Jefferies Group Analysts Cut Earnings Estimates for Biogen Inc. (BIIB)
Biogen Inc. (NASDAQ:BIIB) – Stock analysts at Jefferies Group decreased their Q3 2016 earnings per share estimates for Biogen in a note issued to investors on Wednesday. Jefferies Group analyst B. Abrahams now expects that the brokerage will earn $5.05 per share for the quarter, down from their previous estimate of $5.18. Jefferies Group has a “Hold” rating and a $316.00 price objective on the stock. Jefferies Group also issued estimates for Biogen’s Q4 2016 earnings at $4.94 EPS and FY2016 earnings at $19.98 EPS.
Biogen (NASDAQ:BIIB) last issued its quarterly earnings results on Thursday, July 21st. The biotechnology company reported $5.21 EPS for the quarter, topping analysts’ consensus estimates of $4.69 by $0.52. The company had revenue of $2.89 billion for the quarter, compared to analyst estimates of $2.79 billion. Biogen had a net margin of 33.97% and a return on equity of 40.59%. Biogen’s revenue was up 11.7% compared to the same quarter last year. During the same quarter in the previous year, the business earned $4.22 earnings per share.
A number of other analysts have also recently commented on the stock. Vetr upgraded shares of Biogen from a “hold” rating to a “buy” rating and set a $321.54 price target on the stock in a research note on Monday. JPMorgan Chase & Co. restated an “overweight” rating and set a $386.00 price target on shares of Biogen in a research note on Friday. BMO Capital Markets restated a “market perform” rating and set a $304.00 price target on shares of Biogen in a research note on Tuesday. RBC Capital Markets reiterated a “buy” rating and issued a $375.00 target price on shares of Biogen in a research note on Tuesday. Finally, Piper Jaffray Cos. set a $333.00 target price on shares of Biogen and gave the stock a “hold” rating in a research note on Thursday, September 22nd. Ten investment analysts have rated the stock with a hold rating, fourteen have issued a buy rating and one has issued a strong buy rating to the stock. The stock presently has a consensus rating of “Buy” and a consensus target price of $347.34.
Biogen (NASDAQ:BIIB) opened at 305.59 on Thursday. The firm has a market cap of $66.96 billion, a price-to-earnings ratio of 17.85 and a beta of 0.95. The stock’s 50 day moving average is $308.50 and its 200-day moving average is $279.69. Biogen has a one year low of $223.02 and a one year high of $333.65.
Several large investors have recently bought and sold shares of the company. Ancora Inverness LLC bought a new stake in Biogen during the first quarter valued at approximately $686,000. Spark Investment Management LLC bought a new stake in Biogen during the first quarter valued at approximately $1,275,000. Hikari Power Ltd boosted its stake in Biogen by 371.4% in the first quarter. Hikari Power Ltd now owns 13,200 shares of the biotechnology company’s stock valued at $3,436,000 after buying an additional 10,400 shares in the last quarter. Adell Harriman & Carpenter Inc. boosted its stake in Biogen by 67.0% in the first quarter. Adell Harriman & Carpenter Inc. now owns 7,800 shares of the biotechnology company’s stock valued at $2,030,000 after buying an additional 3,130 shares in the last quarter. Finally, NN Investment Partners Holdings N.V. bought a new stake in Biogen during the first quarter valued at approximately $49,410,000. 86.21% of the stock is owned by hedge funds and other institutional investors.
In other news, CEO George A. Scangos sold 157 shares of the firm’s stock in a transaction dated Thursday, July 21st. The shares were sold at an average price of $280.00, for a total value of $43,960.00. Following the completion of the sale, the chief executive officer now directly owns 54,779 shares of the company’s stock, valued at approximately $15,338,120. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, EVP Adriana Karaboutis sold 380 shares of the firm’s stock in a transaction dated Monday, October 3rd. The stock was sold at an average price of $313.00, for a total transaction of $118,940.00. Following the completion of the sale, the executive vice president now directly owns 7,172 shares of the company’s stock, valued at $2,244,836. The disclosure for this sale can be found here. Company insiders own 0.32% of the company’s stock.
Biogen Company Profile
Biogen Inc, formerly Biogen Idec Inc, is a biopharmaceutical company. The Company operates in discovering, developing, manufacturing and delivering therapies to patients for the treatment of neurodegenerative diseases, hematologic conditions and autoimmune disorders segment. The Company markets products, including TECFIDERA, AVONEX, PLEGRIDY, TYSABRI and FAMPYRA for multiple sclerosis (MS), ELOCTATE for hemophilia A and ALPROLIX for hemophilia B, and FUMADERM for the treatment of severe plaque psoriasis.
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