Q3 2024 Earnings Estimate for Biogen Inc. Issued By Wedbush (NASDAQ:BIIB)

Biogen Inc. (NASDAQ:BIIB) – Equities researchers at Wedbush dropped their Q3 2024 earnings estimates for Biogen in a research note issued on Sunday, September 22nd. Wedbush analyst L. Chico now expects that the biotechnology company will post earnings per share of $3.38 for the quarter, down from their prior forecast of $3.44. Wedbush currently has a “Neutral” rating and a $205.00 price target on the stock. The consensus estimate for Biogen’s current full-year earnings is $16.12 per share. Wedbush also issued estimates for Biogen’s Q4 2024 earnings at $3.55 EPS, Q1 2025 earnings at $3.31 EPS, Q2 2025 earnings at $3.17 EPS, Q3 2025 earnings at $3.58 EPS, Q4 2025 earnings at $3.75 EPS, FY2025 earnings at $13.82 EPS, FY2026 earnings at $16.84 EPS and FY2027 earnings at $17.69 EPS.

A number of other research firms also recently weighed in on BIIB. Barclays decreased their target price on shares of Biogen from $200.00 to $190.00 and set an “equal weight” rating for the company in a research report on Friday, August 2nd. Cantor Fitzgerald reaffirmed an “overweight” rating and issued a $292.00 target price on shares of Biogen in a research report on Monday, September 9th. Robert W. Baird reduced their price target on Biogen from $316.00 to $294.00 and set an “outperform” rating for the company in a research report on Monday, July 29th. Truist Financial reaffirmed a “buy” rating and set a $302.00 price target (down previously from $340.00) on shares of Biogen in a research report on Monday, August 5th. Finally, Needham & Company LLC reissued a “buy” rating and issued a $285.00 target price on shares of Biogen in a research note on Tuesday. Eight analysts have rated the stock with a hold rating, seventeen have given a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $275.30.

Biogen Price Performance

Shares of BIIB opened at $189.07 on Tuesday. The company has a quick ratio of 1.48, a current ratio of 2.29 and a debt-to-equity ratio of 0.40. Biogen has a twelve month low of $188.78 and a twelve month high of $269.43. The stock has a market capitalization of $27.54 billion, a P/E ratio of 23.62, a P/E/G ratio of 1.97 and a beta of -0.06. The company has a 50 day moving average of $206.18 and a 200-day moving average of $214.61.

Biogen (NASDAQ:BIIB) last issued its quarterly earnings results on Thursday, August 1st. The biotechnology company reported $5.28 EPS for the quarter, beating analysts’ consensus estimates of $4.00 by $1.28. The company had revenue of $2.47 billion for the quarter, compared to analyst estimates of $2.39 billion. Biogen had a return on equity of 15.71% and a net margin of 11.98%. The company’s quarterly revenue was up .4% compared to the same quarter last year. During the same period in the previous year, the company posted $4.02 earnings per share.

Insider Transactions at Biogen

In related news, insider Priya Singhal sold 431 shares of the company’s stock in a transaction dated Tuesday, September 3rd. The shares were sold at an average price of $204.22, for a total value of $88,018.82. Following the transaction, the insider now directly owns 5,316 shares in the company, valued at $1,085,633.52. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Insiders own 0.16% of the company’s stock.

Hedge Funds Weigh In On Biogen

A number of hedge funds have recently added to or reduced their stakes in BIIB. Dynamic Technology Lab Private Ltd acquired a new stake in shares of Biogen during the 4th quarter worth $213,000. Corient Private Wealth LLC raised its position in shares of Biogen by 37.1% in the 4th quarter. Corient Private Wealth LLC now owns 31,212 shares of the biotechnology company’s stock valued at $8,077,000 after buying an additional 8,453 shares in the last quarter. Assetmark Inc. lifted its holdings in shares of Biogen by 3.3% during the 4th quarter. Assetmark Inc. now owns 5,035 shares of the biotechnology company’s stock worth $1,303,000 after acquiring an additional 161 shares during the period. SageView Advisory Group LLC boosted its position in shares of Biogen by 8.2% during the 4th quarter. SageView Advisory Group LLC now owns 951 shares of the biotechnology company’s stock worth $235,000 after acquiring an additional 72 shares in the last quarter. Finally, Nomura Asset Management Co. Ltd. increased its stake in Biogen by 2.1% in the fourth quarter. Nomura Asset Management Co. Ltd. now owns 71,695 shares of the biotechnology company’s stock valued at $18,553,000 after acquiring an additional 1,495 shares during the last quarter. 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.