Biogen’s (BIIB) Outperform Rating Reiterated at Royal Bank of Canada

Biogen (NASDAQ:BIIB)‘s stock had its “outperform” rating reiterated by analysts at Royal Bank of Canada in a research note issued to investors on Thursday, Benzinga reports. They presently have a $292.00 price objective on the biotechnology company’s stock. Royal Bank of Canada’s target price points to a potential upside of 47.78% from the company’s previous close.

Several other research firms have also weighed in on BIIB. Needham & Company LLC restated a “buy” rating and set a $285.00 price target on shares of Biogen in a research report on Wednesday, September 4th. Truist Financial restated a “buy” rating and set a $302.00 price target (down previously from $340.00) on shares of Biogen in a research note on Monday, August 5th. William Blair reiterated an “outperform” rating on shares of Biogen in a research note on Wednesday, July 3rd. Wells Fargo & Company reduced their price objective on Biogen from $240.00 to $225.00 and set an “equal weight” rating for the company in a report on Friday, August 2nd. Finally, Wedbush lowered their target price on Biogen from $215.00 to $210.00 and set a “neutral” rating on the stock in a research note on Friday, August 2nd. Eight analysts have rated the stock with a hold rating, seventeen have issued a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $275.52.

Biogen Price Performance

Shares of NASDAQ BIIB opened at $197.59 on Thursday. The company has a market capitalization of $28.77 billion, a PE ratio of 24.67, a PEG ratio of 2.01 and a beta of -0.06. The company has a quick ratio of 1.48, a current ratio of 2.29 and a debt-to-equity ratio of 0.40. The stock’s 50 day moving average price is $208.63 and its 200-day moving average price is $215.26. Biogen has a twelve month low of $189.44 and a twelve month high of $269.43.

Biogen (NASDAQ:BIIB) last posted its quarterly earnings data on Thursday, August 1st. The biotechnology company reported $5.28 earnings per share for the quarter, topping the consensus estimate of $4.00 by $1.28. The business had revenue of $2.47 billion for the quarter, compared to analysts’ expectations of $2.39 billion. Biogen had a return on equity of 15.71% and a net margin of 11.98%. The business’s revenue was up .4% on a year-over-year basis. During the same quarter in the previous year, the firm earned $4.02 earnings per share. On average, equities analysts anticipate that Biogen will post 16.12 EPS for the current year.

Insider Activity

In related news, insider Priya Singhal sold 431 shares of the stock in a transaction on Tuesday, September 3rd. The stock was sold at an average price of $204.22, for a total value of $88,018.82. Following the sale, the insider now owns 5,316 shares in the company, valued at $1,085,633.52. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Company insiders own 0.16% of the company’s stock.

Hedge Funds Weigh In On Biogen

A number of institutional investors have recently added to or reduced their stakes in BIIB. Jump Financial LLC bought a new position in shares of Biogen in the fourth quarter worth approximately $346,000. Dynamic Technology Lab Private Ltd purchased a new position in Biogen in the 4th quarter worth approximately $213,000. Gladstone Institutional Advisory LLC bought a new position in shares of Biogen in the 4th quarter worth $249,000. Coldstream Capital Management Inc. raised its position in shares of Biogen by 17.1% during the 4th quarter. Coldstream Capital Management Inc. now owns 2,282 shares of the biotechnology company’s stock valued at $591,000 after buying an additional 333 shares in the last quarter. Finally, Corient Private Wealth LLC raised its position in shares of Biogen by 37.1% during the 4th quarter. Corient Private Wealth LLC now owns 31,212 shares of the biotechnology company’s stock valued at $8,077,000 after buying an additional 8,453 shares in the last quarter. 87.93% of the stock is currently owned by institutional investors.

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.