Wedbush Has Bullish Estimate for Biogen FY2024 Earnings

Biogen Inc. (NASDAQ:BIIB) – Equities researchers at Wedbush upped their FY2024 earnings per share estimates for shares of Biogen in a research note issued to investors on Wednesday, October 30th. Wedbush analyst L. Chico now expects that the biotechnology company will post earnings of $16.32 per share for the year, up from their previous estimate of $16.30. Wedbush has a “Neutral” rating and a $205.00 price objective 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.

Other research analysts have also issued research reports about the company. Morgan Stanley lowered Biogen from an “overweight” rating to an “equal weight” rating and lowered their price target for the stock from $285.00 to $204.00 in a research report on Thursday. Piper Sandler lowered their price target on Biogen from $335.00 to $313.00 and set an “overweight” rating on the stock in a research report on Friday, July 12th. Cantor Fitzgerald reissued an “overweight” rating and set a $292.00 target price on shares of Biogen in a report on Monday, September 9th. Needham & Company LLC reissued a “buy” rating and set a $270.00 target price on shares of Biogen in a report on Wednesday. Finally, Truist Financial reissued a “buy” rating and set a $302.00 target price (down from $340.00) on shares of Biogen in a report on Monday, August 5th. Ten research 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. According to MarketBeat, Biogen presently has an average rating of “Moderate Buy” and a consensus price target of $262.83.

Biogen Stock Down 4.0 %

NASDAQ:BIIB opened at $174.00 on Friday. The firm has a market capitalization of $25.34 billion, a price-to-earnings ratio of 15.72, a price-to-earnings-growth ratio of 1.82 and a beta of -0.06. Biogen has a twelve month low of $173.88 and a twelve month high of $268.30. The stock’s 50 day moving average price is $193.34 and its two-hundred day moving average price is $209.53. The company has a quick ratio of 1.48, a current ratio of 1.26 and a debt-to-equity ratio of 0.28.

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

Institutional Trading of Biogen

Several institutional investors and hedge funds have recently modified their holdings of BIIB. Sumitomo Mitsui Trust Holdings Inc. lifted its position in shares of Biogen by 0.9% during the 1st quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 386,482 shares of the biotechnology company’s stock worth $83,337,000 after buying an additional 3,380 shares during the last quarter. Norden Group LLC lifted its position in shares of Biogen by 25.2% during the 1st quarter. Norden Group LLC now owns 1,440 shares of the biotechnology company’s stock worth $311,000 after buying an additional 290 shares during the last quarter. Private Advisor Group LLC lifted its position in shares of Biogen by 4.9% during the 1st quarter. Private Advisor Group LLC now owns 4,833 shares of the biotechnology company’s stock worth $1,042,000 after buying an additional 224 shares during the last quarter. Mission Wealth Management LP lifted its position in shares of Biogen by 3.8% during the 1st quarter. Mission Wealth Management LP now owns 1,826 shares of the biotechnology company’s stock worth $394,000 after buying an additional 66 shares during the last quarter. Finally, Moloney Securities Asset Management LLC bought a new stake in shares of Biogen during the 1st quarter worth $301,000. 87.93% of the stock is currently owned by institutional investors.

Insider Activity

In other news, insider Priya Singhal sold 431 shares of the company’s stock in a transaction on Tuesday, September 3rd. The stock was sold at an average price of $204.22, for a total transaction of $88,018.82. Following the completion of the sale, the insider now directly owns 5,316 shares in the company, valued at approximately $1,085,633.52. This represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Corporate insiders own 0.16% of the company’s stock.

Biogen Company Profile

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.