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

Biogen Inc. (NASDAQ:BIIB) – Investment analysts at Wedbush upped their Q3 2024 earnings estimates for Biogen in a research note issued to investors on Wednesday, April 17th. Wedbush analyst L. Chico now forecasts that the biotechnology company will earn $4.13 per share for the quarter, up from their previous forecast of $4.11. Wedbush has a “Neutral” rating and a $213.00 price objective on the stock. The consensus estimate for Biogen’s current full-year earnings is $15.48 per share. Wedbush also issued estimates for Biogen’s FY2024 earnings at $15.32 EPS.

Biogen (NASDAQ:BIIB) last released its quarterly earnings data on Tuesday, February 13th. The biotechnology company reported $2.95 earnings per share (EPS) for the quarter, missing the consensus estimate of $3.18 by ($0.23). Biogen had a net margin of 11.81% and a return on equity of 14.91%. The company had revenue of $2.39 billion during the quarter, compared to analyst estimates of $2.47 billion. During the same quarter in the prior year, the company earned $4.05 EPS.

BIIB has been the subject of a number of other reports. Cantor Fitzgerald reaffirmed an “overweight” rating and issued a $311.00 target price on shares of Biogen in a report on Tuesday, February 20th. Needham & Company LLC lowered their price target on shares of Biogen from $305.00 to $300.00 and set a “buy” rating on the stock in a research report on Tuesday, February 13th. William Blair restated an “outperform” rating on shares of Biogen in a research report on Monday, April 1st. Bank of America cut their price target on shares of Biogen from $280.00 to $260.00 and set a “neutral” rating on the stock in a research note on Friday, April 12th. Finally, JPMorgan Chase & Co. cut their target price on shares of Biogen from $270.00 to $240.00 and set a “neutral” rating on the stock in a research note on Thursday, April 11th. Ten research analysts have rated the stock with a hold rating and eighteen have given a buy rating to the company. Based on data from MarketBeat.com, Biogen has a consensus rating of “Moderate Buy” and a consensus price target of $296.35.

Biogen Price Performance

Shares of NASDAQ:BIIB opened at $190.52 on Thursday. The company has a 50-day simple moving average of $216.17 and a 200-day simple moving average of $236.24. Biogen has a one year low of $189.52 and a one year high of $319.76. The company has a debt-to-equity ratio of 0.46, a quick ratio of 1.26 and a current ratio of 2.00. The stock has a market capitalization of $27.69 billion, a price-to-earnings ratio of 23.87, a PEG ratio of 1.86 and a beta of -0.02.

Institutional Trading of Biogen

Several large investors have recently added to or reduced their stakes in the business. Vanguard Group Inc. lifted its stake in shares of Biogen by 18.2% in the fourth quarter. Vanguard Group Inc. now owns 14,407,330 shares of the biotechnology company’s stock worth $3,728,185,000 after buying an additional 2,218,744 shares during the last quarter. Norges Bank bought a new stake in shares of Biogen during the fourth quarter worth $378,728,000. Price T Rowe Associates Inc. MD grew its holdings in shares of Biogen by 49.5% during the first quarter. Price T Rowe Associates Inc. MD now owns 2,088,356 shares of the biotechnology company’s stock worth $580,627,000 after purchasing an additional 691,843 shares during the last quarter. FIL Ltd grew its holdings in shares of Biogen by 936.4% during the fourth quarter. FIL Ltd now owns 656,502 shares of the biotechnology company’s stock worth $169,883,000 after purchasing an additional 593,158 shares during the last quarter. Finally, First Trust Advisors LP grew its holdings in shares of Biogen by 141.0% during the fourth quarter. First Trust Advisors LP now owns 977,308 shares of the biotechnology company’s stock worth $252,898,000 after purchasing an additional 571,795 shares during the last quarter. 87.93% of the stock is owned by institutional investors.

Insiders Place Their Bets

In other news, insider Priya Singhal sold 419 shares of Biogen stock in a transaction that occurred on Monday, February 12th. The shares were sold at an average price of $239.45, for a total value of $100,329.55. Following the transaction, the insider now directly owns 4,516 shares of the company’s stock, valued at $1,081,356.20. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. In related news, insider Priya Singhal sold 419 shares of the business’s stock in a transaction that occurred on Monday, February 12th. The shares were sold at an average price of $239.45, for a total transaction of $100,329.55. Following the transaction, the insider now directly owns 4,516 shares of the company’s stock, valued at $1,081,356.20. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Eric K. Rowinsky bought 455 shares of the firm’s stock in a transaction on Thursday, February 15th. The stock was acquired 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 of the company’s stock, valued at $4,590,777.66. The disclosure for this purchase can be found here. In the last three months, insiders have sold 882 shares of company stock worth $202,030. 0.60% of the stock is owned by corporate insiders.

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.