Royal Bank of Canada Reiterates “Outperform” Rating for Biogen (NASDAQ:BIIB)

Biogen (NASDAQ:BIIB)‘s stock had its “outperform” rating reaffirmed by investment analysts at Royal Bank of Canada in a research report issued to clients and investors on Wednesday, Benzinga reports. They presently have a $317.00 price objective on the biotechnology company’s stock. Royal Bank of Canada’s price target would suggest a potential upside of 38.60% from the stock’s previous close.

BIIB has been the subject of several other reports. JPMorgan Chase & Co. decreased their price objective on shares of Biogen from $270.00 to $240.00 and set a “neutral” rating for the company in a report on Thursday, April 11th. HC Wainwright reiterated a “buy” rating and issued a $300.00 price objective on shares of Biogen in a report on Thursday, May 23rd. Needham & Company LLC reissued a “buy” rating and set a $294.00 target price on shares of Biogen in a research note on Wednesday, May 22nd. Barclays cut their target price on shares of Biogen from $215.00 to $200.00 and set an “equal weight” rating for the company in a research note on Thursday, April 25th. Finally, HSBC increased their target price on shares of Biogen from $339.00 to $342.00 and gave the company a “buy” rating in a research note on Friday, May 3rd. Ten investment analysts have rated the stock with a hold rating and seventeen have issued a buy rating to the company. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price of $286.50.

Biogen Price Performance

NASDAQ BIIB opened at $228.72 on Wednesday. Biogen has a 52 week low of $189.44 and a 52 week high of $287.60. The company has a current ratio of 2.10, a quick ratio of 1.32 and a debt-to-equity ratio of 0.41. The stock has a market cap of $33.30 billion, a price-to-earnings ratio of 28.55, a price-to-earnings-growth ratio of 2.25 and a beta of -0.02. The company has a 50-day moving average price of $220.71 and a two-hundred day moving average price of $228.79.

Biogen (NASDAQ:BIIB) last posted its earnings results on Wednesday, April 24th. The biotechnology company reported $3.67 EPS for the quarter, topping the consensus estimate of $3.45 by $0.22. The firm had revenue of $2.29 billion during the quarter, compared to analysts’ expectations of $2.31 billion. Biogen had a net margin of 12.07% and a return on equity of 14.83%. Biogen’s quarterly revenue was down 7.0% on a year-over-year basis. During the same quarter in the prior year, the firm earned $3.40 EPS. Analysts forecast that Biogen will post 15.63 EPS for the current year.

Institutional Inflows and Outflows

Several hedge funds have recently modified their holdings of BIIB. Plato Investment Management Ltd grew its stake in Biogen by 82.8% in the 1st quarter. Plato Investment Management Ltd now owns 117 shares of the biotechnology company’s stock valued at $25,000 after buying an additional 53 shares during the last quarter. Livelsberger Financial Advisory acquired a new position in Biogen in the 4th quarter valued at $26,000. Rise Advisors LLC acquired a new position in Biogen in the 1st quarter valued at $27,000. Gladius Capital Management LP acquired a new position in Biogen in the 3rd quarter valued at $28,000. Finally, KB Financial Partners LLC grew its stake in Biogen by 105.1% in the 3rd quarter. KB Financial Partners LLC now owns 121 shares of the biotechnology company’s stock valued at $31,000 after buying an additional 62 shares during the last quarter. Institutional investors and hedge funds own 87.93% of the company’s stock.

About Biogen

Biogen Inc discovers, develops, manufactures, and delivers therapies for treating neurological and neurodegenerative diseases in the United States, Europe, Germany, Asia, and internationally. The company provides TECFIDERA, VUMERITY, AVONEX, PLEGRIDY, TYSABRI, and FAMPYRA for multiple sclerosis (MS); SPINRAZA for spinal muscular atrophy; ADUHELM to treat Alzheimer's disease; FUMADERM to treat plaque psoriasis; BENEPALI, an etanercept biosimilar referencing ENBREL; IMRALDI, an adalimumab biosimilar referencing HUMIRA; FLIXABI, an infliximab biosimilar referencing REMICADE; and BYOOVIZ, a ranibizumab biosimilar referencing LUCENTIS.