Biogen Inc. (NASDAQ:BIIB) – Equities researchers at Wedbush decreased their Q1 2022 earnings per share estimates for Biogen in a note issued to investors on Tuesday, June 8th. Wedbush analyst L. Chico now expects that the biotechnology company will post earnings per share of $3.99 for the quarter, down from their prior forecast of $6.19. Wedbush has a “Neutral” rating and a $245.00 price objective on the stock. Wedbush also issued estimates for Biogen’s Q2 2022 earnings at $4.31 EPS, Q3 2022 earnings at $4.33 EPS, Q4 2022 earnings at $5.83 EPS, FY2022 earnings at $18.44 EPS, FY2023 earnings at $22.16 EPS, FY2024 earnings at $28.89 EPS and FY2025 earnings at $30.83 EPS.
A number of other research analysts have also commented on BIIB. Cowen upgraded Biogen from a “market perform” rating to an “outperform” rating and upped their price target for the stock from $225.00 to $450.00 in a report on Monday. Barclays upped their price target on Biogen from $265.00 to $395.00 and gave the stock an “equal weight” rating in a report on Tuesday. UBS Group upgraded Biogen from a “neutral” rating to a “buy” rating and set a $463.00 price objective on the stock in a research report on Thursday. Atlantic Securities upgraded Biogen from an “underweight” rating to a “neutral” rating and set a $415.00 price objective on the stock in a research report on Tuesday. Finally, SVB Leerink boosted their price objective on Biogen from $380.00 to $475.00 and gave the company an “outperform” rating in a research report on Thursday. Sixteen investment analysts have rated the stock with a hold rating and sixteen have given a buy rating to the company. The stock currently has a consensus rating of “Buy” and a consensus target price of $374.34.
Biogen (NASDAQ:BIIB) last issued its quarterly earnings results on Wednesday, April 21st. The biotechnology company reported $5.34 EPS for the quarter, topping analysts’ consensus estimates 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 analyst estimates of $2.67 billion. During the same period in the previous year, the company earned $9.14 earnings per share. The company’s quarterly revenue was down 23.8% compared to the same quarter last year.
A number of large investors have recently added to or reduced their stakes in the business. Prentice Wealth Management LLC acquired a new position in Biogen in the first quarter valued at about $135,000. Advisory Services Network LLC lifted its stake in Biogen by 51.3% in the first quarter. Advisory Services Network LLC now owns 4,555 shares of the biotechnology company’s stock valued at $1,274,000 after buying an additional 1,544 shares during the period. Sierra Capital LLC acquired a new stake in shares of Biogen during the first quarter worth about $42,000. Kaizen Financial Strategies acquired a new stake in shares of Biogen during the first quarter worth about $308,000. Finally, Adams Chetwood Wealth Management LLC raised its position in shares of Biogen by 7.1% during the first quarter. Adams Chetwood Wealth Management LLC now owns 1,127 shares of the biotechnology company’s stock worth $315,000 after purchasing an additional 75 shares during the period. 85.10% of the stock is currently owned by hedge funds and other institutional investors.
In other Biogen news, insider Alfred Sandrock sold 7,672 shares of the stock in a transaction dated Monday, June 7th. The stock was sold at an average price of $440.00, for a total value of $3,375,680.00. Following the transaction, the insider now owns 2,919 shares of the company’s stock, valued at $1,284,360. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, Director Brian S. Posner sold 360 shares of the stock in a transaction dated Friday, June 4th. The shares were sold at an average price of $274.17, for a total value of $98,701.20. Following the completion of the transaction, the director now directly owns 7,400 shares in the company, valued at approximately $2,028,858. The disclosure for this sale can be found here. Corporate insiders own 0.62% 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.
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