Wedbush Equities Analysts Decrease Earnings Estimates for Biogen Inc. (NASDAQ:BIIB)

Biogen Inc. (NASDAQ:BIIB) – Investment analysts at Wedbush dropped their Q1 2024 earnings per share estimates for Biogen in a report issued on Wednesday, April 17th. Wedbush analyst L. Chico now anticipates that the biotechnology company will post earnings of $3.25 per share for the quarter, down from their prior estimate of $3.26. Wedbush currently has a “Neutral” rating and a $213.00 price target on the stock. The consensus estimate for Biogen’s current full-year earnings is $15.48 per share. Wedbush also issued estimates for Biogen’s Q4 2024 earnings at $4.11 EPS, FY2025 earnings at $15.01 EPS, FY2026 earnings at $17.93 EPS, FY2027 earnings at $19.93 EPS and FY2028 earnings at $19.80 EPS.

Several other research analysts also recently issued reports on BIIB. Cantor Fitzgerald reiterated an “overweight” rating and set a $311.00 price target on shares of Biogen in a report on Tuesday, February 20th. StockNews.com downgraded Biogen from a “buy” rating to a “hold” rating in a report on Tuesday, February 20th. JPMorgan Chase & Co. cut their price objective on shares of Biogen from $270.00 to $240.00 and set a “neutral” rating on the stock in a research report on Thursday, April 11th. UBS Group cut their price objective on shares of Biogen from $250.00 to $214.00 and set a “neutral” rating on the stock in a research report on Wednesday. Finally, Robert W. Baird dropped their price target on shares of Biogen from $333.00 to $316.00 and set an “outperform” rating on the stock in a research report on Wednesday, February 14th. Ten equities research analysts have rated the stock with a hold rating and eighteen have assigned a buy rating to the company. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average price target of $296.35.

Biogen Trading Down 0.9 %

Shares of BIIB stock opened at $190.52 on Friday. The stock has a 50 day simple moving average of $216.17 and a 200 day simple moving average of $236.24. The company has a current ratio of 2.00, a quick ratio of 1.26 and a debt-to-equity ratio of 0.46. Biogen has a 1 year low of $189.52 and a 1 year high of $319.76. The stock has a market cap of $27.69 billion, a P/E ratio of 23.87, a price-to-earnings-growth ratio of 1.83 and a beta of -0.02.

Biogen (NASDAQ:BIIB) last announced its quarterly earnings results on Tuesday, February 13th. The biotechnology company reported $2.95 earnings per share for the quarter, missing analysts’ consensus estimates of $3.18 by ($0.23). Biogen had a return on equity of 14.91% and a net margin of 11.81%. The business had revenue of $2.39 billion for the quarter, compared to analyst estimates of $2.47 billion. During the same period last year, the firm earned $4.05 EPS.

Insider Transactions at Biogen

In other news, Director Eric K. Rowinsky acquired 455 shares of the business’s stock in a transaction dated Thursday, February 15th. The shares were purchased at an average price of $222.54 per share, with a total value of $101,255.70. Following the transaction, the director now directly owns 20,629 shares in the company, valued at $4,590,777.66. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. In other Biogen news, insider Priya Singhal sold 262 shares of Biogen stock in a transaction that occurred on Thursday, February 22nd. The shares were sold at an average price of $221.23, for a total transaction of $57,962.26. Following the completion of the sale, the insider now directly owns 4,886 shares in the company, valued at approximately $1,080,929.78. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, Director Eric K. Rowinsky acquired 455 shares of the firm’s stock in a transaction on Thursday, February 15th. The shares were acquired at an average price of $222.54 per share, with a total value of $101,255.70. Following the completion of the purchase, the director now owns 20,629 shares in the company, valued at approximately $4,590,777.66. The disclosure for this purchase can be found here. Insiders have sold a total of 882 shares of company stock valued at $202,030 in the last 90 days. Insiders own 0.60% of the company’s stock.

Institutional Trading of Biogen

Several institutional investors and hedge funds have recently bought and sold shares of the business. Altshuler Shaham Ltd purchased a new stake in Biogen during the fourth quarter worth $25,000. Livelsberger Financial Advisory purchased a new stake in Biogen during the fourth quarter worth $26,000. OFI Invest Asset Management purchased a new stake in Biogen during the third quarter worth $26,000. Gladius Capital Management LP purchased a new stake in Biogen during the third quarter worth $28,000. Finally, Hexagon Capital Partners LLC boosted its holdings in Biogen by 76.1% during the fourth quarter. Hexagon Capital Partners LLC now owns 118 shares of the biotechnology company’s stock worth $31,000 after buying an additional 51 shares in the last quarter. 87.93% of the stock is currently owned by institutional investors and hedge funds.

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.