FY2024 EPS Estimates for Biogen Inc. Lowered by Analyst (NASDAQ:BIIB)

Biogen Inc. (NASDAQ:BIIB - Free Report) - Equities researchers at Wedbush lowered their FY2024 earnings estimates for shares of 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 $15.89 for the year, down from their previous forecast of $16.03. Wedbush currently has a "Neutral" rating and a $205.00 price objective on the stock. The consensus estimate for Biogen's current full-year earnings is $16.12 per share. Wedbush also issued estimates for Biogen's FY2028 earnings at $17.99 EPS.

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

BIIB has been the subject of a number of other reports. Piper Sandler reduced their price objective on shares of Biogen from $335.00 to $313.00 and set an "overweight" rating for the company in a research note on Friday, July 12th. Barclays reduced their price objective on shares of Biogen from $200.00 to $190.00 and set an "equal weight" rating for the company in a research note on Friday, August 2nd. Truist Financial reiterated a "buy" rating and issued a $302.00 price objective (down from $340.00) on shares of Biogen in a research note on Monday, August 5th. Wells Fargo & Company reduced their price objective on shares of Biogen from $240.00 to $225.00 and set an "equal weight" rating for the company in a research note on Friday, August 2nd. Finally, Scotiabank reduced their price objective on shares of Biogen from $275.00 to $244.00 and set a "sector outperform" rating for the company in a research note on Friday, August 2nd. Eight research analysts have rated the stock with a hold rating, seventeen have given a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and a consensus price target of $275.30.

Biogen Stock Performance

Biogen stock traded down $5.05 during mid-day trading on Wednesday, reaching $189.07. The company's stock had a trading volume of 1,541,139 shares, compared to its average volume of 1,111,707. Biogen has a 12-month low of $188.78 and a 12-month high of $269.43. The company has a market capitalization of $27.54 billion, a P/E ratio of 23.62, a PEG ratio of 1.97 and a beta of -0.06. The company has a debt-to-equity ratio of 0.40, a quick ratio of 1.48 and a current ratio of 2.29. The firm's fifty day moving average price is $206.18 and its two-hundred day moving average price is $214.61.

Institutional Trading of Biogen

Institutional investors have recently added to or reduced their stakes in the business. Plato Investment Management Ltd boosted its holdings in shares of 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 purchasing an additional 53 shares during the period. Livelsberger Financial Advisory purchased a new stake in shares of Biogen during the fourth quarter worth about $26,000. Rise Advisors LLC purchased a new stake in shares of Biogen during the first quarter worth about $27,000. Itau Unibanco Holding S.A. purchased a new stake in shares of Biogen during the second quarter worth about $33,000. Finally, EntryPoint Capital LLC purchased a new stake in shares of Biogen during the first quarter worth about $36,000. 87.93% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling at Biogen

In other Biogen news, insider Priya Singhal sold 431 shares of the company's stock in a transaction dated Tuesday, September 3rd. The shares were sold at an average price of $204.22, for a total transaction of $88,018.82. Following the completion of the sale, the insider now directly owns 5,316 shares in the company, valued at $1,085,633.52. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. Company 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.