Q3 Earnings Forecast for Biogen Issued By Leerink Partnrs

Biogen Inc. (NASDAQ:BIIB - Free Report) - Research analysts at Leerink Partnrs reduced their Q3 2024 EPS estimates for shares of Biogen in a research note issued to investors on Tuesday, October 15th. Leerink Partnrs analyst M. Goodman now anticipates that the biotechnology company will post earnings per share of $3.80 for the quarter, down from their prior estimate 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.

A number of other analysts have also commented on BIIB. Wells Fargo & Company reduced their price target 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. Piper Sandler reduced their price target 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. StockNews.com raised shares of Biogen from a "buy" rating to a "strong-buy" rating in a report on Monday, September 2nd. William Blair reissued an "outperform" rating on shares of Biogen in a report on Wednesday, July 3rd. Finally, Barclays dropped their price objective on shares of Biogen from $200.00 to $190.00 and set an "equal weight" rating on the stock in a report on Friday, August 2nd. Nine analysts have rated the stock with a hold rating, sixteen have issued a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, Biogen presently has an average rating of "Moderate Buy" and a consensus price target of $271.39.

Biogen Stock Performance

Shares of BIIB stock traded up $0.61 during trading hours on Friday, reaching $190.16. The company had a trading volume of 928,129 shares, compared to its average volume of 1,121,384. The business has a fifty day moving average price of $197.32 and a 200-day moving average price of $211.05. Biogen has a one year low of $181.31 and a one year high of $268.30. The firm has a market cap of $27.69 billion, a PE ratio of 23.74, a price-to-earnings-growth ratio of 1.87 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.

Biogen (NASDAQ:BIIB - Get Free Report) last released its quarterly earnings data on Thursday, August 1st. The biotechnology company reported $5.28 earnings per share for the quarter, beating analysts' consensus estimates of $4.00 by $1.28. The business had revenue of $2.47 billion during the quarter, compared to analyst estimates 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% compared to the same quarter last year. During the same period last year, the business earned $4.02 EPS.

Institutional Investors Weigh In On Biogen

Large investors have recently bought and sold shares of the business. Duality Advisers LP bought a new position in Biogen during the first quarter valued at $1,290,000. Tocqueville Asset Management L.P. increased its position in Biogen by 924.4% during the first quarter. Tocqueville Asset Management L.P. now owns 46,200 shares of the biotechnology company's stock valued at $9,962,000 after acquiring an additional 41,690 shares during the last quarter. Sumitomo Mitsui Trust Holdings Inc. increased its position in Biogen by 0.9% during the first quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 386,482 shares of the biotechnology company's stock valued at $83,337,000 after acquiring an additional 3,380 shares during the last quarter. Cetera Investment Advisers increased its position in Biogen by 235.1% during the first quarter. Cetera Investment Advisers now owns 14,860 shares of the biotechnology company's stock valued at $3,204,000 after acquiring an additional 10,425 shares during the last quarter. Finally, M&G Plc bought a new position in Biogen during the first quarter valued at $1,856,000. Institutional investors own 87.93% of the company's stock.

Insider Buying and Selling

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 sale, the insider now owns 5,316 shares in the company, valued at approximately $1,085,633.52. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. 0.16% of the stock is currently owned by company insiders.

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.