Leerink Partnrs Estimates Biogen’s Q3 Earnings (NASDAQ:BIIB)

Biogen Inc. (NASDAQ:BIIB) – Equities researchers at Leerink Partnrs cut their Q3 2024 earnings per share (EPS) estimates for Biogen in a research note issued to investors on Tuesday, October 15th. Leerink Partnrs analyst M. Goodman now forecasts that the biotechnology company will earn $3.80 per share for the quarter, down from their previous forecast of $4.27. The consensus estimate for Biogen’s current full-year earnings is $16.13 per share. Leerink Partnrs also issued estimates for Biogen’s Q4 2024 earnings at $3.35 EPS.

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

BIIB has been the subject of several other reports. Needham & Company LLC reaffirmed a “buy” rating and issued a $285.00 price target on shares of Biogen in a research note on Tuesday, September 24th. Scotiabank dropped their price target on Biogen from $275.00 to $244.00 and set a “sector outperform” rating on the stock in a research note on Friday, August 2nd. UBS Group reduced their price objective on Biogen from $234.00 to $202.00 and set a “neutral” rating for the company in a research note on Thursday, October 3rd. Piper Sandler lowered their target price on Biogen from $335.00 to $313.00 and set an “overweight” rating on the stock in a research report on Friday, July 12th. Finally, Wedbush reduced their price target on shares of Biogen from $210.00 to $205.00 and set a “neutral” rating for the company in a research report on Monday, September 23rd. Nine equities research analysts have rated the stock with a hold rating, sixteen have given a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $271.39.

Biogen Trading Up 0.3 %

Shares of BIIB stock opened at $190.16 on Friday. The company has a market cap of $27.69 billion, a P/E ratio of 23.74, a PEG ratio of 1.87 and a beta of -0.06. Biogen has a fifty-two week low of $181.31 and a fifty-two week high of $268.30. The stock has a 50 day simple moving average of $197.09 and a two-hundred day simple moving average of $210.90. The company has a debt-to-equity ratio of 0.40, a quick ratio of 1.48 and a current ratio of 2.29.

Hedge Funds Weigh In On Biogen

Hedge funds have recently bought and sold shares of the company. KCM Investment Advisors LLC increased its holdings in shares of Biogen by 1.7% in the first quarter. KCM Investment Advisors LLC now owns 2,953 shares of the biotechnology company’s stock worth $637,000 after purchasing an additional 48 shares during the period. First Horizon Advisors Inc. boosted its position in shares of Biogen by 39.8% during the 2nd quarter. First Horizon Advisors Inc. now owns 172 shares of the biotechnology company’s stock valued at $40,000 after acquiring an additional 49 shares during the last quarter. TFB Advisors LLC grew its holdings in shares of Biogen by 2.1% during the first quarter. TFB Advisors LLC now owns 2,450 shares of the biotechnology company’s stock worth $530,000 after purchasing an additional 50 shares in the last quarter. QRG Capital Management Inc. grew its holdings in shares of Biogen by 2.0% during the first quarter. QRG Capital Management Inc. now owns 2,634 shares of the biotechnology company’s stock worth $568,000 after purchasing an additional 51 shares in the last quarter. Finally, Plato Investment Management Ltd raised its stake in Biogen by 82.8% in the first quarter. Plato Investment Management Ltd now owns 117 shares of the biotechnology company’s stock valued at $25,000 after purchasing an additional 53 shares in the last quarter. Hedge funds and other institutional investors own 87.93% of the company’s stock.

Insider Activity

In related news, insider Priya Singhal sold 431 shares of Biogen stock in a transaction that occurred on Tuesday, September 3rd. The shares were sold at an average price of $204.22, for a total value of $88,018.82. Following the completion of the transaction, the insider now directly owns 5,316 shares in the company, valued at approximately $1,085,633.52. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Insiders own 0.16% of the company’s stock.

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.