Biogen (NASDAQ:BIIB) Earns “Outperform” Rating from Royal Bank of Canada

Royal Bank of Canada reaffirmed their outperform rating on shares of Biogen (NASDAQ:BIIB) in a research report sent to investors on Thursday morning, Benzinga reports. Royal Bank of Canada currently has a $292.00 price objective on the biotechnology company’s stock.

Other analysts have also issued research reports about the company. Mizuho cut their price target on Biogen from $277.00 to $251.00 and set an outperform rating for the company in a report on Tuesday, August 6th. HC Wainwright reissued a buy rating and issued a $300.00 target price on shares of Biogen in a report on Thursday, May 23rd. Wedbush dropped their price target on shares of Biogen from $215.00 to $210.00 and set a neutral rating for the company in a research report on Friday, August 2nd. Truist Financial reissued a buy rating and issued a $302.00 price objective (down from $340.00) on shares of Biogen in a research note on Monday, August 5th. Finally, William Blair restated an outperform rating on shares of Biogen in a research note on Wednesday, July 3rd. Eight investment analysts have rated the stock with a hold rating, seventeen have given a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat.com, the company presently has a consensus rating of Moderate Buy and an average target price of $275.52.

Biogen Price Performance

NASDAQ BIIB opened at $199.36 on Thursday. The company has a 50-day moving average price of $207.31 and a 200-day moving average price of $215.00. Biogen has a 52 week low of $189.44 and a 52 week high of $269.43. The company has a quick ratio of 1.48, a current ratio of 2.29 and a debt-to-equity ratio of 0.40. The firm has a market capitalization of $29.03 billion, a P/E ratio of 24.89, a PEG ratio of 2.01 and a beta of -0.06.

Biogen (NASDAQ:BIIB) last released its quarterly earnings results on Thursday, August 1st. The biotechnology company reported $5.28 earnings per share for the quarter, topping 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 for the quarter, compared to the consensus estimate of $2.39 billion. During the same period last year, the firm earned $4.02 earnings per share. The company’s quarterly revenue was up .4% on a year-over-year basis. Equities research analysts anticipate that Biogen will post 16.12 earnings per share for the current year.

Insider Activity at Biogen

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

Hedge Funds Weigh In On Biogen

Several large investors have recently modified their holdings of the stock. Jump Financial LLC bought a new position in Biogen during the fourth quarter valued at $346,000. Dynamic Technology Lab Private Ltd purchased a new stake in Biogen in the 4th quarter worth about $213,000. Gladstone Institutional Advisory LLC bought a new stake in Biogen in the fourth quarter worth about $249,000. Coldstream Capital Management Inc. boosted its position in shares of Biogen by 17.1% during the fourth quarter. Coldstream Capital Management Inc. now owns 2,282 shares of the biotechnology company’s stock valued at $591,000 after buying an additional 333 shares during the period. Finally, Corient Private Wealth LLC grew its stake in shares of Biogen by 37.1% during the fourth quarter. Corient Private Wealth LLC now owns 31,212 shares of the biotechnology company’s stock valued at $8,077,000 after buying an additional 8,453 shares during the last quarter. Institutional investors 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.