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

Biogen Inc. (NASDAQ:BIIB - Free Report) - Wedbush cut their Q3 2024 earnings per share estimates for Biogen in a research note issued to investors on Sunday, September 22nd. Wedbush analyst L. Chico now anticipates that the biotechnology company will post earnings per share of $3.38 for the quarter, down from their prior forecast of $3.44. Wedbush has a "Neutral" rating and a $205.00 price target 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.

Biogen (NASDAQ:BIIB - Get Free Report) last released its quarterly earnings results on Thursday, August 1st. The biotechnology company reported $5.28 EPS for the quarter, beating analysts' consensus estimates of $4.00 by $1.28. Biogen had a return on equity of 15.71% and a net margin of 11.98%. The company had revenue of $2.47 billion during the quarter, compared to analysts' expectations of $2.39 billion. During the same period last year, the business posted $4.02 earnings per share. The firm's revenue was up .4% compared to the same quarter last year.

Other research analysts have also recently issued research reports about the stock. Wells Fargo & Company decreased their price target on shares of Biogen from $240.00 to $225.00 and set an "equal weight" rating for the company in a report on Friday, August 2nd. Piper Sandler reduced their target price on Biogen from $335.00 to $313.00 and set an "overweight" rating for the company in a research note on Friday, July 12th. Mizuho dropped their price target on Biogen from $277.00 to $251.00 and set an "outperform" rating on the stock in a research note on Tuesday, August 6th. William Blair reissued an "outperform" rating on shares of Biogen in a report on Wednesday, July 3rd. Finally, Robert W. Baird decreased their target price on Biogen from $316.00 to $294.00 and set an "outperform" rating for the company in a report on Monday, July 29th. Eight analysts have rated the stock with a hold rating, seventeen have assigned a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and an average price target of $275.30.

Biogen Stock Performance

Shares of Biogen stock traded down $1.69 during midday trading on Tuesday, hitting $194.12. The company had a trading volume of 1,187,983 shares, compared to its average volume of 1,109,374. The company has a fifty day simple moving average of $206.18 and a 200 day simple moving average of $214.61. The stock has a market cap of $28.26 billion, a price-to-earnings ratio of 24.23, a PEG ratio of 2.01 and a beta of -0.06. The company has a quick ratio of 1.48, a current ratio of 2.29 and a debt-to-equity ratio of 0.40. Biogen has a 12-month low of $189.44 and a 12-month high of $269.43.

Hedge Funds Weigh In On Biogen

A number of hedge funds have recently made changes to their positions in BIIB. Dynamic Technology Lab Private Ltd acquired a new position in Biogen in the 4th quarter valued at $213,000. Corient Private Wealth LLC lifted its stake in shares of Biogen by 37.1% in the fourth 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. boosted its position in Biogen by 3.3% during the fourth quarter. Assetmark Inc. now owns 5,035 shares of the biotechnology company's stock worth $1,303,000 after acquiring an additional 161 shares during the last quarter. SageView Advisory Group LLC grew its stake in Biogen by 8.2% during the 4th quarter. SageView Advisory Group LLC now owns 951 shares of the biotechnology company's stock valued at $235,000 after acquiring an additional 72 shares in the last quarter. Finally, Nomura Asset Management Co. Ltd. raised its holdings in 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 acquiring an additional 1,495 shares during the last quarter. Institutional investors and hedge funds own 87.93% of the company's stock.

Insider Activity

In related news, insider Priya Singhal sold 431 shares of the business's stock in a transaction 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 sale, the insider now owns 5,316 shares of the company's stock, valued at approximately $1,085,633.52. The sale was disclosed in a legal filing with the SEC, which is available 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.