Research Analysts Issue Forecasts for Biogen Inc.’s FY2024 Earnings (NASDAQ:BIIB)

Biogen Inc. (NASDAQ:BIIBGet Rating) – Oppenheimer raised their FY2024 earnings per share (EPS) estimates for Biogen in a report issued on Sunday, January 8th. Oppenheimer analyst J. Olson now expects that the biotechnology company will post earnings of $15.33 per share for the year, up from their previous estimate of $15.31. Oppenheimer currently has a “Outperform” rating and a $315.00 price target on the stock. The consensus estimate for Biogen’s current full-year earnings is $17.03 per share.

Several other research firms have also recently commented on BIIB. JPMorgan Chase & Co. boosted their price target on Biogen from $221.00 to $275.00 and gave the stock a “neutral” rating in a research note on Friday, September 30th. SVB Leerink upped their price objective on Biogen from $270.00 to $310.00 and gave the company an “outperform” rating in a research note on Wednesday, October 26th. Mizuho assumed coverage on Biogen in a research note on Wednesday, November 30th. They set a “buy” rating and a $325.00 price objective on the stock. Robert W. Baird upgraded Biogen from a “neutral” rating to an “outperform” rating and upped their price objective for the company from $224.00 to $340.00 in a research note on Wednesday, September 28th. Finally, Barclays upped their price objective on Biogen from $275.00 to $313.00 and gave the company an “equal weight” rating in a research note on Wednesday, November 30th. Eight research analysts have rated the stock with a hold rating, twenty have issued a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus price target of $305.75.

Biogen Trading Up 1.3 %

NASDAQ:BIIB opened at $285.03 on Wednesday. The company has a debt-to-equity ratio of 0.49, a quick ratio of 2.14 and a current ratio of 2.49. Biogen has a one year low of $187.16 and a one year high of $311.88. The business’s 50-day simple moving average is $288.21 and its 200 day simple moving average is $247.64. The stock has a market cap of $41.04 billion, a price-to-earnings ratio of 14.51, a price-to-earnings-growth ratio of 1.76 and a beta of 0.23.

Biogen (NASDAQ:BIIBGet Rating) last released its quarterly earnings results on Tuesday, October 25th. The biotechnology company reported $4.77 EPS for the quarter, topping the consensus estimate of $4.13 by $0.64. Biogen had a return on equity of 21.31% and a net margin of 27.64%. The business had revenue of $2.51 billion for the quarter, compared to analysts’ expectations of $2.47 billion. During the same quarter in the previous year, the firm posted $4.77 earnings per share. The company’s revenue was down 9.7% compared to the same quarter last year.

Insider Activity

In other news, EVP Susan H. Alexander sold 5,532 shares of the stock in a transaction on Thursday, October 27th. The stock was sold at an average price of $280.70, for a total transaction of $1,552,832.40. Following the completion of the sale, the executive vice president now owns 39,396 shares in the company, valued at approximately $11,058,457.20. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. In other news, EVP Susan H. Alexander sold 5,532 shares of the stock in a transaction on Thursday, October 27th. The stock was sold at an average price of $280.70, for a total transaction of $1,552,832.40. Following the completion of the sale, the executive vice president now owns 39,396 shares in the company, valued at approximately $11,058,457.20. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, EVP Ginger Gregory sold 5,610 shares of the stock in a transaction on Monday, November 14th. The shares were sold at an average price of $300.11, for a total value of $1,683,617.10. Following the sale, the executive vice president now owns 5,711 shares of the company’s stock, valued at approximately $1,713,928.21. The disclosure for this sale can be found here. Insiders own 0.65% of the company’s stock.

Institutional Trading of Biogen

Hedge funds have recently modified their holdings of the business. Larson Financial Group LLC purchased a new stake in shares of Biogen in the third quarter valued at $25,000. FNY Investment Advisers LLC lifted its holdings in shares of Biogen by 526.7% in the third quarter. FNY Investment Advisers LLC now owns 94 shares of the biotechnology company’s stock valued at $25,000 after purchasing an additional 79 shares in the last quarter. MinichMacGregor Wealth Management LLC purchased a new stake in shares of Biogen in the fourth quarter valued at $28,000. CVA Family Office LLC lifted its holdings in shares of Biogen by 50.0% in the third quarter. CVA Family Office LLC now owns 105 shares of the biotechnology company’s stock valued at $28,000 after purchasing an additional 35 shares in the last quarter. Finally, Trustcore Financial Services LLC lifted its holdings in shares of Biogen by 564.7% in the third quarter. Trustcore Financial Services LLC now owns 113 shares of the biotechnology company’s stock valued at $30,000 after purchasing an additional 96 shares in the last quarter. Hedge funds and other institutional investors own 84.40% of the company’s stock.

About Biogen

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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.

Further Reading

Earnings History and Estimates for Biogen (NASDAQ:BIIB)

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