251,915 shares during the last quarter. Vanguard Group Inc. lifted its stake in Biogen by 18.2% during the fourth quarter. Vanguard Group Inc. now owns 14,407,330 shares of the biotechnology company’s stock worth $3,728,185,000 after purchasing an additional 2,218,744 shares during the last quarter. Wellington Management Group LLP lifted its stake in Biogen by 0.5% during the third quarter. Wellington Management Group LLP now owns 5,374,310 shares of the biotechnology company’s stock worth $1,381,251,000 after purchasing an additional 27,951 shares during the last quarter. Northern Trust Corp lifted its stake in Biogen by 2.8% during the third quarter. Northern Trust Corp now owns 1,643,035 shares of the biotechnology company’s stock worth $422,276,000 after purchasing an additional 45,437 shares during the last quarter. Finally, Morgan Stanley lifted its stake in Biogen by 4.3% during the third quarter. Morgan Stanley now owns 1,493,113 shares of the biotechnology company’s stock worth $383,745,000 after purchasing an additional 61,814 shares during the last quarter. 87.93% of the stock is currently owned by institutional investors.

Insider Activity

In related news, insider Priya Singhal sold 419 shares of the business’s stock in a transaction that occurred 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 completion of the sale, the insider now directly owns 4,516 shares in the company, valued at $1,081,356.20. The sale was disclosed in a filing with the SEC, which is available at this link. In related news, 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 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 in the company, valued at approximately $4,590,777.66. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Priya Singhal sold 419 shares of the business’s stock in a transaction that occurred on Monday, February 12th. The shares were sold at an average price of $239.45, for a total value of $100,329.55. Following the completion of the sale, 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 quarter, insiders have sold 882 shares of company stock valued at $202,030. 0.60% of the stock is owned by insiders.

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.