Leerink Partnrs Issues Negative Outlook for Biogen Earnings

Biogen Inc. (NASDAQ:BIIB) – Stock analysts at Leerink Partnrs decreased their Q3 2024 earnings per share (EPS) estimates for shares of Biogen in a 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.

Biogen (NASDAQ:BIIB) last issued its earnings results on Thursday, August 1st. The biotechnology company reported $5.28 earnings per share (EPS) for the quarter, topping 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 for the quarter, compared to analysts’ expectations of $2.39 billion. During the same period last year, the business earned $4.02 EPS. Biogen’s quarterly revenue was up .4% compared to the same quarter last year.

A number of other analysts have also commented on the company. Truist Financial reissued a “buy” rating and set a $302.00 price objective (down from $340.00) on shares of Biogen in a report on Monday, August 5th. Piper Sandler dropped their price objective on Biogen from $335.00 to $313.00 and set an “overweight” rating on the stock in a research note on Friday, July 12th. Scotiabank cut their price objective on shares of Biogen from $275.00 to $244.00 and set a “sector outperform” rating on the stock in a report on Friday, August 2nd. Wells Fargo & Company lowered their target price 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. Finally, Barclays cut their price target 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 research analysts have rated the stock with a hold rating, sixteen have issued a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat, Biogen has a consensus rating of “Moderate Buy” and a consensus price target of $271.39.

Biogen Trading Up 0.3 %

NASDAQ:BIIB opened at $190.16 on Friday. The company has a debt-to-equity ratio of 0.40, a current ratio of 2.29 and a quick ratio of 1.48. Biogen has a one year low of $181.31 and a one year high of $268.30. The company has a market cap of $27.69 billion, a PE ratio of 23.74, a PEG ratio of 1.87 and a beta of -0.06. The firm has a 50-day moving average of $197.09 and a 200-day moving average of $210.88.

Institutional Trading of Biogen

Several institutional investors and hedge funds have recently made changes to their positions in the stock. KCM Investment Advisors LLC raised its position in Biogen by 1.7% during the first quarter. KCM Investment Advisors LLC now owns 2,953 shares of the biotechnology company’s stock valued at $637,000 after purchasing an additional 48 shares in the last quarter. First Horizon Advisors Inc. grew its holdings in shares of Biogen by 39.8% during the 2nd quarter. First Horizon Advisors Inc. now owns 172 shares of the biotechnology company’s stock valued at $40,000 after purchasing an additional 49 shares during the last quarter. TFB Advisors LLC raised its position in Biogen by 2.1% in the 1st quarter. TFB Advisors LLC now owns 2,450 shares of the biotechnology company’s stock worth $530,000 after purchasing an additional 50 shares during the period. QRG Capital Management Inc. lifted its stake in Biogen by 2.0% in the first quarter. QRG Capital Management Inc. now owns 2,634 shares of the biotechnology company’s stock worth $568,000 after purchasing an additional 51 shares during the last quarter. Finally, Plato Investment Management Ltd boosted its position in Biogen by 82.8% during the first quarter. Plato Investment Management Ltd now owns 117 shares of the biotechnology company’s stock valued at $25,000 after buying an additional 53 shares during the period. Hedge funds and other institutional investors own 87.93% of the company’s stock.

Insiders Place Their Bets

In related news, insider Priya Singhal sold 431 shares of the stock in a transaction 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 sale, the insider now owns 5,316 shares in the company, valued at approximately $1,085,633.52. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Corporate 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.