Leerink Swann Equities Analysts Lift Earnings Estimates for Biogen Inc (BIIB)
Biogen Inc (NASDAQ:BIIB) – Stock analysts at Leerink Swann raised their Q4 2017 earnings per share (EPS) estimates for Biogen in a research note issued on Thursday. Leerink Swann analyst G. Porges now expects that the biotechnology company will earn $6.08 per share for the quarter, up from their prior forecast of $6.04. Leerink Swann also issued estimates for Biogen’s Q3 2018 earnings at $6.33 EPS, Q4 2018 earnings at $6.31 EPS, FY2018 earnings at $24.79 EPS, FY2019 earnings at $25.86 EPS, FY2020 earnings at $26.46 EPS and FY2021 earnings at $26.26 EPS.
Several other analysts have also recently issued reports on BIIB. Mizuho restated a “neutral” rating and set a $319.00 target price on shares of Biogen in a research report on Monday, October 2nd. Morgan Stanley upgraded shares of Biogen from an “equal weight” rating to an “overweight” rating and upped their target price for the company from $311.00 to $375.00 in a research report on Thursday, October 5th. Royal Bank of Canada restated a “hold” rating and set a $315.00 target price on shares of Biogen in a research report on Thursday, October 5th. Stifel Nicolaus restated a “hold” rating and set a $300.00 target price on shares of Biogen in a research report on Thursday, October 12th. Finally, Bank of America upped their target price on shares of Biogen from $358.00 to $365.00 and gave the company a “buy” rating in a research report on Wednesday, October 18th. Nine equities research analysts have rated the stock with a hold rating, twenty-two have issued a buy rating and one has given a strong buy rating to the stock. Biogen has a consensus rating of “Buy” and an average target price of $354.96.
Biogen (NASDAQ:BIIB) last announced its quarterly earnings results on Tuesday, October 24th. The biotechnology company reported $6.31 EPS for the quarter, topping the consensus estimate of $5.70 by $0.61. The business had revenue of $3.08 billion for the quarter, compared to analysts’ expectations of $3.05 billion. Biogen had a net margin of 29.44% and a return on equity of 38.51%. The business’s quarterly revenue was up 4.1% compared to the same quarter last year. During the same quarter in the previous year, the company earned $5.19 EPS.
In related news, Director Alexander J. Denner bought 30,000 shares of the company’s stock in a transaction on Wednesday, November 29th. The shares were acquired at an average cost of $317.36 per share, for a total transaction of $9,520,800.00. Following the purchase, the director now directly owns 10,029 shares of the company’s stock, valued at $3,182,803.44. The purchase was disclosed in a document filed with the SEC, which is available through the SEC website. Also, Director Robert W. Pangia sold 5,832 shares of the company’s stock in a transaction dated Tuesday, January 9th. The stock was sold at an average price of $329.65, for a total transaction of $1,922,518.80. Following the completion of the transaction, the director now owns 23,539 shares in the company, valued at $7,759,631.35. The disclosure for this sale can be found here. Insiders acquired a total of 31,560 shares of company stock worth $10,020,858 over the last 90 days. Insiders own 0.25% of the company’s stock.
Several institutional investors and hedge funds have recently made changes to their positions in BIIB. Atlantic Trust LLC purchased a new stake in shares of Biogen in the 2nd quarter worth approximately $114,000. Horan Capital Advisors LLC. purchased a new stake in shares of Biogen in the 3rd quarter worth approximately $128,000. Massey Quick Simon & CO. LLC lifted its position in shares of Biogen by 84.8% in the 3rd quarter. Massey Quick Simon & CO. LLC now owns 425 shares of the biotechnology company’s stock worth $133,000 after purchasing an additional 195 shares during the period. Gs Investments Inc. purchased a new stake in shares of Biogen in the 2nd quarter worth approximately $136,000. Finally, Patten Group Inc. lifted its position in shares of Biogen by 4,308.7% in the 3rd quarter. Patten Group Inc. now owns 20,368 shares of the biotechnology company’s stock worth $145,000 after purchasing an additional 19,906 shares during the period. 88.14% of the stock is owned by hedge funds and other institutional investors.
Biogen Inc is a biopharmaceutical company. The Company focuses on discovering, developing, manufacturing and delivering therapies to people living with serious neurological, rare and autoimmune diseases. The Company markets products, including TECFIDERA, AVONEX, PLEGRIDY, TYSABRI, ZINBRYTA and FAMPYRA for multiple sclerosis (MS), FUMADERM for the treatment of severe plaque psoriasis and SPINRAZA for the treatment of spinal muscular atrophy (SMA).
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