Biogen (NASDAQ:BIIB) Earns “Outperform” Rating from Royal Bank of Canada

Royal Bank of Canada reiterated their outperform rating on shares of Biogen (NASDAQ:BIIB) in a research report released on Wednesday, Benzinga reports. Royal Bank of Canada currently has a $317.00 price objective on the biotechnology company’s stock.

BIIB has been the subject of several other research reports. Bank of America lowered their target price 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. UBS Group lowered their target price on shares of Biogen from $250.00 to $214.00 and set a neutral rating for the company in a report on Wednesday, April 17th. Truist Financial restated a buy rating and issued a $340.00 target price on shares of Biogen in a report on Thursday, May 16th. Wedbush raised their target price on shares of Biogen from $213.00 to $215.00 and gave the stock a neutral rating in a report on Thursday, April 25th. Finally, HSBC raised their price target on shares of Biogen from $339.00 to $342.00 and gave the stock a buy rating in a research note on Friday, May 3rd. Ten investment analysts have rated the stock with a hold rating and seventeen have assigned a buy rating to the company’s stock. According to MarketBeat, Biogen presently has a consensus rating of Moderate Buy and a consensus price target of $286.50.

Biogen Price Performance

BIIB stock opened at $231.82 on Wednesday. Biogen has a 52 week low of $189.44 and a 52 week high of $287.60. The company has a quick ratio of 1.32, a current ratio of 2.10 and a debt-to-equity ratio of 0.41. The company has a fifty day simple moving average of $222.22 and a two-hundred day simple moving average of $228.69. The firm has a market capitalization of $33.75 billion, a P/E ratio of 28.94, a price-to-earnings-growth ratio of 2.26 and a beta of -0.02.

Biogen (NASDAQ:BIIB) last released its earnings results on Wednesday, April 24th. The biotechnology company reported $3.67 earnings per share (EPS) for the quarter, topping the consensus estimate of $3.45 by $0.22. The firm had revenue of $2.29 billion during the quarter, compared to analyst estimates of $2.31 billion. Biogen had a net margin of 12.07% and a return on equity of 14.83%. The business’s revenue was down 7.0% on a year-over-year basis. During the same quarter last year, the business earned $3.40 EPS. Analysts anticipate that Biogen will post 15.63 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Biogen

Several institutional investors have recently made changes to their positions in the company. Vanguard Group Inc. increased its holdings in shares of Biogen by 15.0% during the 1st quarter. Vanguard Group Inc. now owns 16,570,398 shares of the biotechnology company’s stock valued at $3,573,075,000 after purchasing an additional 2,163,068 shares in the last quarter. Primecap Management Co. CA increased its holdings in Biogen by 1.6% in the 4th quarter. Primecap Management Co. CA now owns 16,264,481 shares of the biotechnology company’s stock worth $4,208,760,000 after acquiring an additional 251,915 shares in the last quarter. Wellington Management Group LLP increased its holdings in Biogen by 0.5% in the 3rd quarter. Wellington Management Group LLP now owns 5,374,310 shares of the biotechnology company’s stock worth $1,381,251,000 after acquiring an additional 27,951 shares in the last quarter. Van ECK Associates Corp increased its holdings in Biogen by 22.2% in the 1st quarter. Van ECK Associates Corp now owns 1,737,340 shares of the biotechnology company’s stock worth $374,623,000 after acquiring an additional 316,144 shares in the last quarter. Finally, Price T Rowe Associates Inc. MD increased its holdings in Biogen by 5.4% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 1,589,629 shares of the biotechnology company’s stock worth $342,772,000 after acquiring an additional 81,283 shares in the last quarter. 87.93% of the stock is owned by hedge funds and other institutional investors.

Biogen Company Profile

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.