Research Analysts Offer Predictions for Biogen Inc.’s Q2 2024 Earnings (NASDAQ:BIIB)

Biogen Inc. (NASDAQ:BIIB) – Investment analysts at Wedbush dropped their Q2 2024 earnings per share (EPS) estimates for shares of Biogen in a research report issued to clients and investors on Wednesday, April 24th. Wedbush analyst L. Chico now expects that the biotechnology company will earn $3.43 per share for the quarter, down from their prior estimate of $3.83. Wedbush currently has a “Neutral” rating and a $215.00 price objective on the stock. The consensus estimate for Biogen’s current full-year earnings is $15.55 per share. Wedbush also issued estimates for Biogen’s Q4 2024 earnings at $4.30 EPS, FY2024 earnings at $15.42 EPS, FY2027 earnings at $19.77 EPS and FY2028 earnings at $19.62 EPS.

Other equities research analysts have also issued research reports about the stock. JPMorgan Chase & Co. dropped their price objective 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. Royal Bank of Canada reiterated an “outperform” rating and set a $364.00 target price on shares of Biogen in a report on Tuesday, March 5th. Piper Sandler cut their price target on Biogen from $350.00 to $325.00 and set an “overweight” rating on the stock in a research note on Wednesday, February 14th. BTIG Research reaffirmed a “neutral” rating on shares of Biogen in a research report on Sunday, January 7th. 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 given a buy rating to the stock. Based on data from MarketBeat.com, Biogen has an average rating of “Moderate Buy” and an average price target of $293.88.

Biogen Stock Performance

Shares of 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 fifty day moving average price is $212.55 and its 200-day moving average price is $233.57. The stock has a market cap of $30.42 billion, a PE ratio of 26.08, a price-to-earnings-growth ratio of 2.06 and a beta of -0.02. Biogen has a 12 month low of $189.44 and a 12 month high of $319.76.

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

Insider Activity

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

Institutional Inflows and Outflows

Several institutional investors have recently added to or reduced their stakes in BIIB. Primecap Management Co. CA raised its stake in shares of Biogen by 1.6% in the fourth quarter. Primecap Management Co. CA now owns 16,264,481 shares of the biotechnology company’s stock worth $4,208,760,000 after buying an additional 251,915 shares during the period. Vanguard Group Inc. raised its stake in Biogen by 18.2% during the 4th 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 during the period. Wellington Management Group LLP lifted its holdings in Biogen by 0.5% during the third quarter. Wellington Management Group LLP now owns 5,374,310 shares of the biotechnology company’s stock valued at $1,381,251,000 after purchasing an additional 27,951 shares in the last quarter. Northern Trust Corp boosted its position 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 worth $422,276,000 after purchasing an additional 45,437 shares during the period. Finally, Morgan Stanley increased its stake in shares of Biogen by 4.3% in the third quarter. Morgan Stanley now owns 1,493,113 shares of the biotechnology company’s stock worth $383,745,000 after purchasing an additional 61,814 shares in the last quarter. 87.93% of the stock is currently owned by institutional investors.

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.