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

by · The Markets Daily

Biogen (NASDAQ:BIIB – Free Report) had its price objective cut by Royal Bank of Canada from $292.00 to $269.00 in a report released on Friday, Benzinga reports. They currently have an outperform rating on the biotechnology company’s stock.

Several other research analysts have also issued reports on the stock. Robert W. Baird lowered their price target on shares of Biogen from $316.00 to $294.00 and set an outperform rating for the company in a report on Monday, July 29th. Piper Sandler lowered their target price on shares of Biogen from $335.00 to $313.00 and set an overweight rating for the company in a research note on Friday, July 12th. Wedbush cut their price target on shares of Biogen from $210.00 to $205.00 and set a neutral rating on the stock in a research report on Monday, September 23rd. UBS Group lowered their price objective on Biogen from $234.00 to $202.00 and set a neutral rating for the company in a research report on Thursday. Finally, Wells Fargo & Company cut their target price on Biogen from $240.00 to $225.00 and set an equal weight rating on the stock in a research report on Friday, August 2nd. Eight equities research 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 company. Based on data from MarketBeat.com, Biogen has a consensus rating of Moderate Buy and a consensus price target of $273.78.

Read Our Latest Stock Analysis on Biogen

Biogen Stock Performance

Shares of BIIB stock opened at $185.68 on Friday. The business’s 50-day moving average price is $200.69 and its 200-day moving average price is $212.79. Biogen has a 12 month low of $183.56 and a 12 month high of $269.43. The company has a current ratio of 2.29, a quick ratio of 1.48 and a debt-to-equity ratio of 0.40. The firm has a market capitalization of $27.03 billion, a price-to-earnings ratio of 23.18, a PEG ratio of 1.97 and a beta of -0.06.

Biogen (NASDAQ:BIIB – Get Free Report) last posted its earnings results on Thursday, August 1st. The biotechnology company reported $5.28 earnings per share for the quarter, topping analysts’ consensus estimates of $4.00 by $1.28. The firm had revenue of $2.47 billion for the quarter, compared to analyst estimates of $2.39 billion. Biogen had a net margin of 11.98% and a return on equity of 15.71%. The company’s revenue for the quarter was up .4% compared to the same quarter last year. During the same period in the previous year, the firm posted $4.02 EPS. Equities research analysts forecast that Biogen will post 16.12 EPS for the current year.

Insiders Place Their Bets

In other news, insider Priya Singhal sold 431 shares of the firm’s stock in a transaction on 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 directly owns 5,316 shares of the company’s stock, valued at $1,085,633.52. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Insiders own 0.16% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently bought and sold shares of the business. Livelsberger Financial Advisory purchased a new position in shares of Biogen during the fourth quarter worth about $26,000. 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 worth $25,000 after buying an additional 53 shares in the last quarter. Rise Advisors LLC purchased a new stake in shares of Biogen during the 1st quarter valued at $27,000. Itau Unibanco Holding S.A. bought a new stake in shares of Biogen during the 2nd quarter worth $33,000. Finally, Versant Capital Management Inc increased its stake in Biogen by 123.2% in the second quarter. Versant Capital Management Inc now owns 154 shares of the biotechnology company’s stock valued at $36,000 after acquiring an additional 85 shares during the last quarter. 87.93% of the stock is owned by institutional investors.

About Biogen

(Get Free Report)

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.

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