Leerink Swann Weighs in on Biogen Inc.’s FY2019 Earnings (BIIB)
Biogen Inc. (NASDAQ:BIIB) – Analysts at Leerink Swann raised their FY2019 earnings estimates for Biogen in a research report issued on Wednesday. Leerink Swann analyst G. Porges now anticipates that the brokerage will post earnings per share of $24.54 for the year, up from their previous estimate of $24.51. Leerink Swann currently has a “Hold” rating and a $367.00 target price on the stock. Leerink Swann also issued estimates for Biogen’s FY2020 earnings at $26.39 EPS.
A number of other analysts have also commented on the company. Morgan Stanley reaffirmed a “buy” rating on shares of Biogen in a research report on Thursday, June 30th. Sanford C. Bernstein initiated coverage on Biogen in a research report on Wednesday, June 29th. They issued an “outperform” rating and a $282.00 target price for the company. Vetr raised Biogen from a “buy” rating to a “strong-buy” rating and set a $346.47 target price for the company in a research report on Monday, September 12th. Piper Jaffray Cos. reaffirmed a “neutral” rating and issued a $333.00 target price (up from $293.00) on shares of Biogen in a research report on Tuesday, August 16th. Finally, Zacks Investment Research raised Biogen from a “hold” rating to a “buy” rating and set a $321.00 target price for the company in a research report on Wednesday, July 27th. Ten research analysts have rated the stock with a hold rating, fourteen have given a buy rating and one has issued a strong buy rating to the stock. The company currently has a consensus rating of “Buy” and a consensus target price of $347.34.
Biogen (NASDAQ:BIIB) traded down 1.33% during mid-day trading on Friday, hitting $290.50. The stock had a trading volume of 1,149,750 shares. The firm’s 50-day moving average price is $306.44 and its 200-day moving average price is $280.68. The stock has a market cap of $63.65 billion, a PE ratio of 16.97 and a beta of 0.95. Biogen has a 1-year low of $223.02 and a 1-year high of $333.65.
Biogen (NASDAQ:BIIB) last released its quarterly earnings data on Thursday, July 21st. The biotechnology company reported $5.21 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $4.69 by $0.52. Biogen had a return on equity of 40.59% and a net margin of 33.97%. The company earned $2.89 billion during the quarter, compared to analysts’ expectations of $2.79 billion. During the same period last year, the firm posted $4.22 earnings per share. The business’s revenue was up 11.7% on a year-over-year basis.
In related news, Director Caroline Dorsa sold 27,570 shares of the stock in a transaction on Thursday, September 22nd. The stock was sold at an average price of $314.00, for a total value of $8,656,980.00. Following the transaction, the director now owns 19,663 shares of the company’s stock, valued at $6,174,182. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, EVP Adriana Karaboutis sold 380 shares of the stock in a transaction on Monday, October 3rd. The shares were sold at an average price of $313.00, for a total value of $118,940.00. Following the completion of the transaction, the executive vice president now directly owns 7,172 shares in the company, valued at approximately $2,244,836. The disclosure for this sale can be found here. 0.32% of the stock is owned by corporate insiders.
A number of hedge funds and other institutional investors have recently added to or reduced their stakes in BIIB. Causeway Capital Management LLC purchased a new position in Biogen during the second quarter worth approximately $135,200,000. Primecap Management Co. CA boosted its position in Biogen by 2.8% in the first quarter. Primecap Management Co. CA now owns 16,246,726 shares of the biotechnology company’s stock worth $4,229,348,000 after buying an additional 436,101 shares in the last quarter. Eaton Vance Management boosted its position in Biogen by 245.1% in the second quarter. Eaton Vance Management now owns 435,620 shares of the biotechnology company’s stock worth $105,342,000 after buying an additional 309,401 shares in the last quarter. Senator Investment Group LP boosted its position in Biogen by 150.0% in the second quarter. Senator Investment Group LP now owns 500,000 shares of the biotechnology company’s stock worth $120,910,000 after buying an additional 300,000 shares in the last quarter. Finally, Schroder Investment Management Group boosted its position in Biogen by 306.5% in the second quarter. Schroder Investment Management Group now owns 365,393 shares of the biotechnology company’s stock worth $88,360,000 after buying an additional 275,497 shares in the last quarter. 86.21% of the stock is currently owned by institutional investors and hedge funds.
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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