These Analysts Revise Their Forecasts On Biogen After Q3 Results

Biogen Inc BIIB reported better-than-expected third-quarter earnings.

Biogen posted quarterly sales of $2.53 billion, beating the consensus of $2.39 billion, up 1% Y/Y and 3% at constant currency (CC). Adjusted EPS of $4.36, down 9%, beating the consensus of $3.97.

Biogen revised its FY23 revenues to decline in a low-single-digit percentage versus FY22 compared to earlier guidance of a mid-single-digit percentage decline.

Biogen shares fell 3.2% to trade at $224.30 on Thursday.

These analysts made changes to their price targets on Biogen following earnings announcement.

• Wells Fargo increased the price target on Biogen from $343 to $365. Wells Fargo analyst Mohit Bansal maintained an Overweight rating.
• RBC Capital raised the price target on Biogen from $351 to $363. RBC Capital analyst Brian Abrahams maintained an Outperform rating.
• Wedbush, meanwhile, cut the price target on Biogen from $266 to $239. Wedbush analyst Laura Chico maintained a Neutral rating.

Also Check This Out: Jim Cramer Cautions Against Investing In World's Top Scotch Whisky Distiller: 'Getting Bad Vibes'