Brokers Set Expectations for Biogen Inc.'s Q1 2024 Earnings (NASDAQ:BIIB)

Biogen Inc. (NASDAQ:BIIB - Free Report) - Research analysts at Wedbush dropped their Q1 2024 earnings per share estimates for shares of Biogen in a research note issued to investors on Wednesday, April 17th. Wedbush analyst L. Chico now forecasts that the biotechnology company will post earnings of $3.25 per share for the quarter, down from their prior estimate of $3.26. Wedbush currently has a "Neutral" rating and a $213.00 target price on the stock. The consensus estimate for Biogen's current full-year earnings is $15.48 per share. Wedbush also issued estimates for Biogen's Q4 2024 earnings at $4.11 EPS, FY2025 earnings at $15.01 EPS, FY2026 earnings at $17.93 EPS, FY2027 earnings at $19.93 EPS and FY2028 earnings at $19.80 EPS.

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

BIIB has been the topic of several other reports. Bank Of America (Bofa) lowered their price target on Biogen from $290.00 to $280.00 and set a "neutral" rating on the stock in a report on Monday, February 12th. Barclays decreased their target price on Biogen from $230.00 to $215.00 and set an "equal weight" rating on the stock in a report on Thursday, April 4th. Truist Financial reaffirmed a "buy" rating and issued a $340.00 target price on shares of Biogen in a report on Monday, March 25th. Oppenheimer decreased their target price on Biogen from $290.00 to $270.00 and set an "outperform" rating on the stock in a report on Friday. Finally, William Blair reissued an "outperform" rating on shares of Biogen in a report on Monday, April 1st. Ten equities research analysts have rated the stock with a hold rating and eighteen have issued a buy rating to the stock. According to data from MarketBeat, the company has an average rating of "Moderate Buy" and a consensus price target of $295.58.

Biogen Trading Up 2.0 %

BIIB traded up $3.86 during midday trading on Friday, reaching $194.38. 1,599,576 shares of the company's stock traded hands, compared to its average volume of 1,162,019. The firm has a fifty day moving average of $215.23 and a two-hundred day moving average of $235.83. The stock has a market capitalization of $28.26 billion, a price-to-earnings ratio of 24.36, a P/E/G ratio of 1.83 and a beta of -0.02. 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 52 week low of $189.44 and a 52 week high of $319.76.

Institutional Trading of Biogen

Several large investors have recently bought and sold shares of the business. Snowden Capital Advisors LLC lifted its stake in shares of Biogen by 2.5% in the second quarter. Snowden Capital Advisors LLC now owns 1,591 shares of the biotechnology company's stock worth $453,000 after acquiring an additional 39 shares in the last quarter. First Manhattan Co. increased its holdings in Biogen by 33.3% in the fourth quarter. First Manhattan Co. now owns 160 shares of the biotechnology company's stock valued at $44,000 after buying an additional 40 shares during the last quarter. Systematic Financial Management LP increased its holdings in Biogen by 2.5% in the first quarter. Systematic Financial Management LP now owns 1,640 shares of the biotechnology company's stock valued at $456,000 after buying an additional 40 shares during the last quarter. Stratos Wealth Partners LTD. increased its holdings in Biogen by 1.1% in the third quarter. Stratos Wealth Partners LTD. now owns 4,032 shares of the biotechnology company's stock valued at $1,036,000 after buying an additional 42 shares during the last quarter. Finally, Sequoia Financial Advisors LLC increased its holdings in Biogen by 2.3% in the third quarter. Sequoia Financial Advisors LLC now owns 2,043 shares of the biotechnology company's stock valued at $525,000 after buying an additional 45 shares during the last quarter. Hedge funds and other institutional investors own 87.93% of the company's stock.

Insider Activity

In other Biogen news, insider Priya Singhal sold 419 shares of Biogen 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 transaction, the insider now directly owns 4,516 shares of the company's stock, valued at $1,081,356.20. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. In other news, Director Eric K. Rowinsky acquired 455 shares of the firm's stock in a transaction on Thursday, February 15th. The stock was acquired at an average price of $222.54 per share, for a total transaction of $101,255.70. Following the completion of the transaction, the director now owns 20,629 shares in the company, valued at approximately $4,590,777.66. The acquisition was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, insider Priya Singhal sold 419 shares of the company's stock in a transaction dated 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 transaction, the insider now 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 quarter, insiders sold 882 shares of company stock valued at $202,030. Corporate insiders own 0.60% 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.