Biogen (NASDAQ:BIIB) Stock Rating Reaffirmed by Royal Bank of Canada

Biogen (NASDAQ:BIIB)‘s stock had its “outperform” rating reiterated by Royal Bank of Canada in a report released on Wednesday, Benzinga reports. They currently have a $317.00 price target on the biotechnology company’s stock. Royal Bank of Canada’s target price indicates a potential upside of 41.11% from the stock’s current price.

A number of other brokerages have also commented on BIIB. Oppenheimer reaffirmed an “outperform” rating and issued a $270.00 price objective on shares of Biogen in a report on Monday, April 29th. Truist Financial restated a “buy” rating and issued a $340.00 price target on shares of Biogen in a research note on Thursday, May 16th. UBS Group dropped their price objective on shares of Biogen from $250.00 to $214.00 and set a “neutral” rating for the company in a research note on Wednesday, April 17th. HC Wainwright restated a “buy” rating and set a $300.00 target price on shares of Biogen in a research report on Thursday, May 23rd. Finally, Needham & Company LLC reiterated a “buy” rating and issued a $294.00 price target on shares of Biogen in a research report on Wednesday, May 22nd. Ten analysts have rated the stock with a hold rating and seventeen have given a buy rating to the company’s stock. According to MarketBeat, Biogen has a consensus rating of “Moderate Buy” and a consensus price target of $286.50.

Biogen Stock Performance

Shares of BIIB traded up $1.46 during trading hours on Wednesday, hitting $224.65. The company had a trading volume of 143,224 shares, compared to its average volume of 1,152,053. The business has a fifty day moving average of $220.06 and a 200-day moving average of $228.82. 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 firm has a market cap of $32.71 billion, a price-to-earnings ratio of 28.05, a PEG ratio of 2.28 and a beta of -0.02. Biogen has a 12 month low of $189.44 and a 12 month high of $287.60.

Biogen (NASDAQ:BIIB) last issued its quarterly earnings data 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. Biogen had a net margin of 12.07% and a return on equity of 14.83%. The firm had revenue of $2.29 billion during the quarter, compared to the consensus estimate of $2.31 billion. During the same period last year, the business posted $3.40 earnings per share. The business’s revenue for the quarter was down 7.0% compared to the same quarter last year. Equities analysts anticipate that Biogen will post 15.63 EPS for the current fiscal year.

Institutional Trading of Biogen

A number of hedge funds have recently added to or reduced their stakes in the stock. Plato Investment Management Ltd boosted its holdings in shares of Biogen by 82.8% during the 1st quarter. Plato Investment Management Ltd now owns 117 shares of the biotechnology company’s stock valued at $25,000 after acquiring an additional 53 shares in the last quarter. Livelsberger Financial Advisory acquired a new stake in shares of Biogen during the fourth quarter valued at about $26,000. Rise Advisors LLC bought a new stake in shares of Biogen during the first quarter worth about $27,000. Gladius Capital Management LP acquired a new position in shares of Biogen in the third quarter valued at approximately $28,000. Finally, KB Financial Partners LLC raised its holdings in Biogen by 105.1% in the 3rd quarter. KB Financial Partners LLC now owns 121 shares of the biotechnology company’s stock valued at $31,000 after buying an additional 62 shares during the last quarter. Institutional investors and hedge funds own 87.93% of the company’s stock.

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.