Royal Bank of Canada Raises Biogen (NASDAQ:BIIB) Price Target to $292.00

Biogen (NASDAQ:BIIB) had its price objective raised by Royal Bank of Canada from $282.00 to $292.00 in a research report report published on Friday, Benzinga reports. The firm currently has an outperform rating on the biotechnology company’s stock.

BIIB has been the topic of a number of other reports. HC Wainwright reiterated a buy rating and set a $300.00 price objective on shares of Biogen in a research note on Thursday, May 23rd. Bank of America dropped their price objective on shares of Biogen from $280.00 to $260.00 and set a neutral rating for the company in a report on Friday, April 12th. Truist Financial reiterated a buy rating and issued a $340.00 price objective on shares of Biogen in a report on Thursday, May 16th. Barclays lowered their price target on shares of Biogen from $200.00 to $190.00 and set an equal weight rating for the company in a report on Friday. Finally, JPMorgan Chase & Co. lowered their price objective on shares of Biogen from $270.00 to $240.00 and set a neutral rating for the company in a research note on Thursday, April 11th. Nine analysts have rated the stock with a hold rating and eighteen have issued a buy rating to the stock. According to MarketBeat.com, Biogen currently has an average rating of Moderate Buy and an average price target of $276.42.

Biogen Stock Up 1.5 %

BIIB traded up $2.88 during trading hours on Friday, hitting $201.27. 600,387 shares of the company’s stock were exchanged, compared to its average volume of 1,148,019. Biogen has a 1-year low of $189.44 and a 1-year high of $278.95. The stock’s 50-day moving average is $224.62 and its two-hundred day moving average is $222.47. The stock has a market cap of $29.30 billion, a price-to-earnings ratio of 25.09, a PEG ratio of 2.09 and a beta of -0.04. The company has a quick ratio of 1.32, a current ratio of 2.29 and a debt-to-equity ratio of 0.40.

Biogen (NASDAQ:BIIB) last posted its quarterly earnings results on Thursday, August 1st. The biotechnology company reported $5.28 earnings per share (EPS) for the quarter, topping the consensus estimate of $4.00 by $1.28. Biogen had a net margin of 11.98% and a return on equity of 15.71%. The firm had revenue of $2.47 billion for the quarter, compared to analyst estimates of $2.39 billion. During the same period in the prior year, the firm posted $4.02 earnings per share. The company’s quarterly revenue was up .4% compared to the same quarter last year. Sell-side analysts predict that Biogen will post 15.87 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Biogen

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in BIIB. Plato Investment Management Ltd increased its position in Biogen by 82.8% during the 1st quarter. Plato Investment Management Ltd now owns 117 shares of the biotechnology company’s stock valued at $25,000 after purchasing an additional 53 shares during the period. Livelsberger Financial Advisory purchased a new stake in Biogen during the 4th quarter valued at about $26,000. Rise Advisors LLC purchased a new stake in Biogen during the 1st quarter valued at about $27,000. Hexagon Capital Partners LLC grew its position in Biogen by 76.1% during the 4th quarter. Hexagon Capital Partners LLC now owns 118 shares of the biotechnology company’s stock valued at $31,000 after purchasing an additional 51 shares during the last quarter. Finally, EntryPoint Capital LLC purchased a new stake in Biogen during the 1st quarter valued at about $36,000. 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.