FY2024 EPS Estimates for Biogen Inc. (NASDAQ:BIIB) Decreased by Cantor Fitzgerald

Biogen Inc. (NASDAQ:BIIB - Free Report) - Equities researchers at Cantor Fitzgerald lowered their FY2024 earnings per share estimates for shares of Biogen in a research report issued on Thursday, April 4th. Cantor Fitzgerald analyst E. Schmidt now anticipates that the biotechnology company will post earnings per share of $15.54 for the year, down from their prior estimate of $15.77. Cantor Fitzgerald currently has a "Overweight" rating and a $311.00 price objective on the stock. The consensus estimate for Biogen's current full-year earnings is $15.47 per share.

Several other equities analysts also recently commented on the company. Truist Financial restated a "buy" rating and set a $340.00 target price on shares of Biogen in a research report on Monday, March 25th. StockNews.com downgraded shares of Biogen from a "buy" rating to a "hold" rating in a research report on Tuesday, February 20th. Oppenheimer cut their target price on shares of Biogen from $295.00 to $290.00 and set an "outperform" rating on the stock in a research report on Wednesday, February 14th. Wells Fargo & Company downgraded shares of Biogen from an "overweight" rating to an "equal weight" rating and cut their price target for the company from $315.00 to $240.00 in a research report on Wednesday, February 14th. Finally, Piper Sandler cut their price target on shares of Biogen from $350.00 to $325.00 and set an "overweight" rating on the stock in a research report on Wednesday, February 14th. Nine analysts have rated the stock with a hold rating and nineteen have given a buy rating to the stock. Based on data from MarketBeat, Biogen currently has a consensus rating of "Moderate Buy" and an average target price of $302.52.

Biogen Stock Performance

Shares of BIIB stock traded up $1.08 during mid-day trading on Monday, reaching $204.95. The stock had a trading volume of 723,702 shares, compared to its average volume of 1,159,925. The company has a quick ratio of 1.26, a current ratio of 2.00 and a debt-to-equity ratio of 0.46. The firm has a market cap of $29.79 billion, a PE ratio of 25.66, a P/E/G ratio of 1.70 and a beta of -0.02. Biogen has a one year low of $202.18 and a one year high of $319.76. The firm's 50 day simple moving average is $224.40 and its 200 day simple moving average is $239.66.

Biogen (NASDAQ:BIIB - Get Free Report) last announced its quarterly earnings data on Tuesday, February 13th. The biotechnology company reported $2.95 EPS for the quarter, missing analysts' consensus estimates of $3.18 by ($0.23). Biogen had a return on equity of 14.91% and a net margin of 11.81%. The firm had revenue of $2.39 billion during the quarter, compared to the consensus estimate of $2.47 billion. During the same quarter in the prior year, the business posted $4.05 EPS.

Insider Activity at Biogen

In other Biogen news, insider Priya Singhal sold 419 shares of the firm's stock in a transaction on Monday, February 12th. The stock was sold at an average price of $239.45, for a total transaction of $100,329.55. Following the completion of the sale, the insider now owns 4,516 shares of the company's stock, valued at approximately $1,081,356.20. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. In other Biogen news, Director Eric K. Rowinsky purchased 455 shares of the business's stock in a transaction on Thursday, February 15th. The stock was acquired at an average price of $222.54 per share, with a total value of $101,255.70. Following the acquisition, the director now directly owns 20,629 shares of the company's stock, valued at approximately $4,590,777.66. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, insider Priya Singhal sold 419 shares of the firm's stock in a transaction on Monday, February 12th. The shares were sold at an average price of $239.45, for a total value of $100,329.55. Following the sale, the insider now directly owns 4,516 shares of the company's stock, valued at approximately $1,081,356.20. The disclosure for this sale can be found here. Over the last three months, insiders sold 882 shares of company stock valued at $202,030. 0.60% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Biogen

A number of hedge funds and other institutional investors have recently modified their holdings of the company. Vanguard Group Inc. increased its position in shares of Biogen by 18.2% in the fourth quarter. Vanguard Group Inc. now owns 14,407,330 shares of the biotechnology company's stock worth $3,728,185,000 after purchasing an additional 2,218,744 shares during the period. Norges Bank bought a new position in Biogen in the fourth quarter valued at about $378,728,000. Price T Rowe Associates Inc. MD grew its position in Biogen by 49.5% in the first quarter. Price T Rowe Associates Inc. MD now owns 2,088,356 shares of the biotechnology company's stock valued at $580,627,000 after acquiring an additional 691,843 shares during the last quarter. FIL Ltd grew its position in Biogen by 936.4% in the fourth quarter. FIL Ltd now owns 656,502 shares of the biotechnology company's stock valued at $169,883,000 after acquiring an additional 593,158 shares during the last quarter. Finally, First Trust Advisors LP grew its position in Biogen by 141.0% in the fourth quarter. First Trust Advisors LP now owns 977,308 shares of the biotechnology company's stock valued at $252,898,000 after acquiring an additional 571,795 shares during the last quarter. Institutional investors and hedge funds own 87.93% of the company's stock.

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.