Wedbush Predicts Biogen’s FY2024 Earnings (NASDAQ:BIIB)

Biogen Inc. (NASDAQ:BIIB) – Analysts at Wedbush upped their FY2024 earnings estimates for Biogen in a report released on Wednesday, October 30th. Wedbush analyst L. Chico now expects that the biotechnology company will earn $16.32 per share for the year, up from their prior forecast of $16.30. Wedbush currently has a “Neutral” rating and a $205.00 target price on the stock. The consensus estimate for Biogen’s current full-year earnings is $16.17 per share. Wedbush also issued estimates for Biogen’s FY2027 earnings at $18.33 EPS and FY2028 earnings at $18.96 EPS.

A number of other equities analysts also recently commented on the company. Piper Sandler dropped their price objective on Biogen from $335.00 to $313.00 and set an “overweight” rating on the stock in a report on Friday, July 12th. HC Wainwright restated a “buy” rating and issued a $300.00 price objective on shares of Biogen in a report on Thursday. StockNews.com upgraded Biogen from a “buy” rating to a “strong-buy” rating in a report on Monday, September 2nd. Raymond James reiterated a “market perform” rating on shares of Biogen in a report on Thursday, October 10th. Finally, UBS Group lowered their price target on Biogen from $234.00 to $202.00 and set a “neutral” rating on the stock in a report on Thursday, October 3rd. Ten equities research analysts have rated the stock with a hold rating, sixteen have given a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat, Biogen has a consensus rating of “Moderate Buy” and an average price target of $262.83.

Biogen Trading Down 0.1 %

NASDAQ:BIIB opened at $173.79 on Friday. The stock’s 50 day moving average price is $192.71 and its 200 day moving average price is $209.37. Biogen has a 52 week low of $173.14 and a 52 week high of $268.30. The company has a market capitalization of $25.31 billion, a P/E ratio of 15.70, a P/E/G ratio of 1.82 and a beta of -0.06. The company has a debt-to-equity ratio of 0.28, a quick ratio of 1.48 and a current ratio of 1.26.

Biogen (NASDAQ:BIIB) last posted its quarterly earnings results on Wednesday, October 30th. The biotechnology company reported $4.08 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $3.77 by $0.31. The business had revenue of $2.47 billion during the quarter, compared to analyst estimates of $2.43 billion. Biogen had a net margin of 16.81% and a return on equity of 14.98%. The firm’s revenue was down 2.5% compared to the same quarter last year. During the same period in the prior year, the firm earned $4.36 earnings per share.

Institutional Investors Weigh In On Biogen

Several institutional investors have recently bought and sold shares of BIIB. Vanguard Group Inc. lifted its stake in Biogen by 15.0% in the 1st quarter. Vanguard Group Inc. now owns 16,570,398 shares of the biotechnology company’s stock valued at $3,573,075,000 after acquiring an additional 2,163,068 shares in the last quarter. International Assets Investment Management LLC lifted its stake in Biogen by 19,722.9% in the 3rd quarter. International Assets Investment Management LLC now owns 358,992 shares of the biotechnology company’s stock valued at $695,870,000 after acquiring an additional 357,181 shares in the last quarter. RA Capital Management L.P. lifted its stake in Biogen by 39.0% in the 1st quarter. RA Capital Management L.P. now owns 740,727 shares of the biotechnology company’s stock valued at $159,723,000 after acquiring an additional 207,835 shares in the last quarter. SG Americas Securities LLC lifted its stake in Biogen by 1,227.4% in the 1st quarter. SG Americas Securities LLC now owns 176,262 shares of the biotechnology company’s stock valued at $38,007,000 after acquiring an additional 162,983 shares in the last quarter. Finally, BNP PARIBAS ASSET MANAGEMENT Holding S.A. raised its stake in shares of Biogen by 27.2% during the 1st quarter. BNP PARIBAS ASSET MANAGEMENT Holding S.A. now owns 570,533 shares of the biotechnology company’s stock worth $123,024,000 after purchasing an additional 122,101 shares in the last quarter. Institutional investors own 87.93% of the company’s stock.

Insider Transactions at Biogen

In other news, insider Priya Singhal sold 431 shares of Biogen stock in a transaction dated Tuesday, September 3rd. The stock was sold at an average price of $204.22, for a total transaction of $88,018.82. Following the transaction, the insider now owns 5,316 shares in the company, valued at $1,085,633.52. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Corporate insiders own 0.16% 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.