Q1 2024 EPS Estimates for Biogen Inc. Reduced by Wedbush (NASDAQ:BIIB)

Biogen Inc. (NASDAQ:BIIB) – Research analysts at Wedbush dropped their Q1 2024 earnings per share estimates for Biogen in a report issued on Wednesday, April 17th. Wedbush analyst L. Chico now anticipates that the biotechnology company will post earnings per share of $3.25 for the quarter, down from their prior estimate of $3.26. Wedbush has a “Neutral” rating and a $213.00 price target 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.

Several other research analysts also recently commented on the stock. Wells Fargo & Company downgraded 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. BTIG Research reissued a “neutral” rating on shares of Biogen in a report on Sunday, January 7th. UBS Group reduced their price objective on Biogen from $250.00 to $214.00 and set a “neutral” rating on the stock in a research note on Wednesday. Robert W. Baird lowered their target price on Biogen from $333.00 to $316.00 and set an “outperform” rating for the company in a research note on Wednesday, February 14th. Finally, Mizuho dropped their target price on shares of Biogen from $355.00 to $277.00 and set a “buy” rating for the company in a report on Thursday, February 22nd. Ten analysts have rated the stock with a hold rating and eighteen have given a buy rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $295.58.

Biogen Price Performance

Shares of NASDAQ:BIIB opened at $194.38 on Friday. The company has a current ratio of 2.00, a quick ratio of 1.26 and a debt-to-equity ratio of 0.46. The stock has a market capitalization of $28.26 billion, a PE ratio of 24.36, a PEG ratio of 1.83 and a beta of -0.02. The firm has a 50 day moving average of $215.23 and a 200-day moving average of $235.83. Biogen has a 12 month low of $189.44 and a 12 month high of $319.76.

Biogen (NASDAQ:BIIB) last posted 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 company had revenue of $2.39 billion during the quarter, compared to analyst estimates of $2.47 billion. Biogen had a net margin of 11.81% and a return on equity of 14.91%. During the same period last year, the firm earned $4.05 EPS.

Insider Activity

In related news, Director Eric K. Rowinsky bought 455 shares of Biogen stock in a transaction that occurred on Thursday, February 15th. The shares were acquired at an average cost of $222.54 per share, for a total transaction of $101,255.70. Following the completion of the acquisition, the director now directly owns 20,629 shares of the company’s stock, valued at approximately $4,590,777.66. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. In other Biogen news, insider Priya Singhal sold 262 shares of the stock in a transaction dated Thursday, February 22nd. The stock was sold at an average price of $221.23, for a total transaction of $57,962.26. Following the completion of the sale, the insider now directly owns 4,886 shares in the company, valued at approximately $1,080,929.78. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, Director Eric K. Rowinsky acquired 455 shares of the company’s stock in a transaction dated Thursday, February 15th. The stock was acquired at an average cost of $222.54 per share, for a total transaction of $101,255.70. Following the completion of the purchase, the director now directly owns 20,629 shares in the company, valued at $4,590,777.66. The disclosure for this purchase can be found here. Over the last quarter, insiders sold 882 shares of company stock valued at $202,030. Company insiders own 0.60% of the company’s stock.

Institutional Investors Weigh In On Biogen

Large investors have recently added to or reduced their stakes in the business. Altshuler Shaham Ltd bought a new position in shares of Biogen during the 4th quarter worth approximately $25,000. OFI Invest Asset Management acquired a new position in shares of Biogen during the 3rd quarter valued at $26,000. Livelsberger Financial Advisory bought a new position in Biogen during the fourth quarter worth $26,000. Rise Advisors LLC acquired a new stake in Biogen in the first quarter worth $27,000. Finally, Gladius Capital Management LP bought a new stake in Biogen in the third quarter valued at $28,000. 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.