FY2024 EPS Estimates for Biogen Inc. (NASDAQ:BIIB) Boosted by Analyst

Biogen Inc. (NASDAQ:BIIB) – Stock analysts at Cantor Fitzgerald upped their FY2024 EPS estimates for shares of Biogen in a research note issued on Thursday, April 25th. Cantor Fitzgerald analyst E. Schmidt now expects that the biotechnology company will earn $15.85 per share for the year, up from their previous forecast of $15.54. Cantor Fitzgerald has a “Overweight” rating and a $311.00 price target on the stock. The consensus estimate for Biogen’s current full-year earnings is $15.57 per share.

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

A number of other research analysts have also recently commented on BIIB. Oppenheimer decreased their price target on Biogen from $290.00 to $270.00 and set an “outperform” rating on the stock in a research report on Friday, April 19th. Wells Fargo & Company lowered Biogen from an “overweight” rating to an “equal weight” rating and cut their price target for the company from $315.00 to $240.00 in a research note on Wednesday, February 14th. StockNews.com lowered Biogen from a “buy” rating to a “hold” rating in a research note on Tuesday, February 20th. UBS Group cut their price objective on Biogen from $250.00 to $214.00 and set a “neutral” rating on the stock in a research note on Wednesday, April 17th. Finally, Canaccord Genuity Group lowered their target price on Biogen from $310.00 to $305.00 and set a “buy” rating for the company in a report on Tuesday, February 20th. Ten equities research analysts have rated the stock with a hold rating and eighteen have assigned a buy rating to the company. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus price target of $293.88.

Biogen Trading Up 3.2 %

NASDAQ BIIB opened at $208.90 on Monday. The stock has a 50 day moving average of $212.55 and a 200-day moving average of $233.34. Biogen has a 12 month low of $189.44 and a 12 month high of $319.76. The company has a market cap of $30.42 billion, a PE ratio of 26.08, a PEG ratio of 2.13 and a beta of -0.02. The company has a current ratio of 2.10, a quick ratio of 1.26 and a debt-to-equity ratio of 0.41.

Insider Buying and Selling at Biogen

In other news, insider Priya Singhal sold 419 shares of the company’s stock in a transaction dated Monday, February 12th. The stock was sold at an average price of $239.45, for a total value of $100,329.55. Following the completion of the transaction, the insider now owns 4,516 shares of the company’s stock, valued at $1,081,356.20. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. In other news, insider Priya Singhal sold 419 shares of the stock in a transaction that occurred on Monday, February 12th. The stock was sold at an average price of $239.45, for a total value of $100,329.55. Following the sale, the insider now directly owns 4,516 shares in the company, valued at $1,081,356.20. The sale was disclosed in a document filed with the SEC, which is available at this link. Also, Director Eric K. Rowinsky acquired 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 directly owns 20,629 shares in the company, valued at $4,590,777.66. The disclosure for this purchase can be found here. Over the last quarter, insiders sold 882 shares of company stock valued at $202,030. Company insiders own 0.60% of the company’s stock.

Hedge Funds Weigh In On Biogen

A number of institutional investors have recently modified their holdings of the stock. OFI Invest Asset Management purchased a new position in shares of Biogen in the 3rd quarter valued at about $26,000. Livelsberger Financial Advisory purchased a new stake in Biogen during the 4th quarter worth approximately $26,000. Rise Advisors LLC purchased a new stake in Biogen during the 1st quarter worth approximately $27,000. Gladius Capital Management LP purchased a new stake in shares of Biogen in the third quarter valued at approximately $28,000. Finally, KB Financial Partners LLC grew its position in shares of Biogen by 105.1% in the third quarter. KB Financial Partners LLC now owns 121 shares of the biotechnology company’s stock valued at $31,000 after purchasing an additional 62 shares in the last quarter. 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.