Piper Jaffray Companies Weighs in on Biogen Inc’s Q3 2019 Earnings (NASDAQ:BIIB)

Share on StockTwits

Biogen Inc (NASDAQ:BIIB) – Equities researchers at Piper Jaffray Companies cut their Q3 2019 earnings per share (EPS) estimates for shares of Biogen in a report issued on Thursday, October 17th. Piper Jaffray Companies analyst C. Raymond now expects that the biotechnology company will earn $8.32 per share for the quarter, down from their prior forecast of $8.37. Piper Jaffray Companies currently has a “Hold” rating on the stock. Piper Jaffray Companies also issued estimates for Biogen’s Q4 2019 earnings at $7.53 EPS, FY2019 earnings at $31.96 EPS, Q1 2020 earnings at $7.50 EPS, Q2 2020 earnings at $8.02 EPS and Q3 2020 earnings at $8.24 EPS.

Biogen (NASDAQ:BIIB) last released its quarterly earnings data on Tuesday, October 22nd. The biotechnology company reported $9.17 earnings per share for the quarter, beating analysts’ consensus estimates of $8.24 by $0.93. Biogen had a net margin of 37.62% and a return on equity of 44.89%. The business had revenue of $3.60 billion during the quarter, compared to analyst estimates of $3.53 billion. During the same period in the previous year, the business earned $7.40 EPS. Biogen’s revenue was up 4.7% compared to the same quarter last year.

A number of other research analysts have also weighed in on BIIB. Jefferies Financial Group lifted their price objective on shares of Biogen from $255.00 to $310.00 and gave the company a “hold” rating in a research note on Tuesday. UBS Group lifted their price objective on shares of Biogen from $280.00 to $334.00 and gave the company a “positive” rating in a research note on Tuesday. ValuEngine upgraded shares of Biogen from a “strong sell” rating to a “sell” rating in a research report on Wednesday, October 2nd. Oppenheimer set a $280.00 price target on shares of Biogen and gave the company a “buy” rating in a research report on Tuesday, October 15th. Finally, Canaccord Genuity boosted their price target on shares of Biogen from $275.00 to $285.00 and gave the company a “hold” rating in a research report on Wednesday, July 24th. Five research analysts have rated the stock with a sell rating, twenty-one have issued a hold rating and six have issued a buy rating to the company’s stock. The stock has an average rating of “Hold” and an average price target of $271.92.

Biogen stock opened at $281.87 on Monday. Biogen has a 1-year low of $215.77 and a 1-year high of $344.00. The firm has a market capitalization of $40.59 billion, a price-to-earnings ratio of 10.76, a P/E/G ratio of 1.19 and a beta of 1.02. The company has a current ratio of 2.46, a quick ratio of 2.22 and a debt-to-equity ratio of 0.49. The firm has a 50 day simple moving average of $229.69 and a 200 day simple moving average of $231.20.

A number of large investors have recently made changes to their positions in BIIB. Nuveen Asset Management LLC grew its position in Biogen by 506.4% in the second quarter. Nuveen Asset Management LLC now owns 1,319,080 shares of the biotechnology company’s stock worth $308,493,000 after acquiring an additional 1,101,563 shares in the last quarter. Renaissance Technologies LLC grew its position in Biogen by 52.2% in the second quarter. Renaissance Technologies LLC now owns 2,483,077 shares of the biotechnology company’s stock worth $580,717,000 after acquiring an additional 851,263 shares in the last quarter. Boston Partners grew its position in Biogen by 70.1% in the second quarter. Boston Partners now owns 1,569,859 shares of the biotechnology company’s stock worth $367,141,000 after acquiring an additional 647,141 shares in the last quarter. Assenagon Asset Management S.A. grew its position in Biogen by 1,345.3% in the third quarter. Assenagon Asset Management S.A. now owns 674,932 shares of the biotechnology company’s stock worth $157,138,000 after acquiring an additional 628,233 shares in the last quarter. Finally, Parnassus Investments CA grew its position in Biogen by 46.8% in the second quarter. Parnassus Investments CA now owns 925,000 shares of the biotechnology company’s stock worth $216,330,000 after acquiring an additional 295,000 shares in the last quarter. Institutional investors own 86.31% of the company’s stock.

About Biogen

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.

Read More: Equity Income

Earnings History and Estimates for Biogen (NASDAQ:BIIB)

Receive News & Ratings for Biogen Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Biogen and related companies with MarketBeat.com's FREE daily email newsletter.