Biogen (NASDAQ:BIIB) Given “Outperform” Rating at Royal Bank of Canada

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

Other research analysts have also recently issued research reports about the company. Oppenheimer reaffirmed an outperform rating and set a $270.00 target price on shares of Biogen in a research note on Monday, April 29th. UBS Group decreased their target price on Biogen from $250.00 to $214.00 and set a neutral rating for the company in a research note on Wednesday, April 17th. Truist Financial reaffirmed a buy rating and set a $340.00 target price on shares of Biogen in a research note on Thursday, May 16th. JPMorgan Chase & Co. decreased their target price on Biogen from $270.00 to $240.00 and set a neutral rating for the company in a research note on Thursday, April 11th. Finally, HC Wainwright reaffirmed a buy rating and set a $300.00 target price on shares of Biogen in a research note on Thursday, May 23rd. Ten equities research analysts have rated the stock with a hold rating and seventeen have given a buy rating to the stock. According to MarketBeat, the company currently has a consensus rating of Moderate Buy and a consensus target price of $286.50.

Biogen Price Performance

Shares of BIIB opened at $231.82 on Wednesday. The firm has a market capitalization of $33.75 billion, a price-to-earnings ratio of 28.94, a price-to-earnings-growth ratio of 2.26 and a beta of -0.02. The company has a debt-to-equity ratio of 0.41, a quick ratio of 1.32 and a current ratio of 2.10. Biogen has a one year low of $189.44 and a one year high of $287.60. The stock’s fifty day moving average is $222.22 and its 200-day moving average is $228.69.

Biogen (NASDAQ:BIIB) last issued its quarterly 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 company 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%. The company’s quarterly revenue was down 7.0% compared to the same quarter last year. During the same period last year, the company earned $3.40 earnings per share. Equities analysts anticipate that Biogen will post 15.63 EPS for the current year.

Institutional Investors Weigh In On Biogen

Several hedge funds have recently bought and sold shares of the business. Cetera Advisors LLC raised its stake in shares of Biogen by 120.6% during the 1st quarter. Cetera Advisors LLC now owns 3,175 shares of the biotechnology company’s stock worth $685,000 after purchasing an additional 1,736 shares in the last quarter. Cetera Investment Advisers raised its stake in shares of Biogen by 235.1% during the 1st quarter. Cetera Investment Advisers now owns 14,860 shares of the biotechnology company’s stock worth $3,204,000 after purchasing an additional 10,425 shares in the last quarter. Swedbank AB purchased a new stake in shares of Biogen during the 1st quarter worth about $22,939,000. Virtu Financial LLC purchased a new stake in shares of Biogen during the 1st quarter worth about $2,846,000. Finally, Wahed Invest LLC raised its stake in shares of Biogen by 14.0% during the 1st quarter. Wahed Invest LLC now owns 2,741 shares of the biotechnology company’s stock worth $591,000 after purchasing an additional 336 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.