Biogen Inc. (NASDAQ:BIIB) – Equities researchers at Jefferies Financial Group raised their Q1 2022 earnings per share estimates for Biogen in a note issued to investors on Monday, June 7th. Jefferies Financial Group analyst M. Yee now expects that the biotechnology company will earn $4.13 per share for the quarter, up from their previous forecast of $4.10. Jefferies Financial Group has a “Buy” rating and a $500.00 price objective on the stock. Jefferies Financial Group also issued estimates for Biogen’s Q2 2022 earnings at $4.24 EPS, Q3 2022 earnings at $4.32 EPS and Q4 2022 earnings at $4.38 EPS.
Several other brokerages have also recently commented on BIIB. Royal Bank of Canada boosted their price target on Biogen from $259.00 to $400.00 and gave the stock a “sector perform” rating in a research report on Tuesday. Oppenheimer upped their target price on shares of Biogen from $300.00 to $325.00 and gave the company an “outperform” rating in a research report on Tuesday, May 18th. Wedbush lifted their price objective on Biogen from $236.00 to $245.00 and gave the company a “neutral” rating in a research note on Monday, April 12th. Morgan Stanley upped their target price on shares of Biogen from $343.00 to $455.00 and gave the stock an “overweight” rating in a research note on Tuesday. Finally, Robert W. Baird upgraded Biogen from an “underperform” rating to a “neutral” rating and lifted their price objective for the company from $216.00 to $382.00 in a research note on Monday. Sixteen research analysts have rated the stock with a hold rating and fifteen have assigned a buy rating to the stock. Biogen currently has a consensus rating of “Hold” and an average target price of $369.86.
Biogen (NASDAQ:BIIB) last issued its earnings results on Wednesday, April 21st. The biotechnology company reported $5.34 EPS for the quarter, beating the Zacks’ consensus estimate of $5.06 by $0.28. The firm had revenue of $2.69 billion for the quarter, compared to analyst estimates of $2.67 billion. Biogen had a return on equity of 42.04% and a net margin of 23.89%. Biogen’s revenue for the quarter was down 23.8% on a year-over-year basis. During the same quarter in the prior year, the firm earned $9.14 earnings per share.
Several institutional investors have recently added to or reduced their stakes in the company. Factorial Partners LLC grew its stake in Biogen by 23,953.3% in the first quarter. Factorial Partners LLC now owns 2,573,700 shares of the biotechnology company’s stock valued at $9,200,000 after purchasing an additional 2,563,000 shares in the last quarter. Norges Bank acquired a new stake in shares of Biogen during the 4th quarter worth about $466,128,000. Primecap Management Co. CA boosted its holdings in shares of Biogen by 5.9% during the first quarter. Primecap Management Co. CA now owns 16,758,256 shares of the biotechnology company’s stock worth $4,688,122,000 after acquiring an additional 936,190 shares during the period. Clearbridge Investments LLC boosted its stake in Biogen by 10.3% in the 1st quarter. Clearbridge Investments LLC now owns 3,969,044 shares of the biotechnology company’s stock valued at $1,110,340,000 after purchasing an additional 370,371 shares during the period. Finally, Price T Rowe Associates Inc. MD grew its stake in shares of Biogen by 23.0% in the fourth quarter. Price T Rowe Associates Inc. MD now owns 1,687,298 shares of the biotechnology company’s stock valued at $413,152,000 after acquiring an additional 316,017 shares in the last quarter. Institutional investors own 85.10% of the company’s stock.
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 that occurred on Friday, June 4th. The shares were sold at an average price of $274.17, for a total transaction of $98,701.20. Following the completion of the sale, the director now owns 7,400 shares in the company, valued at $2,028,858. The disclosure for this sale can be found here. Company insiders own 0.62% of the company’s stock.
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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