Leerink Partnrs Brokers Reduce Earnings Estimates for Biogen Inc. (NASDAQ:BIIB)

Biogen Inc. (NASDAQ:BIIB) – Leerink Partnrs decreased their Q3 2024 earnings per share estimates for Biogen in a report released on Tuesday, April 9th. Leerink Partnrs analyst M. Goodman now expects that the biotechnology company will post earnings of $4.15 per share for the quarter, down from their prior estimate of $4.27. The consensus estimate for Biogen’s current full-year earnings is $15.47 per share. Leerink Partnrs also issued estimates for Biogen’s Q4 2024 earnings at $3.96 EPS, FY2027 earnings at $21.50 EPS and FY2028 earnings at $23.40 EPS.

BIIB has been the topic of a number of other reports. Barclays reduced their target price on shares of Biogen from $230.00 to $215.00 and set an “equal weight” rating on the stock in a research report on Thursday, April 4th. Piper Sandler dropped their target price on Biogen from $350.00 to $325.00 and set an “overweight” rating on the stock in a research report on Wednesday, February 14th. Mizuho decreased their price objective on shares of Biogen from $355.00 to $277.00 and set a “buy” rating for the company in a research note on Thursday, February 22nd. Robert W. Baird cut their price target on Biogen from $333.00 to $316.00 and set an “outperform” rating on the stock in a research report on Wednesday, February 14th. Finally, Canaccord Genuity Group dropped their target price on Biogen from $310.00 to $305.00 and set a “buy” rating on the stock in a report on Tuesday, February 20th. Ten analysts have rated the stock with a hold rating and nineteen have assigned a buy rating to the stock. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and an average price target of $300.12.

Biogen Stock Up 1.1 %

Shares of NASDAQ BIIB opened at $203.68 on Thursday. The company has a current ratio of 2.00, a quick ratio of 1.26 and a debt-to-equity ratio of 0.46. The firm’s 50-day moving average price is $220.95 and its 200-day moving average price is $238.41. The stock has a market capitalization of $29.61 billion, a price-to-earnings ratio of 25.52, a P/E/G ratio of 1.71 and a beta of -0.02. Biogen has a 12-month low of $200.65 and a 12-month high of $319.76.

Biogen (NASDAQ:BIIB) last announced its earnings results on Tuesday, February 13th. The biotechnology company reported $2.95 EPS for the quarter, missing analysts’ consensus estimates of $3.18 by ($0.23). Biogen had a net margin of 11.81% and a return on equity of 14.91%. The business had revenue of $2.39 billion for the quarter, compared to analysts’ expectations of $2.47 billion. During the same period in the prior year, the company posted $4.05 earnings per share.

Insider Transactions at Biogen

In other Biogen news, Director Eric K. Rowinsky bought 455 shares of the company’s stock in a transaction that occurred on Thursday, February 15th. The shares were purchased at an average price of $222.54 per share, with a total value of $101,255.70. Following the completion of the acquisition, the director now directly owns 20,629 shares of the company’s stock, valued at approximately $4,590,777.66. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. In related news, Director Eric K. Rowinsky purchased 455 shares of Biogen stock in a transaction that occurred on Thursday, February 15th. The stock was purchased at an average cost of $222.54 per share, with a total value of $101,255.70. Following the completion of the transaction, the director now directly owns 20,629 shares in the company, valued at $4,590,777.66. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, insider Priya Singhal sold 262 shares of the firm’s stock in a transaction dated Thursday, February 22nd. The stock was sold at an average price of $221.23, for a total value of $57,962.26. Following the transaction, the insider now directly owns 4,886 shares in the company, valued at approximately $1,080,929.78. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 882 shares of company stock valued at $202,030. 0.60% of the stock is currently owned by corporate insiders.

Institutional Trading of Biogen

Institutional investors and hedge funds have recently bought and sold shares of the business. Primecap Management Co. CA boosted its stake in shares of Biogen by 1.6% during the fourth quarter. Primecap Management Co. CA now owns 16,264,481 shares of the biotechnology company’s stock worth $4,208,760,000 after buying an additional 251,915 shares during the period. Vanguard Group Inc. raised its stake in shares of Biogen by 18.2% during the fourth quarter. Vanguard Group Inc. now owns 14,407,330 shares of the biotechnology company’s stock worth $3,728,185,000 after purchasing an additional 2,218,744 shares during the last quarter. State Street Corp increased its stake in Biogen by 2.8% in the 1st quarter. State Street Corp now owns 7,208,906 shares of the biotechnology company’s stock valued at $1,518,196,000 after buying an additional 197,400 shares during the period. Wellington Management Group LLP raised its position in Biogen by 0.5% during the 3rd quarter. Wellington Management Group LLP now owns 5,374,310 shares of the biotechnology company’s stock worth $1,381,251,000 after buying an additional 27,951 shares during the last quarter. Finally, Price T Rowe Associates Inc. MD lifted its stake in shares of Biogen by 49.5% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 2,088,356 shares of the biotechnology company’s stock worth $580,627,000 after acquiring an additional 691,843 shares during the period. Hedge funds and other institutional investors own 87.93% of the company’s stock.

About Biogen

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.