Biogen Inc. to Post Q1 2024 Earnings of $3.54 Per Share, William Blair Forecasts (NASDAQ:BIIB)

Biogen Inc. (NASDAQ:BIIB) – William Blair dropped their Q1 2024 earnings per share estimates for shares of Biogen in a research report issued to clients and investors on Wednesday, April 17th. William Blair analyst M. Minter now forecasts that the biotechnology company will post earnings per share of $3.54 for the quarter, down from their previous estimate of $4.57. William Blair currently has a “Outperform” rating on the stock. The consensus estimate for Biogen’s current full-year earnings is $15.48 per share. William Blair also issued estimates for Biogen’s FY2024 earnings at $15.29 EPS and FY2025 earnings at $17.46 EPS.

A number of other research analysts also recently issued reports on the company. JPMorgan Chase & Co. dropped their price target on Biogen from $270.00 to $240.00 and set a “neutral” rating on the stock in a research note on Thursday, April 11th. Cantor Fitzgerald reiterated an “overweight” rating and issued a $311.00 target price on shares of Biogen in a research note on Tuesday, February 20th. Piper Sandler lowered their target price on Biogen from $350.00 to $325.00 and set an “overweight” rating on the stock in a research note on Wednesday, February 14th. Truist Financial reiterated a “buy” rating and issued a $340.00 target price on shares of Biogen in a research note on Monday, March 25th. Finally, Mizuho lowered their target price on Biogen from $355.00 to $277.00 and set a “buy” rating on the stock in a research note on Thursday, February 22nd. Ten research analysts have rated the stock with a hold rating and eighteen have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $296.35.

Biogen Trading Down 0.9 %

NASDAQ:BIIB opened at $190.52 on Friday. The stock’s 50 day moving average price is $216.17 and its 200 day moving average price is $236.24. The company has a market capitalization of $27.69 billion, a PE ratio of 23.87, a P/E/G ratio of 1.83 and a beta of -0.02. The company has a quick ratio of 1.26, a current ratio of 2.00 and a debt-to-equity ratio of 0.46. Biogen has a 52-week low of $189.52 and a 52-week high of $319.76.

Biogen (NASDAQ:BIIB) last released its quarterly earnings results on Tuesday, February 13th. The biotechnology company reported $2.95 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $3.18 by ($0.23). The firm had revenue of $2.39 billion for the quarter, compared to analysts’ expectations of $2.47 billion. Biogen had a return on equity of 14.91% and a net margin of 11.81%. During the same quarter in the prior year, the business earned $4.05 EPS.

Insider Activity

In other Biogen news, Director Eric K. Rowinsky purchased 455 shares of the stock in a transaction dated Thursday, February 15th. The shares were bought at an average cost of $222.54 per share, with a total value of $101,255.70. Following the completion of the transaction, the director now owns 20,629 shares in the company, valued at approximately $4,590,777.66. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In related news, insider Priya Singhal sold 262 shares of Biogen stock in a transaction dated Thursday, February 22nd. The stock was sold at an average price of $221.23, for a total transaction of $57,962.26. Following the sale, the insider now directly owns 4,886 shares of the company’s stock, valued at $1,080,929.78. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Also, Director Eric K. Rowinsky bought 455 shares of the firm’s stock in a transaction that occurred on Thursday, February 15th. The shares were purchased at an average cost of $222.54 per share, for a total transaction of $101,255.70. Following the completion of the transaction, the director now owns 20,629 shares of the company’s stock, valued at $4,590,777.66. The disclosure for this purchase can be found here. Over the last ninety days, insiders have sold 882 shares of company stock valued at $202,030. 0.60% of the stock is owned by insiders.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Raymond James Trust N.A. raised its stake in shares of Biogen by 16.4% in the first quarter. Raymond James Trust N.A. now owns 3,294 shares of the biotechnology company’s stock valued at $693,000 after acquiring an additional 464 shares during the last quarter. Cibc World Market Inc. raised its position in Biogen by 39.9% in the 1st quarter. Cibc World Market Inc. now owns 15,244 shares of the biotechnology company’s stock worth $3,210,000 after purchasing an additional 4,349 shares during the last quarter. Vanguard Group Inc. grew its holdings in Biogen by 1.6% during the 1st quarter. Vanguard Group Inc. now owns 11,720,584 shares of the biotechnology company’s stock worth $2,468,356,000 after acquiring an additional 183,285 shares during the period. Baird Financial Group Inc. grew its holdings in Biogen by 15.3% during the 1st quarter. Baird Financial Group Inc. now owns 89,722 shares of the biotechnology company’s stock worth $18,896,000 after acquiring an additional 11,882 shares during the period. Finally, Brown Brothers Harriman & Co. grew its holdings in Biogen by 10.7% during the 1st quarter. Brown Brothers Harriman & Co. now owns 5,938 shares of the biotechnology company’s stock worth $1,251,000 after acquiring an additional 573 shares during the period. Institutional investors own 87.93% 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.