Wedbush Predicts Biogen’s FY2024 Earnings (NASDAQ:BIIB)

Biogen Inc. (NASDAQ:BIIB) – Wedbush boosted their FY2024 earnings per share estimates for Biogen in a report released on Wednesday, October 30th. Wedbush analyst L. Chico now forecasts that the biotechnology company will post earnings per share of $16.32 for the year, up from their previous estimate of $16.30. Wedbush has a “Neutral” rating and a $205.00 price objective on the stock. The consensus estimate for Biogen’s current full-year earnings is $16.17 per share. Wedbush also issued estimates for Biogen’s FY2027 earnings at $18.33 EPS and FY2028 earnings at $18.96 EPS.

Biogen (NASDAQ:BIIB) last posted its earnings results on Wednesday, October 30th. The biotechnology company reported $4.08 EPS for the quarter, beating the consensus estimate of $3.77 by $0.31. The firm had revenue of $2.47 billion during the quarter, compared to the consensus estimate of $2.43 billion. Biogen had a return on equity of 14.98% and a net margin of 16.81%. The business’s quarterly revenue was down 2.5% on a year-over-year basis. During the same period last year, the company earned $4.36 earnings per share.

Several other brokerages have also recently weighed in on BIIB. StockNews.com raised Biogen from a “buy” rating to a “strong-buy” rating in a research note on Monday, September 2nd. 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. Raymond James reissued a “market perform” rating on shares of Biogen in a research note on Thursday, October 10th. Mizuho decreased their price target on Biogen from $277.00 to $251.00 and set an “outperform” rating for the company in a research note on Tuesday, August 6th. Finally, Royal Bank of Canada decreased their price target on Biogen from $292.00 to $269.00 and set an “outperform” rating for the company in a research note on Friday, October 4th. Ten investment analysts have rated the stock with a hold rating, sixteen 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 $262.83.

Biogen Price Performance

Biogen stock opened at $174.00 on Friday. The company has a market capitalization of $25.34 billion, a PE ratio of 15.72, a P/E/G ratio of 1.82 and a beta of -0.06. The stock has a 50-day moving average price of $193.34 and a two-hundred day moving average price of $209.53. The company has a current ratio of 1.26, a quick ratio of 1.48 and a debt-to-equity ratio of 0.28. Biogen has a 12 month low of $173.88 and a 12 month high of $268.30.

Institutional Trading of Biogen

A number of hedge funds have recently bought and sold shares of BIIB. Plato Investment Management Ltd lifted its holdings in Biogen by 82.8% during the first quarter. Plato Investment Management Ltd now owns 117 shares of the biotechnology company’s stock worth $25,000 after acquiring an additional 53 shares during the period. Itau Unibanco Holding S.A. bought a new stake in Biogen during the second quarter worth $33,000. EntryPoint Capital LLC bought a new stake in Biogen during the first quarter worth $36,000. Versant Capital Management Inc lifted its holdings in Biogen by 123.2% during the second quarter. Versant Capital Management Inc now owns 154 shares of the biotechnology company’s stock worth $36,000 after acquiring an additional 85 shares during the period. Finally, Blue Trust Inc. lifted its holdings in Biogen by 249.0% during the second quarter. Blue Trust Inc. now owns 178 shares of the biotechnology company’s stock worth $38,000 after acquiring an additional 127 shares during the period. 87.93% of the stock is currently owned by institutional investors.

Insider Activity

In other news, insider Priya Singhal sold 431 shares of the firm’s stock in a transaction that occurred on Tuesday, September 3rd. The stock was sold at an average price of $204.22, for a total value of $88,018.82. Following the transaction, the insider now owns 5,316 shares in the company, valued at $1,085,633.52. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Corporate insiders own 0.16% of the company’s stock.

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.