Wedbush Has Negative Forecast for Biogen FY2024 Earnings

Biogen Inc. (NASDAQ:BIIB) – Stock analysts at Wedbush decreased their FY2024 earnings per share (EPS) estimates for shares of Biogen in a note issued to investors on Thursday, January 23rd. Wedbush analyst L. Chico now forecasts that the biotechnology company will post earnings per share of $16.18 for the year, down from their prior forecast of $16.32. The consensus estimate for Biogen’s current full-year earnings is $16.41 per share. Wedbush also issued estimates for Biogen’s Q2 2025 earnings at $4.03 EPS, Q3 2025 earnings at $4.11 EPS, Q4 2025 earnings at $4.12 EPS, FY2025 earnings at $16.22 EPS, FY2026 earnings at $17.22 EPS, FY2027 earnings at $18.30 EPS and FY2029 earnings at $19.40 EPS.

A number of other analysts have also recently weighed in on the company. StockNews.com cut Biogen from a “strong-buy” rating to a “buy” rating in a research report on Saturday, December 28th. Jefferies Financial Group cut Biogen from a “buy” rating to a “hold” rating and cut their target price for the company from $250.00 to $180.00 in a research note on Monday, December 9th. Truist Financial reduced their price target on shares of Biogen from $302.00 to $220.00 and set a “buy” rating for the company in a report on Wednesday, January 8th. JPMorgan Chase & Co. dropped their price objective on shares of Biogen from $220.00 to $210.00 and set a “neutral” rating on the stock in a report on Monday, November 4th. Finally, Oppenheimer reduced their target price on shares of Biogen from $270.00 to $255.00 and set an “outperform” rating for the company in a research note on Thursday, October 31st. Sixteen analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of “Hold” and a consensus price target of $230.00.

Biogen Price Performance

BIIB opened at $148.76 on Monday. The company has a quick ratio of 0.80, a current ratio of 1.26 and a debt-to-equity ratio of 0.28. The company’s 50-day moving average price is $151.93 and its 200 day moving average price is $181.26. Biogen has a fifty-two week low of $139.71 and a fifty-two week high of $251.99. The firm has a market cap of $21.68 billion, a price-to-earnings ratio of 13.44, a price-to-earnings-growth ratio of 1.64 and a beta of -0.07.

Biogen (NASDAQ:BIIB) last released its earnings results on Wednesday, October 30th. The biotechnology company reported $4.08 earnings per share for the quarter, beating the consensus estimate of $3.77 by $0.31. Biogen had a net margin of 16.81% and a return on equity of 14.98%. The firm had revenue of $2.47 billion during the quarter, compared to analyst estimates of $2.43 billion. During the same quarter in the previous year, the firm earned $4.36 earnings per share. The firm’s revenue for the quarter was down 2.5% compared to the same quarter last year.

Hedge Funds Weigh In On Biogen

Hedge funds have recently made changes to their positions in the business. Public Sector Pension Investment Board lifted its stake in Biogen by 77.1% during the second quarter. Public Sector Pension Investment Board now owns 5,661 shares of the biotechnology company’s stock valued at $1,312,000 after purchasing an additional 2,465 shares during the last quarter. AQR Capital Management LLC lifted its position in shares of Biogen by 270.3% during the 2nd quarter. AQR Capital Management LLC now owns 23,557 shares of the biotechnology company’s stock valued at $5,461,000 after acquiring an additional 17,195 shares during the last quarter. Deerfield Management Company L.P. Series C bought a new stake in shares of Biogen during the 2nd quarter worth $216,000. MBB Public Markets I LLC acquired a new position in shares of Biogen in the 2nd quarter worth $2,424,000. Finally, Texas Capital Bank Wealth Management Services Inc acquired a new stake in shares of Biogen during the second quarter worth $236,000. Institutional investors and hedge funds own 87.93% of the company’s stock.

Biogen Company Profile

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.