Biogen Inc (NASDAQ:BIIB) – Analysts at William Blair upped their Q1 2020 earnings per share (EPS) estimates for Biogen in a research note issued to investors on Monday, February 10th. William Blair analyst M. Phipps now expects that the biotechnology company will post earnings of $8.06 per share for the quarter, up from their previous forecast of $7.89. William Blair currently has a “Market Perform” rating on the stock. William Blair also issued estimates for Biogen’s Q2 2020 earnings at $8.47 EPS, Q3 2020 earnings at $8.25 EPS, Q4 2020 earnings at $7.81 EPS and FY2020 earnings at $32.59 EPS.
BIIB has been the subject of a number of other reports. Sanford C. Bernstein raised shares of Biogen from a “market perform” rating to an “outperform” rating in a report on Tuesday, October 29th. UBS Group raised their price objective on shares of Biogen from $280.00 to $334.00 and gave the stock a “positive” rating in a report on Tuesday, October 22nd. Standpoint Research lowered shares of Biogen from a “buy” rating to a “hold” rating in a report on Friday, November 1st. BidaskClub raised shares of Biogen from a “strong sell” rating to a “sell” rating in a report on Tuesday. Finally, BMO Capital Markets reissued a “market perform” rating and set a $317.00 price objective on shares of Biogen in a report on Thursday, February 6th. Five equities research analysts have rated the stock with a sell rating, twenty have given a hold rating and eleven have assigned a buy rating to the company. The company presently has a consensus rating of “Hold” and a consensus target price of $316.69.
Biogen (NASDAQ:BIIB) last released its quarterly earnings results on Thursday, January 30th. The biotechnology company reported $8.34 earnings per share for the quarter, beating the Zacks’ consensus estimate of $8.02 by $0.32. The business had revenue of $3.67 billion during the quarter, compared to analyst estimates of $3.51 billion. Biogen had a net margin of 40.96% and a return on equity of 46.51%. The business’s revenue was up 4.1% on a year-over-year basis. During the same period last year, the business earned $6.99 EPS.
Institutional investors have recently bought and sold shares of the company. Renaissance Technologies LLC lifted its position in Biogen by 8.3% in the 4th quarter. Renaissance Technologies LLC now owns 4,569,906 shares of the biotechnology company’s stock valued at $1,356,028,000 after purchasing an additional 348,700 shares during the last quarter. Bank of New York Mellon Corp lifted its position in Biogen by 11.9% in the 4th quarter. Bank of New York Mellon Corp now owns 2,117,304 shares of the biotechnology company’s stock valued at $628,268,000 after purchasing an additional 225,925 shares during the last quarter. Amundi Pioneer Asset Management Inc. lifted its position in Biogen by 279.1% in the 4th quarter. Amundi Pioneer Asset Management Inc. now owns 860,123 shares of the biotechnology company’s stock valued at $255,223,000 after purchasing an additional 633,249 shares during the last quarter. Sumitomo Mitsui Trust Holdings Inc. lifted its position in Biogen by 8.1% in the 3rd quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 851,574 shares of the biotechnology company’s stock valued at $198,263,000 after purchasing an additional 63,938 shares during the last quarter. Finally, Pictet Asset Management Ltd. lifted its position in Biogen by 16.9% in the 3rd quarter. Pictet Asset Management Ltd. now owns 756,103 shares of the biotechnology company’s stock valued at $176,036,000 after purchasing an additional 109,336 shares during the last quarter. Institutional investors own 86.95% of the company’s stock.
In other news, Director Brian S. Posner sold 1,055 shares of the firm’s stock in a transaction dated Monday, December 2nd. The shares were sold at an average price of $292.35, for a total value of $308,429.25. Following the transaction, the director now directly owns 6,995 shares in the company, valued at approximately $2,044,988.25. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Company insiders own 0.39% of the company’s stock.
Biogen announced that its Board of Directors has authorized a stock buyback plan on Saturday, December 21st that permits the company to repurchase $5.00 billion in outstanding shares. This repurchase authorization permits the biotechnology company to purchase shares of its stock through open market purchases. Stock repurchase plans are often an indication that the company’s leadership believes its stock is undervalued.
Biogen Company Profile
Biogen Inc discovers, develops, manufactures, and delivers therapies for treating neurological and neurodegenerative diseases worldwide. The company offers TECFIDERA, AVONEX, PLEGRIDY, TYSABRI, and FAMPYRA for the treatment of multiple sclerosis (MS); SPINRAZA for the treatment of spinal muscular atrophy; and FUMADERM for the treatment of plaque psoriasis.
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