Brokers Set Expectations for Biogen Inc.’s Q1 2024 Earnings (NASDAQ:BIIB)
Biogen Inc. (NASDAQ:BIIB – Free Report) – Analysts at Zacks Research dropped their Q1 2024 earnings per share (EPS) estimates for shares of Biogen in a research note issued to investors on Friday, February 23rd. Zacks Research analyst S. Ganoria now anticipates that the biotechnology company will post earnings of $3.26 per share for the quarter, down from their prior forecast of $3.65. The consensus estimate for Biogen’s current full-year earnings is $15.48 per share. Zacks Research also issued estimates for Biogen’s Q2 2024 earnings at $4.11 EPS, Q3 2024 earnings at $4.18 EPS, FY2024 earnings at $15.39 EPS, Q2 2025 earnings at $4.67 EPS, Q3 2025 earnings at $5.02 EPS, Q4 2025 earnings at $4.72 EPS and FY2026 earnings at $17.06 EPS.
Biogen (NASDAQ:BIIB – Get Free Report) last released its quarterly earnings data on Tuesday, February 13th. The biotechnology company reported $2.95 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $3.18 by ($0.23). Biogen had a net margin of 11.81% and a return on equity of 14.91%. The company had revenue of $2.39 billion for the quarter, compared to analyst estimates of $2.47 billion. During the same quarter in the prior year, the firm earned $4.05 EPS.
BIIB has been the subject of a number of other research reports. Morgan Stanley boosted their price objective on Biogen from $361.00 to $373.00 and gave the company an “overweight” rating in a research report on Friday, November 10th. Canaccord Genuity Group reduced their price target on Biogen from $310.00 to $305.00 and set a “buy” rating for the company in a research report on Tuesday, February 20th. Bank Of America (Bofa) reduced their price target on Biogen from $290.00 to $280.00 and set a “neutral” rating for the company in a research report on Monday, February 12th. HC Wainwright reiterated a “buy” rating and set a $325.00 price target on shares of Biogen in a research report on Wednesday, February 14th. Finally, UBS Group reduced their price target on Biogen from $276.00 to $250.00 and set a “neutral” rating for the company in a research report on Friday, February 16th. Nine research analysts have rated the stock with a hold rating and nineteen have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average price target of $305.68.
Check Out Our Latest Report on Biogen
Biogen Trading Up 0.4 %
NASDAQ:BIIB opened at $223.32 on Monday. Biogen has a 12-month low of $215.68 and a 12-month high of $319.76. The firm has a market capitalization of $32.46 billion and a P/E ratio of 27.98. The company has a debt-to-equity ratio of 0.46, a current ratio of 2.00 and a quick ratio of 1.26. The business has a 50 day simple moving average of $245.80 and a 200 day simple moving average of $249.25.
Institutional Investors Weigh In On Biogen
Large investors have recently made changes to their positions in the company. Altshuler Shaham Ltd bought a new stake in shares of Biogen in the 4th quarter valued at approximately $25,000. OFI Invest Asset Management bought a new stake in shares of Biogen in the 3rd quarter valued at approximately $26,000. Gladius Capital Management LP bought a new stake in shares of Biogen in the 3rd quarter valued at approximately $28,000. KB Financial Partners LLC grew its stake in shares of Biogen by 105.1% in the 3rd quarter. KB Financial Partners LLC now owns 121 shares of the biotechnology company’s stock valued at $31,000 after buying an additional 62 shares in the last quarter. Finally, Hexagon Capital Partners LLC grew its stake in shares of Biogen by 76.1% in the 4th quarter. Hexagon Capital Partners LLC now owns 118 shares of the biotechnology company’s stock valued at $31,000 after buying an additional 51 shares in the last quarter. Institutional investors own 85.99% of the company’s stock.
Insider Buying and Selling at Biogen
In other Biogen news, insider Priya Singhal sold 110 shares of Biogen stock in a transaction dated Monday, December 11th. The stock was sold at an average price of $248.00, for a total transaction of $27,280.00. Following the transaction, the insider now owns 3,464 shares of the company’s stock, valued at approximately $859,072. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. In other Biogen news, Director Eric K. Rowinsky bought 455 shares of the stock in a transaction on Thursday, February 15th. The shares were bought at an average price of $222.54 per share, with a total value of $101,255.70. Following the purchase, the director now directly owns 20,629 shares in the company, valued at approximately $4,590,777.66. The acquisition was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, insider Priya Singhal sold 110 shares of the business’s stock in a transaction that occurred on Monday, December 11th. The shares were sold at an average price of $248.00, for a total value of $27,280.00. Following the completion of the sale, the insider now directly owns 3,464 shares of the company’s stock, valued at approximately $859,072. The disclosure for this sale can be found here. Insiders have sold a total of 637 shares of company stock valued at $151,530 in the last 90 days. 0.60% of the stock is currently owned by corporate insiders.
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.
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