FY2024 EPS Estimates for Biogen Inc. Lifted by Analyst (NASDAQ:BIIB)

Biogen Inc. (NASDAQ:BIIB) – Research analysts at Leerink Partnrs upped their FY2024 earnings per share (EPS) estimates for Biogen in a note issued to investors on Tuesday, July 9th. Leerink Partnrs analyst M. Goodman now expects that the biotechnology company will earn $15.65 per share for the year, up from their prior estimate of $15.60. The consensus estimate for Biogen’s current full-year earnings is $15.63 per share. Leerink Partnrs also issued estimates for Biogen’s FY2025 earnings at $18.00 EPS, FY2026 earnings at $19.80 EPS, FY2027 earnings at $21.30 EPS and FY2028 earnings at $23.20 EPS.

Biogen (NASDAQ:BIIB) last announced its quarterly earnings results on Wednesday, April 24th. The biotechnology company reported $3.67 earnings per share for the quarter, beating 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 firm 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 business posted $3.40 earnings per share. The business’s revenue was down 7.0% compared to the same quarter last year.

A number of other analysts have also recently weighed in on the company. Royal Bank of Canada reiterated an “outperform” rating and issued a $317.00 price target on shares of Biogen in a research report on Wednesday, June 26th. Truist Financial reiterated a “buy” rating and issued a $340.00 price target on shares of Biogen in a research report on Thursday, May 16th. Wedbush upped their price target on Biogen from $213.00 to $215.00 and gave the company a “neutral” rating in a research report on Thursday, April 25th. JPMorgan Chase & Co. lowered their price target on Biogen from $270.00 to $240.00 and set a “neutral” rating on the stock in a research report on Thursday, April 11th. Finally, William Blair restated an “outperform” rating on shares of Biogen in a report on Wednesday, July 3rd. Ten investment analysts have rated the stock with a hold rating and seventeen have issued a buy rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average price target of $286.00.

Biogen Stock Performance

Shares of NASDAQ:BIIB opened at $230.06 on Thursday. The business’s fifty day moving average price is $226.50 and its two-hundred day moving average price is $227.05. Biogen has a fifty-two week low of $189.44 and a fifty-two week high of $281.12. The stock has a market capitalization of $33.50 billion, a price-to-earnings ratio of 28.72, a price-to-earnings-growth ratio of 2.34 and a beta of -0.04. The company has a debt-to-equity ratio of 0.41, a current ratio of 2.10 and a quick ratio of 1.32.

Hedge Funds Weigh In On Biogen

Several hedge funds have recently added to or reduced their stakes in the company. Opal Wealth Advisors LLC bought a new position in Biogen in the second quarter valued at about $46,000. QRG Capital Management Inc. lifted its stake in Biogen by 14.4% in the second quarter. QRG Capital Management Inc. now owns 3,012 shares of the biotechnology company’s stock valued at $698,000 after buying an additional 378 shares during the period. Capital Investment Advisors LLC lifted its stake in Biogen by 17.1% in the second quarter. Capital Investment Advisors LLC now owns 2,197 shares of the biotechnology company’s stock valued at $509,000 after buying an additional 321 shares during the period. CX Institutional acquired a new position in Biogen in the second quarter valued at about $233,000. Finally, Valeo Financial Advisors LLC lifted its stake in Biogen by 40.7% in the second quarter. Valeo Financial Advisors LLC now owns 1,986 shares of the biotechnology company’s stock valued at $460,000 after buying an additional 574 shares during the period. Institutional investors own 87.93% 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.