Biogen Inc. to Post Q3 2024 Earnings of $4.17 Per Share, William Blair Forecasts (NASDAQ:BIIB)

Biogen Inc. (NASDAQ:BIIB) – Research analysts at William Blair boosted their Q3 2024 earnings per share estimates for shares of Biogen in a research report issued to clients and investors on Thursday, April 25th. William Blair analyst M. Minter now expects that the biotechnology company will post earnings per share of $4.17 for the quarter, up from their prior estimate of $3.64. William Blair has a “Outperform” rating on the stock. The consensus estimate for Biogen’s current full-year earnings is $15.57 per share. William Blair also issued estimates for Biogen’s Q4 2024 earnings at $4.24 EPS, FY2024 earnings at $15.88 EPS, Q1 2025 earnings at $4.26 EPS, Q2 2025 earnings at $4.16 EPS, FY2025 earnings at $16.87 EPS and FY2026 earnings at $17.13 EPS.

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. Biogen had a return on equity of 14.83% and a net margin of 12.07%. The firm had revenue of $2.29 billion during the quarter, compared to the consensus estimate of $2.31 billion. During the same period last year, the company earned $3.40 earnings per share. The company’s revenue for the quarter was down 7.0% on a year-over-year basis.

Other research analysts have also recently issued reports about the stock. Truist Financial reissued a “buy” rating and set a $340.00 price target on shares of Biogen in a report on Monday, March 25th. Oppenheimer reissued an “outperform” rating and issued a $270.00 price target on shares of Biogen in a report on Monday. Mizuho dropped their price objective on Biogen from $355.00 to $277.00 and set a “buy” rating on the stock in a report on Thursday, February 22nd. UBS Group cut their price objective on Biogen from $250.00 to $214.00 and set a “neutral” rating for the company in a research report on Wednesday, April 17th. Finally, BMO Capital Markets decreased their target price on shares of Biogen from $295.00 to $285.00 and set an “outperform” rating on the stock in a research report on Wednesday, February 14th. Ten analysts have rated the stock with a hold rating and eighteen have assigned a buy rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average price target of $293.88.

Biogen Stock Down 0.3 %

Shares of Biogen stock opened at $214.82 on Monday. The company has a market cap of $31.28 billion, a P/E ratio of 26.82, a PEG ratio of 2.13 and a beta of -0.02. The firm has a fifty day moving average of $212.40 and a two-hundred day moving average of $232.69. The company has a debt-to-equity ratio of 0.41, a quick ratio of 1.32 and a current ratio of 2.10. Biogen has a one year low of $189.44 and a one year high of $319.76.

Insider Transactions at Biogen

In related news, insider Priya Singhal sold 262 shares of the business’s stock in a transaction dated Thursday, February 22nd. The shares were sold at an average price of $221.23, for a total value of $57,962.26. Following the completion of the transaction, the insider now owns 4,886 shares of the company’s stock, valued at approximately $1,080,929.78. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. In other Biogen news, insider Priya Singhal sold 262 shares of Biogen stock in a transaction that occurred 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 completion of the sale, the insider now directly owns 4,886 shares of the company’s stock, valued at approximately $1,080,929.78. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Eric K. Rowinsky purchased 455 shares of the business’s stock in a transaction on Thursday, February 15th. The stock was acquired at an average price of $222.54 per share, with a total value of $101,255.70. Following the completion of 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. Insiders sold a total of 882 shares of company stock valued at $202,030 over the last three months. 0.60% of the stock is currently owned by insiders.

Institutional Trading of Biogen

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

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.