FY2024 EPS Estimates for Biogen Inc. (NASDAQ:BIIB) Reduced by Cantor Fitzgerald

Biogen Inc. (NASDAQ:BIIB) – Analysts at Cantor Fitzgerald reduced their FY2024 earnings estimates for shares of Biogen in a note issued to investors on Thursday, April 4th. Cantor Fitzgerald analyst E. Schmidt now expects that the biotechnology company will earn $15.54 per share for the year, down from their previous estimate of $15.77. Cantor Fitzgerald has a “Overweight” rating and a $311.00 price objective on the stock. The consensus estimate for Biogen’s current full-year earnings is $15.47 per share.

Biogen (NASDAQ:BIIB) last announced its 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). Biogen had a net margin of 11.81% and a return on equity of 14.91%. The company had revenue of $2.39 billion during the quarter, compared to the consensus estimate of $2.47 billion. During the same quarter in the prior year, the company earned $4.05 EPS.

A number of other equities analysts have also issued reports on the company. UBS Group decreased their price target on Biogen from $276.00 to $250.00 and set a “neutral” rating for the company in a research note on Friday, February 16th. BMO Capital Markets decreased their target price on Biogen from $295.00 to $285.00 and set an “outperform” rating for the company in a research note on Wednesday, February 14th. Royal Bank of Canada reaffirmed an “outperform” rating and set a $364.00 target price on shares of Biogen in a report on Tuesday, March 5th. Oppenheimer cut their price target on shares of Biogen from $295.00 to $290.00 and set an “outperform” rating for the company in a report on Wednesday, February 14th. Finally, William Blair reaffirmed an “outperform” rating on shares of Biogen in a research note on Monday, April 1st. Nine research analysts have rated the stock with a hold rating and nineteen have issued a buy rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $302.52.

Biogen Trading Up 0.8 %

Biogen stock opened at $206.52 on Monday. Biogen has a 12-month low of $202.18 and a 12-month high of $319.76. The company has a debt-to-equity ratio of 0.46, a current ratio of 2.00 and a quick ratio of 1.26. The stock has a market capitalization of $30.02 billion, a PE ratio of 25.88, a price-to-earnings-growth ratio of 1.70 and a beta of -0.02. The firm has a 50 day simple moving average of $222.73 and a 200-day simple moving average of $238.92.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently bought and sold shares of BIIB. Altshuler Shaham Ltd bought a new position in Biogen during the fourth quarter worth $25,000. OFI Invest Asset Management bought a new position in shares of Biogen during the 3rd quarter worth about $26,000. Livelsberger Financial Advisory bought a new position in shares of Biogen during the 4th quarter worth about $26,000. Rise Advisors LLC acquired a new position in shares of Biogen during the first quarter valued at about $27,000. Finally, Gladius Capital Management LP bought a new stake in shares of Biogen in the third quarter valued at about $28,000. Institutional investors and hedge funds own 87.93% of the company’s stock.

Insider Activity at Biogen

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

Biogen Company Profile

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.