Wedbush Equities Analysts Increase Earnings Estimates for Biogen Inc. (NASDAQ:BIIB)

Biogen Inc. (NASDAQ:BIIB) – Research analysts at Wedbush raised their FY2024 earnings per share (EPS) estimates for shares of Biogen in a report released on Friday, August 2nd. Wedbush analyst L. Chico now forecasts that the biotechnology company will post earnings per share of $16.03 for the year, up from their prior estimate of $15.84. Wedbush currently has a “Neutral” rating and a $210.00 target price on the stock. The consensus estimate for Biogen’s current full-year earnings is $15.87 per share. Wedbush also issued estimates for Biogen’s Q1 2025 earnings at $3.47 EPS, Q2 2025 earnings at $3.32 EPS, Q3 2025 earnings at $3.73 EPS, Q4 2025 earnings at $3.90 EPS, FY2025 earnings at $14.43 EPS, FY2026 earnings at $17.28 EPS and FY2028 earnings at $18.28 EPS.

Biogen (NASDAQ:BIIB) last announced its quarterly earnings results on Thursday, August 1st. The biotechnology company reported $5.28 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $4.00 by $1.28. Biogen had a return on equity of 15.71% and a net margin of 11.98%. The business had revenue of $2.47 billion for the quarter, compared to the consensus estimate of $2.39 billion. During the same period last year, the business posted $4.02 EPS. The business’s revenue was up .4% compared to the same quarter last year.

Other research analysts also recently issued reports about the company. Truist Financial restated a “buy” rating and set a $302.00 target price (down from $340.00) on shares of Biogen in a research note on Monday. JPMorgan Chase & Co. dropped their target price on Biogen from $270.00 to $240.00 and set a “neutral” rating on the stock in a research note on Thursday, April 11th. Piper Sandler dropped their price target on Biogen from $335.00 to $313.00 and set an “overweight” rating on the stock in a research note on Friday, July 12th. Wells Fargo & Company dropped their price target on Biogen from $240.00 to $225.00 and set an “equal weight” rating on the stock in a research note on Friday, August 2nd. Finally, Mizuho dropped their price target on Biogen from $277.00 to $251.00 and set an “outperform” rating on the stock in a research note on Tuesday. Nine research analysts have rated the stock with a hold rating and eighteen have given a buy rating to the company’s stock. Based on data from MarketBeat, Biogen has an average rating of “Moderate Buy” and an average price target of $276.42.

Biogen Stock Up 0.9 %

Shares of BIIB stock opened at $200.13 on Monday. Biogen has a 1-year low of $189.44 and a 1-year high of $278.95. The stock’s fifty day moving average price is $224.62 and its 200 day moving average price is $222.47. The company has a debt-to-equity ratio of 0.40, a current ratio of 2.29 and a quick ratio of 1.32. The company has a market cap of $29.14 billion, a price-to-earnings ratio of 24.99, a price-to-earnings-growth ratio of 2.09 and a beta of -0.04.

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in the business. Global Retirement Partners LLC lifted its stake in Biogen by 68.6% during the fourth quarter. Global Retirement Partners LLC now owns 263 shares of the biotechnology company’s stock worth $65,000 after purchasing an additional 107 shares in the last quarter. Ballentine Partners LLC raised its stake in Biogen by 7.9% in the fourth quarter. Ballentine Partners LLC now owns 1,649 shares of the biotechnology company’s stock valued at $427,000 after buying an additional 121 shares in the last quarter. Prime Capital Investment Advisors LLC acquired a new stake in Biogen in the fourth quarter valued at $3,674,000. Tritonpoint Wealth LLC acquired a new stake in Biogen in the fourth quarter valued at $523,000. Finally, Bleakley Financial Group LLC raised its stake in Biogen by 13.4% in the fourth quarter. Bleakley Financial Group LLC now owns 2,291 shares of the biotechnology company’s stock valued at $593,000 after buying an additional 270 shares in the last quarter. 87.93% of the stock is currently owned by hedge funds and other institutional investors.

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.