Brokers Offer Predictions for Biogen Inc.'s Q1 2024 Earnings (NASDAQ:BIIB)

Biogen Inc. (NASDAQ:BIIB - Free Report) - Analysts at Leerink Partnrs lifted their Q1 2024 earnings estimates for shares of Biogen in a research note issued to investors on Tuesday, April 9th. Leerink Partnrs analyst M. Goodman now forecasts that the biotechnology company will post earnings per share of $3.31 for the quarter, up from their previous estimate of $3.25. The consensus estimate for Biogen's current full-year earnings is $15.46 per share. Leerink Partnrs also issued estimates for Biogen's Q2 2024 earnings at $4.08 EPS.

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

BIIB has been the subject of several other reports. Truist Financial reissued a "buy" rating and issued a $340.00 price target on shares of Biogen in a report on Monday, March 25th. StockNews.com cut shares of Biogen from a "buy" rating to a "hold" rating in a research report on Tuesday, February 20th. Wedbush raised their price objective on shares of Biogen from $239.00 to $245.00 and gave the company a "neutral" rating in a research report on Monday, February 12th. Wells Fargo & Company cut shares of Biogen from an "overweight" rating to an "equal weight" rating and lowered their price objective for the company from $315.00 to $240.00 in a research report on Wednesday, February 14th. Finally, Mizuho lowered their price objective on shares of Biogen from $355.00 to $277.00 and set a "buy" rating on the stock in a research report on Thursday, February 22nd. Ten analysts have rated the stock with a hold rating and nineteen have issued a buy rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and a consensus price target of $298.96.

Biogen Price Performance

NASDAQ:BIIB traded down $5.50 during trading hours on Friday, hitting $198.18. The stock had a trading volume of 1,245,876 shares, compared to its average volume of 1,152,818. The company has a 50 day simple moving average of $220.04 and a two-hundred day simple moving average of $238.02. The company has a debt-to-equity ratio of 0.46, a current ratio of 2.00 and a quick ratio of 1.26. Biogen has a one year low of $197.78 and a one year high of $319.76. The firm has a market capitalization of $28.81 billion, a price-to-earnings ratio of 24.83, a P/E/G ratio of 1.69 and a beta of -0.02.

Institutional Investors Weigh In On Biogen

Several hedge funds have recently bought and sold shares of BIIB. Vanguard Group Inc. boosted its stake in Biogen by 18.2% during the fourth quarter. Vanguard Group Inc. now owns 14,407,330 shares of the biotechnology company's stock worth $3,728,185,000 after acquiring an additional 2,218,744 shares in the last quarter. Norges Bank bought a new stake in Biogen during the fourth quarter worth about $378,728,000. Price T Rowe Associates Inc. MD raised its holdings 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 worth $580,627,000 after buying an additional 691,843 shares during the last quarter. FIL Ltd raised its holdings in Biogen by 936.4% in the fourth quarter. FIL Ltd now owns 656,502 shares of the biotechnology company's stock worth $169,883,000 after buying an additional 593,158 shares during the last quarter. Finally, First Trust Advisors LP raised its holdings in Biogen by 141.0% in the fourth quarter. First Trust Advisors LP now owns 977,308 shares of the biotechnology company's stock worth $252,898,000 after buying an additional 571,795 shares during the last quarter. Institutional investors own 87.93% of the company's stock.

Insider Buying and Selling at Biogen

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