FY2024 EPS Estimates for Biogen Inc. (NASDAQ:BIIB) Cut by Wedbush

Biogen Inc. (NASDAQ:BIIB) – Research analysts at Wedbush lowered their FY2024 EPS estimates for Biogen in a report released on Sunday, September 22nd. Wedbush analyst L. Chico now expects that the biotechnology company will earn $15.89 per share for the year, down from their prior forecast of $16.03. Wedbush has a “Neutral” rating and a $205.00 price target on the stock. The consensus estimate for Biogen’s current full-year earnings is $16.12 per share. Wedbush also issued estimates for Biogen’s FY2028 earnings at $17.99 EPS.

Biogen (NASDAQ:BIIB) last released 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. The company had revenue of $2.47 billion for the quarter, compared to the consensus estimate of $2.39 billion. Biogen had a net margin of 11.98% and a return on equity of 15.71%. Biogen’s revenue was up .4% on a year-over-year basis. During the same quarter in the prior year, the firm earned $4.02 earnings per share.

A number of other equities research analysts also recently issued reports on the stock. Royal Bank of Canada reaffirmed an “outperform” rating and set a $292.00 price target on shares of Biogen in a research note on Thursday, September 19th. StockNews.com raised shares of Biogen from a “buy” rating to a “strong-buy” rating in a research note on Monday, September 2nd. Mizuho reduced their target price on shares of Biogen from $277.00 to $251.00 and set an “outperform” rating on the stock in a research note on Tuesday, August 6th. Scotiabank reduced their target price on shares of Biogen from $275.00 to $244.00 and set a “sector outperform” rating on the stock in a research note on Friday, August 2nd. Finally, William Blair reissued an “outperform” rating on shares of Biogen in a research note on Wednesday, July 3rd. Eight equities research analysts have rated the stock with a hold rating, seventeen have issued a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, Biogen has a consensus rating of “Moderate Buy” and a consensus price target of $275.30.

Biogen Price Performance

Biogen stock opened at $193.60 on Wednesday. The company has a market cap of $28.19 billion, a price-to-earnings ratio of 23.96, a PEG ratio of 1.97 and a beta of -0.06. The firm’s fifty day moving average is $205.39 and its 200 day moving average is $214.43. The company has a quick ratio of 1.48, a current ratio of 2.29 and a debt-to-equity ratio of 0.40. Biogen has a 52-week low of $188.78 and a 52-week high of $269.43.

Insiders Place Their Bets

In other news, insider Priya Singhal sold 431 shares of the firm’s stock in a transaction dated Tuesday, September 3rd. The shares were sold at an average price of $204.22, for a total value of $88,018.82. Following the sale, the insider now directly owns 5,316 shares in the company, valued at approximately $1,085,633.52. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. 0.16% of the stock is owned by company insiders.

Institutional Trading of Biogen

A number of institutional investors have recently modified their holdings of the company. Healthcare of Ontario Pension Plan Trust Fund purchased a new position in shares of Biogen in the 2nd quarter valued at approximately $9,898,000. Sanctuary Advisors LLC purchased a new position in shares of Biogen in the 2nd quarter valued at approximately $1,387,000. Northwestern Mutual Wealth Management Co. raised its position in shares of Biogen by 8.0% in the 2nd quarter. Northwestern Mutual Wealth Management Co. now owns 7,309 shares of the biotechnology company’s stock valued at $1,694,000 after purchasing an additional 543 shares during the last quarter. Systematic Financial Management LP raised its position in shares of Biogen by 12.3% in the 2nd quarter. Systematic Financial Management LP now owns 4,670 shares of the biotechnology company’s stock valued at $1,083,000 after purchasing an additional 510 shares during the last quarter. Finally, Creative Planning raised its position in shares of Biogen by 32.4% in the 2nd quarter. Creative Planning now owns 18,274 shares of the biotechnology company’s stock valued at $4,236,000 after purchasing an additional 4,473 shares during the last quarter. 87.93% of the stock is currently owned by 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.