Leerink Partnrs Comments on Biogen Inc.’s FY2024 Earnings (NASDAQ:BIIB)

Biogen Inc. (NASDAQ:BIIB) – Analysts at Leerink Partnrs raised their FY2024 earnings estimates for Biogen in a report released on Tuesday, July 9th. Leerink Partnrs analyst M. Goodman now anticipates that the biotechnology company will earn $15.65 per share for the year, up from their prior forecast of $15.60. The consensus estimate for Biogen’s current full-year earnings is $15.63 per share. Leerink Partnrs also issued estimates for Biogen’s FY2025 earnings at $18.00 EPS, FY2026 earnings at $19.80 EPS, FY2027 earnings at $21.30 EPS and FY2028 earnings at $23.20 EPS.

Several other analysts have also commented on the stock. HSBC raised their price target on shares of Biogen from $339.00 to $342.00 and gave the company a “buy” rating in a research report on Friday, May 3rd. Truist Financial restated a “buy” rating and set a $340.00 price target on shares of Biogen in a research report on Thursday, May 16th. Wedbush increased their price objective on shares of Biogen from $213.00 to $215.00 and gave the company a “neutral” rating in a report on Thursday, April 25th. Barclays decreased their price objective on shares of Biogen from $215.00 to $200.00 and set an “equal weight” rating on the stock in a report on Thursday, April 25th. Finally, Bank of America decreased their price objective on shares of Biogen from $280.00 to $260.00 and set a “neutral” rating on the stock in a report on Friday, April 12th. Ten investment analysts have rated the stock with a hold rating and seventeen have assigned a buy rating to the company. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average price target of $286.50.

Biogen Stock Up 1.7 %

BIIB stock opened at $236.80 on Thursday. The firm has a market cap of $34.48 billion, a PE ratio of 29.56, a P/E/G ratio of 2.30 and a beta of -0.04. The company has a debt-to-equity ratio of 0.41, a quick ratio of 1.32 and a current ratio of 2.10. The firm’s fifty day moving average is $226.25 and its 200 day moving average is $227.24. Biogen has a one year low of $189.44 and a one year high of $281.68.

Biogen (NASDAQ:BIIB) last released its quarterly earnings data on Wednesday, April 24th. The biotechnology company reported $3.67 earnings per share for the quarter, topping analysts’ consensus estimates of $3.45 by $0.22. The firm 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 business’s quarterly revenue was down 7.0% compared to the same quarter last year. During the same quarter in the prior year, the business earned $3.40 earnings per share.

Hedge Funds Weigh In On Biogen

A number of institutional investors have recently bought and sold shares of the company. CX Institutional purchased a new position in Biogen during the second quarter worth about $233,000. Valeo Financial Advisors LLC raised its stake in Biogen by 40.7% during the second quarter. Valeo Financial Advisors LLC now owns 1,986 shares of the biotechnology company’s stock worth $460,000 after purchasing an additional 574 shares during the period. Linden Thomas Advisory Services LLC raised its stake in Biogen by 39.4% during the second quarter. Linden Thomas Advisory Services LLC now owns 7,486 shares of the biotechnology company’s stock worth $1,735,000 after purchasing an additional 2,115 shares during the period. CWM LLC raised its stake in Biogen by 1.7% during the second quarter. CWM LLC now owns 3,765 shares of the biotechnology company’s stock worth $873,000 after purchasing an additional 62 shares during the period. Finally, CVA Family Office LLC increased its position in shares of Biogen by 120.4% during the second quarter. CVA Family Office LLC now owns 313 shares of the biotechnology company’s stock valued at $73,000 after acquiring an additional 171 shares during the last quarter. 87.93% of the stock is owned by hedge funds and other institutional investors.

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.