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

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

A number of other research analysts have also issued reports on the stock. Robert W. Baird lowered their target price on shares of Biogen from $316.00 to $294.00 and set an outperform rating on the stock in a research note on Monday, July 29th. HC Wainwright reiterated a buy rating and issued a $300.00 target price on shares of Biogen in a research note on Thursday, May 23rd. Bank of America lowered their target price on shares of Biogen from $280.00 to $260.00 and set a neutral rating on the stock in a research note on Friday, April 12th. UBS Group reduced their price target 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. Finally, HSBC increased their price target on shares of Biogen from $339.00 to $342.00 and gave the company a buy rating in a report on Friday, May 3rd. Ten analysts have rated the stock with a hold rating and seventeen have issued a 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 $279.08.

Biogen Stock Performance

Shares of BIIB opened at $205.66 on Friday. The company’s fifty day moving average is $225.01 and its 200-day moving average is $223.13. Biogen has a 12 month low of $189.44 and a 12 month high of $278.95. The firm has a market cap of $29.94 billion, a price-to-earnings ratio of 25.68, a price-to-earnings-growth 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 earnings results on Thursday, August 1st. The biotechnology company reported $5.28 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $4.00 by $1.28. Biogen had a net margin of 11.98% and a return on equity of 15.71%. The business had revenue of $2.47 billion for the quarter, compared to analyst estimates of $2.39 billion. During the same period last year, the business posted $4.02 EPS. Biogen’s revenue was up .4% compared to the same quarter last year. Equities analysts expect that Biogen will post 15.87 EPS for the current fiscal year.

Institutional Investors Weigh In On Biogen

Several large investors have recently modified their holdings of the stock. Deseret Mutual Benefit Administrators grew its stake in shares of Biogen by 5.5% in the 2nd quarter. Deseret Mutual Benefit Administrators now owns 1,524 shares of the biotechnology company’s stock valued at $353,000 after purchasing an additional 79 shares during the period. TD Asset Management Inc grew its position in Biogen by 3.7% during the 2nd quarter. TD Asset Management Inc now owns 380,788 shares of the biotechnology company’s stock worth $88,274,000 after acquiring an additional 13,552 shares during the last quarter. Larson Financial Group LLC grew its position in Biogen by 132.5% during the 2nd quarter. Larson Financial Group LLC now owns 486 shares of the biotechnology company’s stock worth $113,000 after acquiring an additional 277 shares during the last quarter. Oregon Public Employees Retirement Fund grew its position in Biogen by 0.8% during the 2nd quarter. Oregon Public Employees Retirement Fund now owns 12,496 shares of the biotechnology company’s stock worth $2,897,000 after acquiring an additional 100 shares during the last quarter. Finally, Allegheny Financial Group LTD bought a new stake in Biogen during the 2nd quarter worth approximately $663,000. 87.93% of the stock is currently owned by 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.