Biogen Inc. (NASDAQ:BIIB) to Post Q3 2024 Earnings of $4.02 Per Share, Wedbush Forecasts

Biogen Inc. (NASDAQ:BIIB) – Equities research analysts at Wedbush reduced their Q3 2024 EPS estimates for shares of Biogen in a research note issued to investors on Wednesday, April 24th. Wedbush analyst L. Chico now expects that the biotechnology company will post earnings of $4.02 per share for the quarter, down from their previous estimate of $4.13. Wedbush currently has a “Neutral” rating and a $215.00 target price on the stock. The consensus estimate for Biogen’s current full-year earnings is $15.57 per share. Wedbush also issued estimates for Biogen’s Q1 2025 earnings at $3.66 EPS, Q2 2025 earnings at $3.53 EPS, Q3 2025 earnings at $3.94 EPS, Q4 2025 earnings at $4.07 EPS, FY2025 earnings at $15.19 EPS and FY2026 earnings at $18.00 EPS.

Several other analysts have also weighed in on the stock. BTIG Research reiterated a “neutral” rating on shares of Biogen in a research report on Sunday, January 7th. Wells Fargo & Company cut Biogen from an “overweight” rating to an “equal weight” rating and dropped their target price for the stock from $315.00 to $240.00 in a report on Wednesday, February 14th. Robert W. Baird decreased their price target on Biogen from $333.00 to $316.00 and set an “outperform” rating on the stock in a research note on Wednesday, February 14th. Cantor Fitzgerald reiterated an “overweight” rating and issued a $311.00 price target on shares of Biogen in a research report on Tuesday, February 20th. Finally, HC Wainwright reduced their target price on shares of Biogen from $325.00 to $300.00 and set a “buy” rating on the stock in a research note on Thursday. Ten investment analysts have rated the stock with a hold rating and eighteen have assigned a buy rating to the stock. According to MarketBeat, Biogen presently has an average rating of “Moderate Buy” and an average price target of $293.88.

Biogen Stock Up 3.2 %

Shares of BIIB stock opened at $208.90 on Monday. The stock has a market cap of $30.42 billion, a P/E ratio of 26.08, a price-to-earnings-growth ratio of 2.13 and a beta of -0.02. The company has a debt-to-equity ratio of 0.41, a current ratio of 2.10 and a quick ratio of 1.26. The stock has a fifty day moving average price of $212.55 and a 200 day moving average price of $233.34. Biogen has a one year low of $189.44 and a one year high of $319.76.

Biogen (NASDAQ:BIIB) last posted its quarterly earnings results on Wednesday, April 24th. The biotechnology company reported $3.67 EPS for the quarter, beating the consensus estimate of $3.45 by $0.22. Biogen had a return on equity of 14.83% and a net margin of 12.07%. The firm had revenue of $2.29 billion during the quarter, compared to analysts’ expectations of $2.31 billion. During the same quarter in the prior year, the firm posted $3.40 EPS. The company’s revenue for the quarter was down 7.0% on a year-over-year basis.

Insider Activity at Biogen

In other news, insider Priya Singhal sold 262 shares of Biogen stock in a transaction that occurred on Thursday, February 22nd. The shares were sold at an average price of $221.23, for a total transaction of $57,962.26. Following the completion of the sale, the insider now owns 4,886 shares in the company, valued at approximately $1,080,929.78. The sale was disclosed in a filing with the SEC, which can be accessed through this link. In related news, Director Eric K. Rowinsky bought 455 shares of Biogen stock in a transaction on Thursday, February 15th. The shares were purchased at an average price of $222.54 per share, for a total transaction of $101,255.70. Following the completion of the acquisition, the director now owns 20,629 shares in the company, valued at $4,590,777.66. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, insider Priya Singhal sold 262 shares of the business’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 owns 4,886 shares of the company’s stock, valued at $1,080,929.78. The disclosure for this sale can be found here. Insiders have sold a total of 882 shares of company stock worth $202,030 over the last 90 days. Insiders own 0.60% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently bought and sold shares of the company. Primecap Management Co. CA raised its holdings in Biogen by 1.6% in 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 purchasing an additional 251,915 shares during the period. Vanguard Group Inc. raised its stake in Biogen by 18.2% during the 4th 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 period. Wellington Management Group LLP lifted its holdings in Biogen by 0.5% during the third quarter. Wellington Management Group LLP now owns 5,374,310 shares of the biotechnology company’s stock worth $1,381,251,000 after acquiring an additional 27,951 shares in the last quarter. Northern Trust Corp grew its stake in Biogen by 2.8% in the third quarter. Northern Trust Corp now owns 1,643,035 shares of the biotechnology company’s stock valued at $422,276,000 after acquiring an additional 45,437 shares during the period. Finally, Morgan Stanley grew its stake in Biogen by 4.3% in the third quarter. Morgan Stanley now owns 1,493,113 shares of the biotechnology company’s stock valued at $383,745,000 after acquiring an additional 61,814 shares during the period. Institutional investors own 87.93% of the company’s stock.

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.