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

Biogen (NASDAQ:BIIB)‘s stock had its “outperform” rating restated by investment analysts at Royal Bank of Canada in a note issued to investors on Thursday, Benzinga reports. They currently have a $292.00 target price on the biotechnology company’s stock. Royal Bank of Canada’s price target would indicate a potential upside of 46.47% from the stock’s previous close.

Other equities analysts have also recently issued reports about the company. Mizuho reduced their target price on Biogen from $277.00 to $251.00 and set an “outperform” rating for the company in a research note on Tuesday, August 6th. Wells Fargo & Company reduced their price objective on shares of Biogen from $240.00 to $225.00 and set an “equal weight” rating on the stock in a research note on Friday, August 2nd. Truist Financial reissued a “buy” rating and issued a $302.00 target price (down previously from $340.00) on shares of Biogen in a research report on Monday, August 5th. HC Wainwright restated a “buy” rating and issued a $300.00 target price on shares of Biogen in a research note on Thursday, May 23rd. Finally, Needham & Company LLC reiterated a “buy” rating and issued a $285.00 price target on shares of Biogen in a research note on Wednesday, September 4th. Eight analysts have rated the stock with a hold rating, seventeen have issued a buy rating and one has given a strong buy rating to the stock. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average price target of $275.52.

Biogen Stock Down 1.0 %

NASDAQ BIIB opened at $199.36 on Thursday. The company has a quick ratio of 1.48, a current ratio of 2.29 and a debt-to-equity ratio of 0.40. Biogen has a fifty-two week low of $189.44 and a fifty-two week high of $269.43. The business has a 50 day moving average price of $207.31 and a two-hundred day moving average price of $215.02. The stock has a market cap of $29.03 billion, a PE ratio of 24.89, a P/E/G ratio of 2.01 and a beta of -0.06.

Biogen (NASDAQ:BIIB) last announced its earnings results on Thursday, August 1st. The biotechnology company reported $5.28 earnings per share for the quarter, beating 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 business had revenue of $2.47 billion during the quarter, compared to the consensus estimate of $2.39 billion. During the same period in the prior year, the firm earned $4.02 earnings per share. The business’s quarterly revenue was up .4% compared to the same quarter last year. As a group, sell-side analysts predict that Biogen will post 16.12 EPS for the current fiscal year.

Insider Buying and Selling

In other news, insider Priya Singhal sold 431 shares of the stock in a transaction that occurred on Tuesday, September 3rd. The shares were sold at an average price of $204.22, for a total value of $88,018.82. Following the completion of the transaction, the insider now directly owns 5,316 shares in the company, valued at $1,085,633.52. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Corporate insiders own 0.16% of the company’s stock.

Institutional Investors Weigh In On Biogen

Hedge funds and other institutional investors have recently bought and sold shares of the business. Vanguard Group Inc. lifted its stake in Biogen by 15.0% during the first 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 during the last quarter. Primecap Management Co. CA grew its holdings in shares of Biogen by 0.7% in the 2nd quarter. Primecap Management Co. CA now owns 16,338,294 shares of the biotechnology company’s stock worth $3,787,543,000 after acquiring an additional 117,578 shares during the last quarter. Van ECK Associates Corp grew its holdings in shares of 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 during the last quarter. Price T Rowe Associates Inc. MD lifted its holdings in shares of Biogen by 5.4% during the first quarter. Price T Rowe Associates Inc. MD now owns 1,589,629 shares of the biotechnology company’s stock valued at $342,772,000 after purchasing an additional 81,283 shares during the last quarter. Finally, First Trust Advisors LP lifted its holdings in shares of Biogen by 141.0% during the fourth quarter. First Trust Advisors LP now owns 977,308 shares of the biotechnology company’s stock valued at $252,898,000 after purchasing an additional 571,795 shares during the last quarter. 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.