Biogen Inc. (NASDAQ:BIIB) to Post Q2 2024 Earnings of $3.43 Per Share, Wedbush Forecasts

Biogen Inc. (NASDAQ:BIIB) – Research analysts at Wedbush decreased their Q2 2024 earnings per share estimates for shares of Biogen in a report issued on Wednesday, April 24th. Wedbush analyst L. Chico now forecasts that the biotechnology company will post earnings per share of $3.43 for the quarter, down from their previous forecast of $3.83. Wedbush currently has a “Neutral” rating and a $215.00 target price on the stock. The consensus estimate for Biogen’s current full-year earnings is $15.48 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.

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

BIIB has been the topic of a number of other research reports. HC Wainwright lowered their target price on shares of Biogen from $325.00 to $300.00 and set a “buy” rating on the stock in a report on Thursday. JPMorgan Chase & Co. reduced their target price on Biogen from $270.00 to $240.00 and set a “neutral” rating for the company in a report on Thursday, April 11th. Royal Bank of Canada restated an “outperform” rating and issued a $364.00 price objective on shares of Biogen in a research report on Tuesday, March 5th. Truist Financial reaffirmed a “buy” rating and set a $340.00 target price on shares of Biogen in a report on Monday, March 25th. Finally, Mizuho reduced their price target on shares of Biogen from $355.00 to $277.00 and set a “buy” rating for the company in a research report on Thursday, February 22nd. Ten analysts have rated the stock with a hold rating and eighteen have given a buy rating to the company’s stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $293.88.

Biogen Stock Performance

Shares of BIIB opened at $202.46 on Friday. The stock’s fifty day moving average price is $212.76 and its two-hundred day moving average price is $234.17. Biogen has a 1 year low of $189.44 and a 1 year high of $319.76. The firm has a market cap of $29.43 billion, a PE ratio of 25.28, a PEG ratio of 1.92 and a beta of -0.02. The company has a debt-to-equity ratio of 0.41, a current ratio of 2.10 and a quick ratio of 1.26.

Institutional Inflows and Outflows

Institutional investors have recently modified their holdings of the business. ICICI Prudential Asset Management Co Ltd increased its stake in shares of Biogen by 15.0% during the fourth quarter. ICICI Prudential Asset Management Co Ltd now owns 35,989 shares of the biotechnology company’s stock valued at $9,313,000 after purchasing an additional 4,693 shares in the last quarter. Boone Capital Management LLC grew its stake in shares of Biogen by 52.9% in the third quarter. Boone Capital Management LLC now owns 96,115 shares of the biotechnology company’s stock worth $24,703,000 after acquiring an additional 33,238 shares during the last quarter. iA Global Asset Management Inc. increased its holdings in shares of Biogen by 35.2% during the third quarter. iA Global Asset Management Inc. now owns 12,071 shares of the biotechnology company’s stock valued at $3,102,000 after acquiring an additional 3,145 shares in the last quarter. Illinois Municipal Retirement Fund raised its position in shares of Biogen by 13.8% in the 3rd quarter. Illinois Municipal Retirement Fund now owns 68,391 shares of the biotechnology company’s stock worth $17,577,000 after purchasing an additional 8,291 shares during the last quarter. Finally, Dynamic Advisor Solutions LLC raised its position in shares of Biogen by 6.2% in the 4th quarter. Dynamic Advisor Solutions LLC now owns 4,850 shares of the biotechnology company’s stock worth $1,251,000 after purchasing an additional 285 shares during the last quarter. 87.93% of the stock is currently owned by institutional investors.

Insider Activity

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

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.