Wedbush Predicts Biogen’s FY2024 Earnings (NASDAQ:BIIB)

Biogen Inc. (NASDAQ:BIIB) – Equities researchers at Wedbush upped their FY2024 earnings per share estimates for shares of Biogen in a research note issued on Wednesday, October 30th. Wedbush analyst L. Chico now expects that the biotechnology company will earn $16.32 per share for the year, up from their prior forecast of $16.30. Wedbush has a “Neutral” rating and a $205.00 price objective on the stock. The consensus estimate for Biogen’s current full-year earnings is $16.17 per share. Wedbush also issued estimates for Biogen’s FY2027 earnings at $18.33 EPS and FY2028 earnings at $18.96 EPS.

Biogen (NASDAQ:BIIB) last issued its quarterly earnings data on Wednesday, October 30th. The biotechnology company reported $4.08 EPS for the quarter, beating analysts’ consensus estimates of $3.77 by $0.31. Biogen had a return on equity of 14.98% and a net margin of 16.81%. The firm had revenue of $2.47 billion for the quarter, compared to analyst estimates of $2.43 billion. During the same period in the prior year, the firm posted $4.36 EPS. The company’s revenue for the quarter was down 2.5% on a year-over-year basis.

A number of other research firms also recently weighed in on BIIB. Truist Financial reiterated a “buy” rating and set a $302.00 target price (down from $340.00) on shares of Biogen in a research report on Monday, August 5th. Scotiabank cut their target price on Biogen from $275.00 to $244.00 and set a “sector outperform” rating for the company in a research report on Friday, August 2nd. Morgan Stanley downgraded Biogen from an “overweight” rating to an “equal weight” rating and cut their target price for the company from $285.00 to $204.00 in a research report on Thursday. Cantor Fitzgerald reiterated an “overweight” rating and set a $292.00 target price on shares of Biogen in a research report on Monday, September 9th. Finally, Needham & Company LLC restated a “buy” rating and set a $270.00 price objective on shares of Biogen in a research report on Wednesday. Ten equities research analysts have rated the stock with a hold rating, sixteen have assigned a buy rating and one has issued a strong buy rating to the company. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus price target of $262.83.

Biogen Stock Performance

NASDAQ:BIIB opened at $173.79 on Friday. The stock has a fifty day moving average price of $192.71 and a 200-day moving average price of $209.37. The company has a market cap of $25.31 billion, a price-to-earnings ratio of 15.70, a PEG ratio of 1.82 and a beta of -0.06. The company has a debt-to-equity ratio of 0.28, a quick ratio of 1.48 and a current ratio of 1.26. Biogen has a fifty-two week low of $173.14 and a fifty-two week high of $268.30.

Insider Activity

In related news, insider Priya Singhal sold 431 shares of the firm’s stock in a transaction that occurred on Tuesday, September 3rd. The stock was sold at an average price of $204.22, for a total transaction of $88,018.82. Following the completion of the sale, the insider now owns 5,316 shares of the company’s stock, valued at $1,085,633.52. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Insiders own 0.16% of the company’s stock.

Institutional Investors Weigh In On Biogen

A number of hedge funds have recently added to or reduced their stakes in the company. Sumitomo Mitsui Trust Holdings Inc. lifted its holdings in shares of Biogen by 0.9% in the first quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 386,482 shares of the biotechnology company’s stock valued at $83,337,000 after purchasing an additional 3,380 shares in the last quarter. Norden Group LLC lifted its holdings in shares of Biogen by 25.2% in the first quarter. Norden Group LLC now owns 1,440 shares of the biotechnology company’s stock valued at $311,000 after purchasing an additional 290 shares in the last quarter. Private Advisor Group LLC lifted its holdings in shares of Biogen by 4.9% in the first quarter. Private Advisor Group LLC now owns 4,833 shares of the biotechnology company’s stock valued at $1,042,000 after purchasing an additional 224 shares in the last quarter. Mission Wealth Management LP lifted its holdings in shares of Biogen by 3.8% in the first quarter. Mission Wealth Management LP now owns 1,826 shares of the biotechnology company’s stock valued at $394,000 after purchasing an additional 66 shares in the last quarter. Finally, Moloney Securities Asset Management LLC bought a new position in shares of Biogen in the first quarter valued at approximately $301,000. Institutional investors and hedge funds own 87.93% 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.