Biogen (NASDAQ:BIIB) Price Target Raised to $292.00

Biogen (NASDAQ:BIIB) had its price objective hoisted by Royal Bank of Canada from $282.00 to $292.00 in a research report released on Friday morning, Benzinga reports. Royal Bank of Canada currently has an outperform rating on the biotechnology company’s stock.

Other research analysts have also recently issued reports about the company. Truist Financial reaffirmed a buy rating and issued a $340.00 price target on shares of Biogen in a report on Thursday, May 16th. Wedbush cut their price target on Biogen from $215.00 to $210.00 and set a neutral rating for the company in a report on Friday. UBS Group dropped their price objective on Biogen from $250.00 to $214.00 and set a neutral rating for the company in a report on Wednesday, April 17th. Robert W. Baird decreased their price objective on Biogen from $316.00 to $294.00 and set an outperform rating for the company in a research report on Monday, July 29th. Finally, Piper Sandler lowered their price target on shares of Biogen from $335.00 to $313.00 and set an overweight rating on the stock in a research note on Friday, July 12th. Ten analysts have rated the stock with a hold rating and seventeen have assigned a buy rating to the company. According to MarketBeat.com, the company presently has a consensus rating of Moderate Buy and an average price target of $277.50.

Biogen Price Performance

BIIB traded down $7.27 on Friday, reaching $198.39. The company had a trading volume of 1,394,319 shares, compared to its average volume of 1,151,694. The company has a fifty day moving average of $225.01 and a 200-day moving average of $222.82. The company has a market capitalization of $28.89 billion, a P/E ratio of 25.11, a PEG ratio of 2.09 and a beta of -0.04. The company has a current ratio of 2.29, a quick ratio of 1.32 and a debt-to-equity ratio of 0.40. Biogen has a one year low of $189.44 and a one year high of $278.95.

Biogen (NASDAQ:BIIB) last posted its quarterly earnings results on Thursday, August 1st. The biotechnology company reported $5.28 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates 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 during the quarter, compared to analyst estimates of $2.39 billion. During the same period in the prior year, the firm earned $4.02 earnings per share. The firm’s revenue was up .4% compared to the same quarter last year. As a group, equities research analysts anticipate that Biogen will post 15.87 earnings per share for the current year.

Institutional Investors Weigh In On Biogen

Institutional investors have recently modified their holdings of the company. Arizona State Retirement System boosted its stake in Biogen by 1.3% during the second quarter. Arizona State Retirement System now owns 42,140 shares of the biotechnology company’s stock worth $9,769,000 after acquiring an additional 559 shares in the last quarter. Denver PWM LLC bought a new position in Biogen during the second quarter worth $90,000. Defined Wealth Management LLC bought a new position in Biogen during the second quarter worth $211,000. Deseret Mutual Benefit Administrators raised its holdings in Biogen by 5.5% during the second quarter. Deseret Mutual Benefit Administrators now owns 1,524 shares of the biotechnology company’s stock worth $353,000 after buying an additional 79 shares during the last quarter. Finally, TD Asset Management Inc raised its holdings in Biogen by 3.7% during the second quarter. TD Asset Management Inc now owns 380,788 shares of the biotechnology company’s stock worth $88,274,000 after buying an additional 13,552 shares during the last quarter. 87.93% of the stock is owned by 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.