Biogen (NASDAQ:BIIB) Receives Outperform Rating from Royal Bank of Canada

Biogen (NASDAQ:BIIBGet Free Report)‘s stock had its “outperform” rating reiterated by research analysts at Royal Bank of Canada in a research note issued to investors on Wednesday, Benzinga reports. They currently have a $317.00 price objective on the biotechnology company’s stock. Royal Bank of Canada’s target price would indicate a potential upside of 49.13% from the stock’s previous close.

BIIB has been the topic of several other research reports. JPMorgan Chase & Co. lowered their price objective on Biogen from $270.00 to $240.00 and set a “neutral” rating on the stock in a research report on Thursday, April 11th. Wedbush upped their price objective on Biogen from $213.00 to $215.00 and gave the stock a “neutral” rating in a research report on Thursday, April 25th. UBS Group lowered their price objective on Biogen from $250.00 to $214.00 and set a “neutral” rating on the stock in a research report on Wednesday, April 17th. HSBC lifted their price target on shares of Biogen from $339.00 to $342.00 and gave the company a “buy” rating in a research note on Friday, May 3rd. Finally, BMO Capital Markets dropped their price target on shares of Biogen from $295.00 to $285.00 and set an “outperform” rating on the stock in a research note on Wednesday, February 14th. Ten equities research analysts have rated the stock with a hold rating and seventeen have issued a buy rating to the company. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus target price of $286.50.

Read Our Latest Research Report on BIIB

Biogen Stock Down 2.8 %

Shares of BIIB traded down $6.17 during mid-day trading on Wednesday, hitting $212.56. 115,559 shares of the company traded hands, compared to its average volume of 1,162,483. Biogen has a 1-year low of $189.44 and a 1-year high of $319.76. 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 market capitalization of $30.95 billion, a PE ratio of 26.53, a price-to-earnings-growth ratio of 2.20 and a beta of -0.01. The business has a 50 day moving average of $212.85 and a 200 day moving average of $229.40.

Biogen (NASDAQ:BIIBGet Free Report) last issued its earnings results on Wednesday, April 24th. The biotechnology company reported $3.67 EPS for the quarter, beating analysts’ consensus estimates of $3.45 by $0.22. The firm had revenue of $2.29 billion for the quarter, compared to analyst estimates of $2.31 billion. Biogen had a return on equity of 14.83% and a net margin of 12.07%. Biogen’s revenue for the quarter was down 7.0% on a year-over-year basis. During the same quarter in the prior year, the firm earned $3.40 earnings per share. Equities research analysts anticipate that Biogen will post 15.59 EPS for the current year.

Institutional Trading of Biogen

Hedge funds and other institutional investors have recently modified their holdings of the business. Cetera Advisors LLC grew its position in Biogen by 120.6% in the 1st quarter. Cetera Advisors LLC now owns 3,175 shares of the biotechnology company’s stock valued at $685,000 after acquiring an additional 1,736 shares in the last quarter. Cetera Investment Advisers grew its position in Biogen by 235.1% in the 1st quarter. Cetera Investment Advisers now owns 14,860 shares of the biotechnology company’s stock valued at $3,204,000 after acquiring an additional 10,425 shares in the last quarter. Swedbank AB acquired a new position in Biogen in the 1st quarter valued at about $22,939,000. Virtu Financial LLC acquired a new position in Biogen in the 1st quarter valued at about $2,846,000. Finally, Wahed Invest LLC grew its position in Biogen by 14.0% in the 1st quarter. Wahed Invest LLC now owns 2,741 shares of the biotechnology company’s stock valued at $591,000 after acquiring an additional 336 shares in the last quarter. 87.93% of the stock is owned by institutional investors and hedge funds.

Biogen Company Profile

(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.

Further Reading

Analyst Recommendations for Biogen (NASDAQ:BIIB)

Receive News & Ratings for Biogen Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Biogen and related companies with MarketBeat.com's FREE daily email newsletter.