Wedbush Comments on Biogen Inc.’s Q2 2022 Earnings (NASDAQ:BIIB)

Biogen Inc. (NASDAQ:BIIB – Get Rating) – Equities researchers at Wedbush decreased their Q2 2022 earnings per share (EPS) estimates for Biogen in a research note issued to investors on Tuesday, May 3rd. Wedbush analyst L. Chico now forecasts that the biotechnology company will earn $3.86 per share for the quarter, down from their previous forecast of $3.97. Wedbush has a “Neutral” rating on the stock. Wedbush also issued estimates for Biogen’s Q3 2022 earnings at $3.41 EPS, Q4 2022 earnings at $4.01 EPS, FY2022 earnings at $14.90 EPS, Q2 2023 earnings at $4.02 EPS, Q3 2023 earnings at $3.94 EPS, Q4 2023 earnings at $3.97 EPS and FY2023 earnings at $15.88 EPS.

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

BIIB has been the subject of a number of other research reports. SVB Leerink decreased their price objective on shares of Biogen from $300.00 to $270.00 and set an “outperform” rating for the company in a report on Thursday, April 21st. Oppenheimer decreased their price objective on shares of Biogen from $240.00 to $225.00 in a report on Wednesday. Stifel Nicolaus cut shares of Biogen from a “buy” rating to a “hold” rating and decreased their price objective for the company from $304.00 to $223.00 in a report on Tuesday, March 8th. BMO Capital Markets cut shares of Biogen from an “outperform” rating to a “market perform” rating and decreased their price objective for the company from $260.00 to $238.00 in a report on Friday, February 4th. Finally, HC Wainwright reduced 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. Seventeen investment analysts have rated the stock with a hold rating, seventeen have assigned a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat, Biogen currently has a consensus rating of “Buy” and an average price target of $284.47.

Shares of NASDAQ BIIB opened at $201.18 on Friday. The stock has a market cap of $29.60 billion, a P/E ratio of 20.59, a P/E/G ratio of 1.28 and a beta of 0.42. The firm has a 50 day moving average price of $209.04 and a 200 day moving average price of $228.96. The company has a debt-to-equity ratio of 0.56, a quick ratio of 1.51 and a current ratio of 2.01. Biogen has a 52-week low of $192.67 and a 52-week high of $468.55.

Hedge funds and other institutional investors have recently bought and sold shares of the business. Avondale Wealth Management bought a new stake in Biogen during the fourth quarter worth $26,000. Equitec Proprietary Markets LLC bought a new stake in Biogen during the fourth quarter worth $27,000. EverSource Wealth Advisors LLC bought a new stake in Biogen during the fourth quarter worth $27,000. Amplius Wealth Advisors LLC acquired a new position in shares of Biogen in the fourth quarter valued at $28,000. Finally, Evolution Wealth Advisors LLC increased its holdings in shares of Biogen by 96.7% in the third quarter. Evolution Wealth Advisors LLC now owns 120 shares of the biotechnology company’s stock valued at $34,000 after purchasing an additional 59 shares during the last quarter. 83.92% of the stock is currently owned by hedge funds and other institutional investors.

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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