Wedbush Comments on Biogen Inc.’s Q3 2024 Earnings (NASDAQ:BIIB)

Biogen Inc. (NASDAQ:BIIB) – Research analysts at Wedbush reduced their Q3 2024 EPS estimates for Biogen in a report issued on Sunday, September 22nd. Wedbush analyst L. Chico now anticipates that the biotechnology company will earn $3.38 per share for the quarter, down from their prior estimate of $3.44. 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 $16.12 per share. Wedbush also issued estimates for Biogen’s Q4 2024 earnings at $3.55 EPS, Q1 2025 earnings at $3.31 EPS, Q2 2025 earnings at $3.17 EPS, Q3 2025 earnings at $3.58 EPS, Q4 2025 earnings at $3.75 EPS, FY2025 earnings at $13.82 EPS, FY2026 earnings at $16.84 EPS and FY2027 earnings at $17.69 EPS.

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

A number of other analysts have also commented on the company. StockNews.com raised Biogen from a “buy” rating to a “strong-buy” rating in a research note on Monday, September 2nd. Cantor Fitzgerald reiterated an “overweight” rating and set a $292.00 target price on shares of Biogen in a research report on Monday, September 9th. William Blair restated an “outperform” rating on shares of Biogen in a research report on Wednesday, July 3rd. Scotiabank cut their price target on shares of Biogen from $275.00 to $244.00 and set a “sector outperform” rating on the stock in a report on Friday, August 2nd. Finally, Barclays decreased their price objective on Biogen from $200.00 to $190.00 and set an “equal weight” rating for the company in a report on Friday, August 2nd. Eight equities research analysts have rated the stock with a hold rating, seventeen have assigned a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $275.30.

Biogen Trading Down 2.6 %

NASDAQ BIIB opened at $189.07 on Tuesday. Biogen has a twelve month low of $188.78 and a twelve month high of $269.43. The business’s fifty day moving average is $206.18 and its 200 day moving average is $214.61. The company has a quick ratio of 1.48, a current ratio of 2.29 and a debt-to-equity ratio of 0.40. The company has a market cap of $27.54 billion, a price-to-earnings ratio of 23.62, a price-to-earnings-growth ratio of 1.97 and a beta of -0.06.

Hedge Funds Weigh In On Biogen

Several large investors have recently added to or reduced their stakes in BIIB. Livelsberger Financial Advisory purchased a new stake in shares of Biogen in the fourth quarter worth approximately $26,000. Plato Investment Management Ltd raised its position in Biogen by 82.8% in the 1st quarter. Plato Investment Management Ltd now owns 117 shares of the biotechnology company’s stock valued at $25,000 after buying an additional 53 shares during the last quarter. Rise Advisors LLC bought a new position in Biogen during the 1st quarter valued at $27,000. Itau Unibanco Holding S.A. purchased a new position in Biogen during the 2nd quarter worth $33,000. Finally, Versant Capital Management Inc grew its stake in shares of Biogen by 123.2% in the 2nd quarter. Versant Capital Management Inc now owns 154 shares of the biotechnology company’s stock worth $36,000 after acquiring an additional 85 shares in the last quarter. Institutional investors own 87.93% of the company’s stock.

Insiders Place Their Bets

In other news, insider Priya Singhal sold 431 shares of the company’s stock in a transaction that occurred 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 transaction, the insider now directly owns 5,316 shares of the company’s stock, valued at $1,085,633.52. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. 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.