Q1 2024 EPS Estimates for Biogen Inc. (NASDAQ:BIIB) Cut by William Blair

Biogen Inc. (NASDAQ:BIIB) – Equities researchers at William Blair decreased their Q1 2024 earnings per share estimates for shares of Biogen in a report released on Wednesday, April 17th. William Blair analyst M. Minter now forecasts that the biotechnology company will post earnings of $3.54 per share for the quarter, down from their previous forecast of $4.57. William Blair currently has a “Outperform” rating on the stock. The consensus estimate for Biogen’s current full-year earnings is $15.48 per share. William Blair also issued estimates for Biogen’s FY2024 earnings at $15.29 EPS and FY2025 earnings at $17.46 EPS.

Several other equities analysts have also recently issued reports on the stock. JPMorgan Chase & Co. lowered their target price on shares of Biogen from $270.00 to $240.00 and set a “neutral” rating on the stock in a research note on Thursday, April 11th. Wells Fargo & Company cut shares of Biogen from an “overweight” rating to an “equal weight” rating and dropped their target price for the stock from $315.00 to $240.00 in a report on Wednesday, February 14th. Piper Sandler cut their target price on shares of Biogen from $350.00 to $325.00 and set an “overweight” rating for the company in a research report on Wednesday, February 14th. Canaccord Genuity Group lowered their price target on Biogen from $310.00 to $305.00 and set a “buy” rating on the stock in a report on Tuesday, February 20th. Finally, Truist Financial restated a “buy” rating and issued a $340.00 price target on shares of Biogen in a research note on Monday, March 25th. Ten research analysts have rated the stock with a hold rating and eighteen have issued a buy rating to the company’s stock. According to data from MarketBeat.com, Biogen currently has a consensus rating of “Moderate Buy” and a consensus price target of $295.58.

Biogen Stock Up 2.0 %

BIIB stock opened at $194.38 on Friday. The stock has a market capitalization of $28.26 billion, a P/E 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 1-year low of $189.44 and a 1-year high of $319.76. The business has a fifty day moving average price of $215.23 and a 200-day moving average price of $235.83.

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

Hedge Funds Weigh In On Biogen

Several institutional investors have recently added to or reduced their stakes in BIIB. Snowden Capital Advisors LLC grew its holdings 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 valued at $453,000 after purchasing an additional 39 shares in the last quarter. First Manhattan Co. increased its holdings in shares of Biogen by 33.3% in the 4th quarter. First Manhattan Co. now owns 160 shares of the biotechnology company’s stock worth $44,000 after buying an additional 40 shares during the last quarter. Systematic Financial Management LP raised its position in shares of Biogen by 2.5% during the 1st 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 in the last quarter. Stratos Wealth Partners LTD. lifted its holdings in shares of Biogen by 1.1% in the 3rd quarter. Stratos Wealth Partners LTD. now owns 4,032 shares of the biotechnology company’s stock valued at $1,036,000 after acquiring an additional 42 shares during the last quarter. Finally, Sequoia Financial Advisors LLC grew its position in Biogen by 2.3% in the third quarter. Sequoia Financial Advisors LLC now owns 2,043 shares of the biotechnology company’s stock worth $525,000 after acquiring an additional 45 shares in the last quarter. Hedge funds and other institutional investors own 87.93% of the company’s stock.

Insider Activity at Biogen

In other Biogen news, insider Priya Singhal sold 419 shares of the company’s stock in a transaction that occurred on Monday, February 12th. The stock was sold at an average price of $239.45, for a total value of $100,329.55. Following the completion of the transaction, the insider now directly owns 4,516 shares in the company, valued at approximately $1,081,356.20. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. In other news, Director Eric K. Rowinsky acquired 455 shares of the business’s stock in a transaction dated Thursday, February 15th. The stock was purchased 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 directly owns 20,629 shares in the company, valued at approximately $4,590,777.66. The acquisition was disclosed in a filing with the SEC, which is available through this link. Also, insider Priya Singhal sold 419 shares of Biogen stock in a transaction dated Monday, February 12th. The stock was sold at an average price of $239.45, for a total value of $100,329.55. Following the completion of the sale, the insider now directly owns 4,516 shares in the company, valued at $1,081,356.20. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 882 shares of company stock valued at $202,030. 0.60% of the stock is 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.