Royal Bank of Canada Lowers Biogen (NASDAQ:BIIB) Price Target to $269.00

Biogen (NASDAQ:BIIB) had its target price lowered by Royal Bank of Canada from $292.00 to $269.00 in a research note released on Friday morning, Benzinga reports. The firm currently has an outperform rating on the biotechnology company’s stock.

BIIB has been the topic of several other reports. StockNews.com raised Biogen from a buy rating to a strong-buy rating in a research report on Monday, September 2nd. Truist Financial reiterated a buy rating and issued a $302.00 price target (down from $340.00) on shares of Biogen in a research report on Monday, August 5th. Scotiabank reduced their price objective on Biogen from $275.00 to $244.00 and set a sector outperform rating for the company in a research note on Friday, August 2nd. Piper Sandler decreased their target price on Biogen from $335.00 to $313.00 and set an overweight rating on the stock in a report on Friday, July 12th. Finally, William Blair reissued an outperform rating on shares of Biogen in a report on Wednesday, July 3rd. Eight investment analysts have rated the stock with a hold rating, seventeen have issued a buy rating and one has given a strong buy rating to the stock. According to MarketBeat.com, Biogen has a consensus rating of Moderate Buy and an average price target of $273.78.

Biogen Stock Up 0.5 %

BIIB stock traded up $0.90 during midday trading on Friday, hitting $185.68. The company’s stock had a trading volume of 1,137,219 shares, compared to its average volume of 1,120,153. The firm’s 50-day moving average is $200.69 and its 200-day moving average is $212.87. The company has a current ratio of 2.29, a quick ratio of 1.48 and a debt-to-equity ratio of 0.40. Biogen has a 12 month low of $183.56 and a 12 month high of $269.43. The company has a market cap of $27.03 billion, a PE ratio of 23.18, a P/E/G ratio of 1.97 and a beta of -0.06.

Biogen (NASDAQ:BIIB) last released its quarterly earnings data on Thursday, August 1st. The biotechnology company reported $5.28 EPS for the quarter, beating the consensus estimate of $4.00 by $1.28. The company 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%. Biogen’s revenue was up .4% compared to the same quarter last year. During the same period last year, the firm posted $4.02 earnings per share. On average, equities research analysts forecast that Biogen will post 16.12 earnings per share for the current fiscal year.

Insider Transactions at Biogen

In related news, insider Priya Singhal sold 431 shares of the firm’s stock in a transaction dated Tuesday, September 3rd. The shares were sold at an average price of $204.22, for a total value of $88,018.82. Following the transaction, the insider now directly owns 5,316 shares of the company’s stock, valued at approximately $1,085,633.52. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Corporate insiders own 0.16% of the company’s stock.

Hedge Funds Weigh In On Biogen

Institutional investors and hedge funds have recently bought and sold shares of the company. Plato Investment Management Ltd lifted its position in Biogen by 82.8% in the first 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 purchased a new position in shares of Biogen in the 4th quarter valued at about $26,000. Rise Advisors LLC acquired a new position in shares of Biogen during the first quarter worth about $27,000. Itau Unibanco Holding S.A. purchased a new stake in shares of Biogen during the second quarter worth approximately $33,000. Finally, EntryPoint Capital LLC purchased a new position in Biogen in the first quarter worth approximately $36,000. 87.93% of the stock is currently owned by institutional investors and hedge funds.

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.