Wedbush Has Positive Outlook for Biogen FY2024 Earnings

Biogen Inc. (NASDAQ:BIIB) – Investment analysts at Wedbush raised their FY2024 earnings estimates for Biogen in a research report issued on Wednesday, October 30th. Wedbush analyst L. Chico now expects that the biotechnology company will earn $16.32 per share for the year, up from their prior forecast of $16.30. Wedbush currently has a “Neutral” rating and a $205.00 target price on the stock. The consensus estimate for Biogen’s current full-year earnings is $16.36 per share. Wedbush also issued estimates for Biogen’s FY2027 earnings at $18.33 EPS and FY2028 earnings at $18.96 EPS.

BIIB has been the topic of several other research reports. Cantor Fitzgerald restated an “overweight” rating and set a $292.00 target price on shares of Biogen in a research note on Monday, September 9th. Barclays cut their target price on shares of Biogen from $190.00 to $180.00 and set an “equal weight” rating for the company in a research report on Thursday. Scotiabank lowered their price target on Biogen from $275.00 to $244.00 and set a “sector outperform” rating on the stock in a report on Friday, August 2nd. StockNews.com upgraded Biogen from a “buy” rating to a “strong-buy” rating in a research note on Monday, September 2nd. Finally, HC Wainwright reiterated a “buy” rating and set a $300.00 price objective on shares of Biogen in a research report on Thursday. Ten 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 stock. According to MarketBeat, Biogen has an average rating of “Moderate Buy” and an average target price of $262.83.

Biogen Price Performance

NASDAQ BIIB opened at $173.79 on Friday. Biogen has a one year low of $173.14 and a one year high of $268.30. The stock has a 50-day moving average of $192.71 and a 200 day moving average of $209.47. The company has a market capitalization of $25.32 billion, a price-to-earnings ratio of 15.70, a PEG ratio of 1.73 and a beta of -0.06. The company has a debt-to-equity ratio of 0.28, a quick ratio of 1.48 and a current ratio of 1.26.

Biogen (NASDAQ:BIIB) last posted its earnings results on Wednesday, October 30th. The biotechnology company reported $4.08 EPS for the quarter, topping analysts’ consensus estimates of $3.77 by $0.31. The business had revenue of $2.47 billion during the quarter, compared to analyst estimates of $2.43 billion. Biogen had a return on equity of 14.98% and a net margin of 16.81%. The company’s quarterly revenue was down 2.5% compared to the same quarter last year. During the same quarter last year, the company earned $4.36 EPS.

Hedge Funds Weigh In On Biogen

Institutional investors have recently bought and sold shares of the stock. Vanguard Group Inc. grew its position in shares of Biogen by 15.0% during the first quarter. Vanguard Group Inc. now owns 16,570,398 shares of the biotechnology company’s stock valued at $3,573,075,000 after purchasing an additional 2,163,068 shares in the last quarter. International Assets Investment Management LLC grew its holdings in Biogen by 19,722.9% during the 3rd quarter. International Assets Investment Management LLC now owns 358,992 shares of the biotechnology company’s stock valued at $695,870,000 after buying an additional 357,181 shares in the last quarter. RA Capital Management L.P. increased its stake in Biogen by 39.0% in the 1st quarter. RA Capital Management L.P. now owns 740,727 shares of the biotechnology company’s stock worth $159,723,000 after acquiring an additional 207,835 shares during the last quarter. SG Americas Securities LLC raised its holdings in shares of Biogen by 1,227.4% during the 1st quarter. SG Americas Securities LLC now owns 176,262 shares of the biotechnology company’s stock worth $38,007,000 after acquiring an additional 162,983 shares in the last quarter. Finally, BNP PARIBAS ASSET MANAGEMENT Holding S.A. boosted its position in shares of Biogen by 27.2% during the 1st quarter. BNP PARIBAS ASSET MANAGEMENT Holding S.A. now owns 570,533 shares of the biotechnology company’s stock valued at $123,024,000 after acquiring an additional 122,101 shares during the last quarter. 87.93% of the stock is owned by hedge funds and other institutional investors.

Insider Transactions at Biogen

In related news, insider Priya Singhal sold 431 shares of the business’s stock in a transaction that occurred 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 transaction, the insider now directly owns 5,316 shares of the company’s stock, valued at approximately $1,085,633.52. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. 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.