Biogen Inc. (NASDAQ:BIIB) – Equities researchers at William Blair reduced their Q2 2021 earnings estimates for shares of Biogen in a research report issued on Tuesday, June 8th. William Blair analyst M. Phipps now forecasts that the biotechnology company will earn $4.45 per share for the quarter, down from their prior estimate of $4.51. William Blair currently has a “Outperform” rating on the stock. William Blair also issued estimates for Biogen’s Q3 2021 earnings at $4.03 EPS, Q4 2021 earnings at $3.84 EPS, FY2021 earnings at $17.68 EPS, Q1 2022 earnings at $5.43 EPS, Q2 2022 earnings at $5.24 EPS, Q3 2022 earnings at $5.24 EPS, Q4 2022 earnings at $5.45 EPS and FY2022 earnings at $21.35 EPS.
A number of other brokerages also recently issued reports on BIIB. Wedbush boosted their price target on Biogen from $236.00 to $245.00 and gave the company a “neutral” rating in a report on Monday, April 12th. Cantor Fitzgerald reduced their target price on Biogen from $278.00 to $268.00 and set a “neutral” rating for the company in a research note on Wednesday, February 17th. UBS Group raised Biogen from a “neutral” rating to a “buy” rating and set a $463.00 target price for the company in a research note on Thursday. Royal Bank of Canada upped their target price on Biogen from $259.00 to $400.00 and gave the stock a “sector perform” rating in a research note on Tuesday. Finally, Bank of America raised Biogen from an “underperform” rating to a “neutral” rating and upped their target price for the stock from $235.00 to $400.00 in a research note on Monday. Sixteen research analysts have rated the stock with a hold rating and fifteen have issued a buy rating to the company. Biogen currently has an average rating of “Hold” and an average price target of $369.86.
Biogen (NASDAQ:BIIB) last announced its quarterly earnings results on Wednesday, April 21st. The biotechnology company reported $5.34 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $5.06 by $0.28. Biogen had a return on equity of 42.04% and a net margin of 23.89%. The company had revenue of $2.69 billion during the quarter, compared to the consensus estimate of $2.67 billion. During the same period in the previous year, the company posted $9.14 earnings per share. Biogen’s revenue for the quarter was down 23.8% on a year-over-year basis.
In other news, insider Alfred Sandrock sold 7,672 shares of the stock in a transaction on Monday, June 7th. The stock was sold at an average price of $440.00, for a total transaction of $3,375,680.00. Following the completion of the transaction, the insider now directly owns 2,919 shares in the company, valued at approximately $1,284,360. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, Director Brian S. Posner sold 360 shares of the stock in a transaction on Friday, June 4th. The stock was sold at an average price of $274.17, for a total value of $98,701.20. Following the transaction, the director now owns 7,400 shares of the company’s stock, valued at $2,028,858. The disclosure for this sale can be found here. 0.62% of the stock is owned by corporate insiders.
Several hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Primecap Management Co. CA grew its holdings in shares of Biogen by 5.9% during the 1st quarter. Primecap Management Co. CA now owns 16,758,256 shares of the biotechnology company’s stock worth $4,688,122,000 after purchasing an additional 936,190 shares during the period. BlackRock Inc. grew its holdings in shares of Biogen by 0.6% during the 1st quarter. BlackRock Inc. now owns 13,502,628 shares of the biotechnology company’s stock worth $3,777,361,000 after purchasing an additional 83,027 shares during the period. Clearbridge Investments LLC grew its holdings in shares of Biogen by 10.3% during the 1st quarter. Clearbridge Investments LLC now owns 3,969,044 shares of the biotechnology company’s stock worth $1,110,340,000 after purchasing an additional 370,371 shares during the period. Geode Capital Management LLC grew its holdings in shares of Biogen by 1.3% during the 1st quarter. Geode Capital Management LLC now owns 2,796,511 shares of the biotechnology company’s stock worth $780,818,000 after purchasing an additional 37,013 shares during the period. Finally, Factorial Partners LLC grew its holdings in shares of Biogen by 23,953.3% during the 1st quarter. Factorial Partners LLC now owns 2,573,700 shares of the biotechnology company’s stock worth $9,200,000 after purchasing an additional 2,563,000 shares during the period. Institutional investors and hedge funds own 85.10% of the company’s stock.
Biogen Company Profile
Biogen Inc discovers, develops, manufactures, and delivers therapies for treating neurological and neurodegenerative diseases worldwide. The company offers TECFIDERA, VUMERITY, AVONEX, PLEGRIDY, TYSABRI, and FAMPYRA for multiple sclerosis (MS); SPINRAZA for spinal muscular atrophy; and FUMADERM to treat plaque psoriasis.
Featured Story: What does the Producer Price Index (PPI) tell investors?
Receive News & Ratings for Biogen Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Biogen and related companies with MarketBeat.com's FREE daily email newsletter.