Q2 2024 Earnings Estimate for Biogen Inc. (NASDAQ:BIIB) Issued By Leerink Partnrs

Biogen Inc. (NASDAQ:BIIB) – Equities researchers at Leerink Partnrs lifted their Q2 2024 earnings per share (EPS) estimates for shares of Biogen in a research note issued on Wednesday, April 24th. Leerink Partnrs analyst M. Goodman now anticipates that the biotechnology company will post earnings per share of $4.24 for the quarter, up from their previous forecast of $4.08. The consensus estimate for Biogen’s current full-year earnings is $15.55 per share. Leerink Partnrs also issued estimates for Biogen’s Q3 2024 earnings at $4.08 EPS, Q4 2024 earnings at $3.61 EPS and FY2024 earnings at $15.60 EPS.

Biogen (NASDAQ:BIIB) last issued its earnings results on Wednesday, April 24th. The biotechnology company reported $3.67 EPS for the quarter, topping the consensus estimate of $3.45 by $0.22. Biogen had a net margin of 12.07% and a return on equity of 14.83%. The company had revenue of $2.29 billion for the quarter, compared to analyst estimates of $2.31 billion. During the same period in the previous year, the firm earned $3.40 EPS. The business’s revenue was down 7.0% on a year-over-year basis.

A number of other research firms have also recently weighed in on BIIB. BTIG Research restated a “neutral” rating on shares of Biogen in a report on Sunday, January 7th. William Blair reissued an “outperform” rating on shares of Biogen in a report on Monday, April 1st. JPMorgan Chase & Co. cut their price target on Biogen from $270.00 to $240.00 and set a “neutral” rating for the company in a research note on Thursday, April 11th. BMO Capital Markets lowered their price objective on shares of Biogen from $295.00 to $285.00 and set an “outperform” rating on the stock in a research note on Wednesday, February 14th. Finally, HC Wainwright cut their target price on shares of Biogen from $325.00 to $300.00 and set a “buy” rating for the company in a research report on Thursday. Ten analysts have rated the stock with a hold rating and eighteen have issued a buy rating to the company’s stock. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus target price of $293.88.

Biogen Stock Up 3.2 %

BIIB stock opened at $208.90 on Friday. The company has a current ratio of 2.10, a quick ratio of 1.26 and a debt-to-equity ratio of 0.41. The company’s 50-day moving average price is $212.55 and its 200 day moving average price is $233.57. Biogen has a 52 week low of $189.44 and a 52 week high of $319.76. The company has a market cap of $30.42 billion, a P/E ratio of 26.08, a P/E/G ratio of 2.06 and a beta of -0.02.

Institutional Investors Weigh In On Biogen

Several institutional investors and hedge funds have recently modified their holdings of the stock. Primecap Management Co. CA lifted its position in Biogen by 1.6% during the 4th quarter. Primecap Management Co. CA now owns 16,264,481 shares of the biotechnology company’s stock worth $4,208,760,000 after acquiring an additional 251,915 shares in the last quarter. Vanguard Group Inc. raised its stake in shares of Biogen by 18.2% during the fourth quarter. Vanguard Group Inc. now owns 14,407,330 shares of the biotechnology company’s stock valued at $3,728,185,000 after purchasing an additional 2,218,744 shares during the period. Wellington Management Group LLP lifted its position in shares of Biogen by 0.5% during the third quarter. Wellington Management Group LLP now owns 5,374,310 shares of the biotechnology company’s stock worth $1,381,251,000 after purchasing an additional 27,951 shares in the last quarter. Northern Trust Corp boosted its stake in shares of Biogen by 2.8% in the third quarter. Northern Trust Corp now owns 1,643,035 shares of the biotechnology company’s stock valued at $422,276,000 after purchasing an additional 45,437 shares during the period. Finally, Morgan Stanley grew its holdings in Biogen by 4.3% during the 3rd quarter. Morgan Stanley now owns 1,493,113 shares of the biotechnology company’s stock valued at $383,745,000 after purchasing an additional 61,814 shares in the last quarter. Hedge funds and other 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 stock was 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 approximately $1,081,356.20. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. In other news, insider Priya Singhal sold 419 shares of the 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 completion of the sale, the insider now owns 4,516 shares of the company’s stock, valued at $1,081,356.20. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, 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 price of $222.54 per share, for a total transaction of $101,255.70. Following the acquisition, the director now directly owns 20,629 shares in the company, valued at approximately $4,590,777.66. The disclosure for this purchase can be found here. Over the last 90 days, insiders sold 882 shares of company stock valued at $202,030. Company insiders own 0.60% of the company’s stock.

Biogen Company Profile

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.