Biogen Inc. to Post Q2 2024 Earnings of $4.12 Per Share, Leerink Partnrs Forecasts (NASDAQ:BIIB)

Biogen Inc. (NASDAQ:BIIB) – Investment analysts at Leerink Partnrs cut their Q2 2024 earnings per share estimates for shares of Biogen in a report issued on Tuesday, July 9th. Leerink Partnrs analyst M. Goodman now forecasts that the biotechnology company will post earnings of $4.12 per share for the quarter, down from their prior estimate of $4.24. The consensus estimate for Biogen’s current full-year earnings is $15.63 per share. Leerink Partnrs also issued estimates for Biogen’s Q3 2024 earnings at $4.18 EPS and Q4 2024 earnings at $3.68 EPS.

A number of other equities research analysts have also issued reports on BIIB. UBS Group reduced their target price on Biogen from $250.00 to $214.00 and set a “neutral” rating on the stock in a research note on Wednesday, April 17th. Barclays reduced their target price on Biogen from $215.00 to $200.00 and set an “equal weight” rating on the stock in a research note on Thursday, April 25th. Truist Financial reaffirmed a “buy” rating and issued a $340.00 target price on shares of Biogen in a research note on Thursday, May 16th. Royal Bank of Canada reaffirmed an “outperform” rating and issued a $317.00 target price on shares of Biogen in a research note on Wednesday, June 26th. Finally, Needham & Company LLC reissued a “buy” rating and set a $294.00 price target on shares of Biogen in a research note on Friday, June 28th. Ten investment analysts have rated the stock with a hold rating and seventeen have given a buy rating to the company. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average target price of $286.00.

Biogen Price Performance

Shares of NASDAQ:BIIB opened at $230.06 on Friday. Biogen has a 12 month low of $189.44 and a 12 month high of $281.12. The company has a debt-to-equity ratio of 0.41, a current ratio of 2.10 and a quick ratio of 1.32. The business’s 50 day simple moving average is $226.50 and its 200-day simple moving average is $227.05. The firm has a market capitalization of $33.50 billion, a price-to-earnings ratio of 28.72, a price-to-earnings-growth ratio of 2.34 and a beta of -0.04.

Biogen (NASDAQ:BIIB) last announced its quarterly earnings results on Wednesday, April 24th. The biotechnology company reported $3.67 EPS for the quarter, topping the consensus estimate of $3.45 by $0.22. The business had revenue of $2.29 billion for the quarter, compared to analyst estimates of $2.31 billion. Biogen had a return on equity of 14.83% and a net margin of 12.07%. The company’s quarterly revenue was down 7.0% on a year-over-year basis. During the same quarter in the previous year, the company earned $3.40 EPS.

Institutional Trading of Biogen

Large investors have recently modified their holdings of the business. Livelsberger Financial Advisory acquired a new stake in shares of Biogen during the fourth quarter valued at about $26,000. Plato Investment Management Ltd grew its stake in shares of Biogen by 82.8% during the first quarter. Plato Investment Management Ltd now owns 117 shares of the biotechnology company’s stock valued at $25,000 after acquiring an additional 53 shares in the last quarter. Hexagon Capital Partners LLC grew its stake in shares of Biogen by 76.1% during the fourth quarter. Hexagon Capital Partners LLC now owns 118 shares of the biotechnology company’s stock valued at $31,000 after acquiring an additional 51 shares in the last quarter. Rise Advisors LLC acquired a new stake in shares of Biogen during the first quarter valued at about $27,000. Finally, CVA Family Office LLC acquired a new stake in shares of Biogen during the fourth quarter valued at about $36,000. 87.93% of the stock is currently 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.