Royal Bank of Canada Issues Positive Forecast for Biogen (NASDAQ:BIIB) Stock Price

Biogen (NASDAQ:BIIB) had its target price boosted by Royal Bank of Canada from $221.00 to $225.00 in a report published on Tuesday morning,Benzinga reports. They currently have an outperform rating on the biotechnology company’s stock.

A number of other equities research analysts also recently weighed in on BIIB. Piper Sandler reiterated a “neutral” rating and issued a $135.00 target price (down from $138.00) on shares of Biogen in a report on Tuesday, February 18th. BMO Capital Markets dropped their target price on shares of Biogen from $156.00 to $139.00 and set a “market perform” rating on the stock in a research report on Thursday, February 13th. Morgan Stanley reduced their price target on shares of Biogen from $157.00 to $152.00 and set an “equal weight” rating for the company in a report on Wednesday, April 9th. Needham & Company LLC reiterated a “hold” rating on shares of Biogen in a report on Wednesday, April 16th. Finally, Wells Fargo & Company reduced their target price on Biogen from $165.00 to $140.00 and set an “equal weight” rating for the company in a research note on Thursday, February 13th. Eighteen research analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the company. According to data from MarketBeat.com, Biogen currently has a consensus rating of “Hold” and an average price target of $213.15.

Biogen Price Performance

Biogen stock opened at $118.89 on Tuesday. The stock’s 50 day moving average is $133.56 and its 200 day moving average is $150.49. Biogen has a one year low of $110.04 and a one year high of $238.00. The firm has a market cap of $17.40 billion, a P/E ratio of 10.62, a P/E/G ratio of 1.51 and a beta of 0.06. The company has a debt-to-equity ratio of 0.27, a current ratio of 1.35 and a quick ratio of 0.90.

Biogen (NASDAQ:BIIB) last issued its quarterly earnings results on Wednesday, February 12th. The biotechnology company reported $3.44 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $3.43 by $0.01. Biogen had a net margin of 16.87% and a return on equity of 14.98%. As a group, research analysts expect that Biogen will post 15.83 EPS for the current year.

Insider Activity at Biogen

In other Biogen news, Director Stephen A. Sherwin sold 8,760 shares of Biogen stock in a transaction dated Friday, March 7th. The shares were sold at an average price of $150.02, for a total value of $1,314,175.20. Following the sale, the director now owns 11,318 shares of the company’s stock, valued at approximately $1,697,926.36. The trade was a 43.63 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. 0.16% of the stock is owned by company insiders.

Institutional Investors Weigh In On Biogen

Several large investors have recently modified their holdings of the stock. Larson Financial Group LLC grew its holdings in Biogen by 640.9% during the fourth quarter. Larson Financial Group LLC now owns 163 shares of the biotechnology company’s stock valued at $25,000 after purchasing an additional 141 shares during the period. Lee Danner & Bass Inc. bought a new position in shares of Biogen during the 4th quarter worth $25,000. Opal Wealth Advisors LLC purchased a new stake in Biogen in the 1st quarter worth about $26,000. Colonial Trust Co SC increased its holdings in Biogen by 9,300.0% in the 4th quarter. Colonial Trust Co SC now owns 188 shares of the biotechnology company’s stock worth $29,000 after acquiring an additional 186 shares during the last quarter. Finally, OFI Invest Asset Management bought a new stake in Biogen in the 4th quarter valued at about $32,000. Hedge funds and other 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.