Biogen (NASDAQ:BIIB) Price Target Increased to $350.00 by Analysts at Royal Bank of Canada

Biogen (NASDAQ:BIIB – Get Rating) had its price objective hoisted by Royal Bank of Canada from $335.00 to $350.00 in a research report released on Monday morning, The Fly reports.

BIIB has been the topic of several other reports. Mizuho began coverage on Biogen in a research report on Wednesday, November 30th. They issued a buy rating and a $325.00 target price on the stock. Wedbush increased their target price on Biogen from $218.00 to $247.00 and gave the stock a neutral rating in a research report on Wednesday, November 30th. Oppenheimer cut their target price on Biogen from $320.00 to $310.00 and set an outperform rating on the stock in a research report on Thursday, February 16th. Morgan Stanley increased their target price on Biogen from $345.00 to $351.00 and gave the stock an overweight rating in a research report on Thursday, February 16th. Finally, Needham & Company LLC reaffirmed a buy rating and issued a $325.00 target price on shares of Biogen in a research report on Wednesday, February 15th. Seven research analysts have rated the stock with a hold rating, nineteen have given a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat, Biogen currently has an average rating of Moderate Buy and an average price target of $315.38.

Biogen Price Performance

BIIB stock opened at $258.55 on Monday. Biogen has a 52-week low of $187.16 and a 52-week high of $311.88. The stock’s fifty day simple moving average is $279.41 and its 200-day simple moving average is $268.07. The company has a quick ratio of 2.58, a current ratio of 2.99 and a debt-to-equity ratio of 0.47. The stock has a market capitalization of $37.36 billion, a price-to-earnings ratio of 12.35, a price-to-earnings-growth ratio of 2.17 and a beta of 0.19.

Biogen (NASDAQ:BIIB – Get Rating) last posted its quarterly earnings data on Wednesday, February 15th. The biotechnology company reported $4.05 earnings per share (EPS) for the quarter, topping the consensus estimate of $3.48 by $0.57. Biogen had a return on equity of 20.96% and a net margin of 29.95%. The business had revenue of $2.54 billion for the quarter, compared to analysts’ expectations of $2.44 billion. During the same quarter last year, the firm earned $3.39 earnings per share. The business’s revenue was down 6.9% on a year-over-year basis. Equities research analysts expect that Biogen will post 15.53 EPS for the current year.

Hedge Funds Weigh In On Biogen

A number of hedge funds have recently bought and sold shares of the company. CVA Family Office LLC grew its stake in Biogen by 50.0% in the third quarter. CVA Family Office LLC now owns 105 shares of the biotechnology company’s stock worth $28,000 after purchasing an additional 35 shares in the last quarter. Lindenwold Advisors grew its stake in Biogen by 0.7% in the third quarter. Lindenwold Advisors now owns 5,376 shares of the biotechnology company’s stock worth $1,435,000 after purchasing an additional 38 shares in the last quarter. Larson Financial Group LLC boosted its stake in Biogen by 40.9% in the fourth quarter. Larson Financial Group LLC now owns 131 shares of the biotechnology company’s stock valued at $36,000 after acquiring an additional 38 shares during the period. Allworth Financial LP boosted its stake in Biogen by 5.7% in the third quarter. Allworth Financial LP now owns 722 shares of the biotechnology company’s stock valued at $193,000 after acquiring an additional 39 shares during the period. Finally, First Manhattan Co. boosted its stake in Biogen by 33.3% in the fourth quarter. First Manhattan Co. now owns 160 shares of the biotechnology company’s stock valued at $44,000 after acquiring an additional 40 shares during the period. 84.40% of the stock is currently owned by institutional investors and hedge funds.

Biogen Company Profile

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Biogen, Inc is a biopharmaceutical company, which engages in discovering, developing, and delivering therapies for neurological and neurodegenerative diseases. It offers TECFIDERA, VUMERITY, AVONEX, PLEGRIDY, TYSABRI, and FAMPYRA for the treatment of multiple sclerosis, SPINRAZA for the treatment of spinal muscular atrophy, and FUMADERM for the treatment of severe plaque psoriasis.