Wedbush Comments on Biogen Inc.’s Q3 2024 Earnings (NASDAQ:BIIB)

Biogen Inc. (NASDAQ:BIIB) – Equities research analysts at Wedbush decreased their Q3 2024 earnings per share (EPS) estimates for Biogen in a research report issued to clients and investors on Sunday, September 22nd. Wedbush analyst L. Chico now forecasts that the biotechnology company will post earnings per share of $3.38 for the quarter, down from their previous forecast of $3.44. Wedbush currently has a “Neutral” rating and a $205.00 target price on the stock. The consensus estimate for Biogen’s current full-year earnings is $16.12 per share. Wedbush also issued estimates for Biogen’s Q4 2024 earnings at $3.55 EPS, Q1 2025 earnings at $3.31 EPS, Q2 2025 earnings at $3.17 EPS, Q3 2025 earnings at $3.58 EPS, Q4 2025 earnings at $3.75 EPS, FY2025 earnings at $13.82 EPS, FY2026 earnings at $16.84 EPS and FY2027 earnings at $17.69 EPS.

Several other research firms have also recently issued reports on BIIB. Scotiabank decreased their price target on Biogen from $275.00 to $244.00 and set a “sector outperform” rating for the company in a research note on Friday, August 2nd. Needham & Company LLC reissued a “buy” rating and set a $285.00 target price on shares of Biogen in a research note on Tuesday. Cantor Fitzgerald reaffirmed an “overweight” rating and issued a $292.00 price target on shares of Biogen in a research note on Monday, September 9th. Mizuho lowered their price objective on shares of Biogen from $277.00 to $251.00 and set an “outperform” rating on the stock in a research note on Tuesday, August 6th. Finally, Robert W. Baird decreased their price target on Biogen from $316.00 to $294.00 and set an “outperform” rating for the company in a research note on Monday, July 29th. Eight equities research analysts have rated the stock with a hold rating, seventeen have given a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, Biogen currently has a consensus rating of “Moderate Buy” and an average target price of $275.30.

Biogen Stock Down 0.9 %

BIIB stock opened at $194.12 on Tuesday. Biogen has a fifty-two week low of $189.44 and a fifty-two week high of $269.43. The company has a quick ratio of 1.48, a current ratio of 2.29 and a debt-to-equity ratio of 0.40. The stock has a market cap of $28.26 billion, a PE ratio of 24.23, a price-to-earnings-growth ratio of 2.01 and a beta of -0.06. The firm’s 50-day simple moving average is $206.18 and its 200 day simple moving average is $214.61.

Biogen (NASDAQ:BIIB) last posted its quarterly earnings results on Thursday, August 1st. The biotechnology company reported $5.28 EPS for the quarter, beating the consensus estimate of $4.00 by $1.28. The business had revenue of $2.47 billion during the quarter, compared to analyst estimates of $2.39 billion. Biogen had a net margin of 11.98% and a return on equity of 15.71%. The company’s quarterly revenue was up .4% on a year-over-year basis. During the same period in the previous year, the business posted $4.02 EPS.

Institutional Trading of Biogen

A number of hedge funds and other institutional investors have recently made changes to their positions in BIIB. Dynamic Technology Lab Private Ltd acquired a new stake in Biogen in the 4th quarter valued at about $213,000. Corient Private Wealth LLC lifted its holdings in Biogen by 37.1% during the 4th quarter. Corient Private Wealth LLC now owns 31,212 shares of the biotechnology company’s stock worth $8,077,000 after buying an additional 8,453 shares in the last quarter. Assetmark Inc. lifted its holdings in Biogen by 3.3% during the 4th quarter. Assetmark Inc. now owns 5,035 shares of the biotechnology company’s stock worth $1,303,000 after buying an additional 161 shares in the last quarter. SageView Advisory Group LLC boosted its position in Biogen by 8.2% in the 4th quarter. SageView Advisory Group LLC now owns 951 shares of the biotechnology company’s stock valued at $235,000 after buying an additional 72 shares during the last quarter. Finally, Nomura Asset Management Co. Ltd. increased its stake in shares of Biogen by 2.1% in the 4th quarter. Nomura Asset Management Co. Ltd. now owns 71,695 shares of the biotechnology company’s stock valued at $18,553,000 after buying an additional 1,495 shares during the period. 87.93% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity at Biogen

In other Biogen news, insider Priya Singhal sold 431 shares of Biogen stock in a transaction 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 transaction, the insider now directly owns 5,316 shares of the company’s stock, valued at $1,085,633.52. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. 0.16% of the stock is owned by 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.