Biogen Inc. to Post Q3 2022 Earnings of $3.61 Per Share, Jefferies Financial Group Forecasts (NASDAQ:BIIB)

Biogen Inc. (NASDAQ:BIIB – Get Rating) – Research analysts at Jefferies Financial Group increased their Q3 2022 earnings per share (EPS) estimates for Biogen in a report released on Tuesday, May 3rd. Jefferies Financial Group analyst M. Yee now forecasts that the biotechnology company will post earnings per share of $3.61 for the quarter, up from their prior estimate of $3.40. Jefferies Financial Group also issued estimates for Biogen’s Q4 2022 earnings at $3.01 EPS and FY2024 earnings at $13.39 EPS.

Biogen (NASDAQ:BIIB – Get Rating) last issued its quarterly earnings results on Tuesday, May 3rd. The biotechnology company reported $3.62 earnings per share (EPS) for the quarter, missing the consensus estimate of $4.38 by ($0.76). The firm had revenue of $2.53 billion for the quarter, compared to the consensus estimate of $2.50 billion. Biogen had a return on equity of 23.46% and a net margin of 13.40%. The company’s revenue for the quarter was down 6.1% on a year-over-year basis. During the same period last year, the firm earned $5.34 EPS.

A number of other brokerages have also recently issued reports on BIIB. Wolfe Research reduced their price objective on Biogen from $244.00 to $217.00 and set a “peer perform” rating on the stock in a research note on Friday, February 4th. StockNews.com upgraded Biogen from a “buy” rating to a “strong-buy” rating in a research report on Monday. Wedbush restated a “neutral” rating on shares of Biogen in a report on Thursday, April 28th. HC Wainwright lowered their price target on shares of Biogen from $452.00 to $270.00 and set a “buy” rating for the company in a report on Tuesday, January 18th. Finally, Wells Fargo & Company raised shares of Biogen from an “equal weight” rating to an “overweight” rating and raised their price target for the stock from $235.00 to $265.00 in a report on Monday, April 18th. Seventeen research analysts have rated the stock with a hold rating, seventeen have issued a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat, the company presently has an average rating of “Buy” and an average target price of $284.47.

Shares of Biogen stock opened at $201.18 on Friday. The stock has a market capitalization of $29.60 billion, a price-to-earnings ratio of 20.59, a price-to-earnings-growth ratio of 1.28 and a beta of 0.42. The company has a fifty day moving average of $209.04 and a 200-day moving average of $228.96. Biogen has a 52-week low of $192.67 and a 52-week high of $468.55. The company has a debt-to-equity ratio of 0.56, a quick ratio of 1.51 and a current ratio of 2.01.

Large investors have recently made changes to their positions in the stock. Norges Bank acquired a new stake in Biogen in the fourth quarter valued at $373,125,000. Southeastern Asset Management Inc. TN acquired a new stake in shares of Biogen in the fourth quarter valued at approximately $205,977,000. BlackRock Inc. increased its position in Biogen by 5.2% during the third quarter. BlackRock Inc. now owns 13,896,253 shares of the biotechnology company’s stock worth $3,932,503,000 after buying an additional 689,662 shares in the last quarter. Pacer Advisors Inc. lifted its stake in shares of Biogen by 2,510.5% during the first quarter. Pacer Advisors Inc. now owns 324,148 shares of the biotechnology company’s stock valued at $68,266,000 after buying an additional 311,731 shares during the period. Finally, Assenagon Asset Management S.A. grew its position in shares of Biogen by 59.6% in the first quarter. Assenagon Asset Management S.A. now owns 552,479 shares of the biotechnology company’s stock valued at $116,352,000 after purchasing an additional 206,210 shares during the period. Hedge funds and other institutional investors own 83.92% of the company’s stock.

About Biogen (Get Rating)

Biogen Inc discovers, develops, manufactures, and delivers therapies for treating neurological and neurodegenerative diseases. The company offers TECFIDERA, VUMERITY, AVONEX, PLEGRIDY, TYSABRI, and FAMPYRA for multiple sclerosis (MS); SPINRAZA for spinal muscular atrophy; and FUMADERM to treat plaque psoriasis.

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