FY2024 EPS Estimates for Biogen Boosted by Leerink Partnrs

Biogen Inc. (NASDAQ:BIIB) – Equities research analysts at Leerink Partnrs raised their FY2024 earnings estimates for shares of Biogen in a report issued on Wednesday, October 30th. Leerink Partnrs analyst M. Goodman now anticipates that the biotechnology company will post earnings per share of $16.45 for the year, up from their prior estimate of $16.10. The consensus estimate for Biogen’s current full-year earnings is $16.17 per share. Leerink Partnrs also issued estimates for Biogen’s Q4 2024 earnings at $3.42 EPS.

A number of other research firms have also recently weighed in on BIIB. HC Wainwright reaffirmed a “buy” rating and set a $300.00 price objective on shares of Biogen in a research report on Thursday. Raymond James reiterated a “market perform” rating on shares of Biogen in a report on Thursday, October 10th. Wedbush reduced their target price on shares of Biogen from $210.00 to $205.00 and set a “neutral” rating on the stock in a report on Monday, September 23rd. 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 report on Tuesday, August 6th. Finally, Wells Fargo & Company reduced their target price on shares of Biogen from $240.00 to $225.00 and set an “equal weight” rating on the stock in a report on Friday, August 2nd. Ten investment analysts have rated the stock with a hold rating, sixteen have assigned a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average price target of $262.83.

Biogen Stock Performance

NASDAQ:BIIB opened at $174.00 on Friday. The company has a debt-to-equity ratio of 0.28, a quick ratio of 1.48 and a current ratio of 1.26. The stock has a market capitalization of $25.34 billion, a P/E ratio of 15.72, a PEG ratio of 1.82 and a beta of -0.06. The company has a 50 day moving average price of $193.34 and a 200 day moving average price of $209.53. Biogen has a fifty-two week low of $173.88 and a fifty-two week high of $268.30.

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

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently bought and sold shares of BIIB. Vanguard Group Inc. grew its position in Biogen by 15.0% during the 1st quarter. Vanguard Group Inc. now owns 16,570,398 shares of the biotechnology company’s stock worth $3,573,075,000 after purchasing an additional 2,163,068 shares during the last quarter. International Assets Investment Management LLC boosted its holdings in shares of Biogen by 19,722.9% in the third 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. boosted its holdings in shares of Biogen by 39.0% in the first 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 boosted its holdings in shares of Biogen by 1,227.4% in the first 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. boosted its holdings in shares of Biogen by 27.2% in the first quarter. BNP PARIBAS ASSET MANAGEMENT Holding S.A. now owns 570,533 shares of the biotechnology company’s stock valued at $123,024,000 after acquiring an additional 122,101 shares in the last quarter. 87.93% of the stock is owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In other Biogen news, insider Priya Singhal sold 431 shares of the firm’s stock in a transaction on Tuesday, September 3rd. The shares were sold at an average price of $204.22, for a total transaction of $88,018.82. Following the transaction, the insider now directly owns 5,316 shares of the company’s stock, valued at approximately $1,085,633.52. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. 0.16% of the stock is currently owned by insiders.

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.