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

Royal Bank of Canada reissued their outperform rating on shares of Biogen (NASDAQ:BIIB) in a report released on Thursday, Benzinga reports. Royal Bank of Canada currently has a $292.00 price target on the biotechnology company’s stock.

Other research analysts have also recently issued reports about the stock. Barclays dropped their target price on shares of Biogen from $200.00 to $190.00 and set an equal weight rating on the stock in a report on Friday, August 2nd. Scotiabank cut their price objective on shares of Biogen from $275.00 to $244.00 and set a sector outperform rating on the stock in a report on Friday, August 2nd. Robert W. Baird lowered their target price on Biogen from $316.00 to $294.00 and set an outperform rating for the company in a report on Monday, July 29th. Mizuho cut their price target on Biogen from $277.00 to $251.00 and set an outperform rating on the stock in a report on Tuesday, August 6th. Finally, Wedbush decreased their price objective on Biogen from $215.00 to $210.00 and set a neutral rating for the company 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 assigned a strong buy rating to the stock. According to MarketBeat, the company presently has an average rating of Moderate Buy and a consensus price target of $275.52.

Biogen Stock Performance

Shares of NASDAQ:BIIB opened at $199.36 on Thursday. The firm’s 50 day simple moving average is $207.31 and its 200-day simple moving average is $215.00. The company has a debt-to-equity ratio of 0.40, a quick ratio of 1.48 and a current ratio of 2.29. Biogen has a one year low of $189.44 and a one year high of $269.43. The firm has a market cap of $29.03 billion, a PE ratio of 24.89, a price-to-earnings-growth ratio of 2.01 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, topping the consensus estimate of $4.00 by $1.28. Biogen had a return on equity of 15.71% and a net margin of 11.98%. The company had revenue of $2.47 billion for the quarter, compared to the consensus estimate of $2.39 billion. During the same period last year, the business posted $4.02 EPS. Biogen’s quarterly revenue was up .4% on a year-over-year basis. As a group, equities analysts predict that Biogen will post 16.12 EPS for the current year.

Insider Activity

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

Institutional Trading of Biogen

Institutional investors and hedge funds have recently bought and sold shares of the business. Healthcare of Ontario Pension Plan Trust Fund acquired a new stake in shares of Biogen in the second quarter worth $9,898,000. Sanctuary Advisors LLC purchased a new position in shares of Biogen during the 2nd quarter valued at about $1,387,000. Northwestern Mutual Wealth Management Co. lifted its holdings in shares of Biogen by 8.0% in the 2nd quarter. Northwestern Mutual Wealth Management Co. now owns 7,309 shares of the biotechnology company’s stock valued at $1,694,000 after buying an additional 543 shares during the period. Systematic Financial Management LP lifted its holdings in shares of Biogen by 12.3% in the 2nd quarter. Systematic Financial Management LP now owns 4,670 shares of the biotechnology company’s stock valued at $1,083,000 after buying an additional 510 shares during the period. Finally, Creative Planning boosted its stake in shares of Biogen by 32.4% in the second quarter. Creative Planning now owns 18,274 shares of the biotechnology company’s stock worth $4,236,000 after buying an additional 4,473 shares during the last quarter. 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.