Biogen (NASDAQ:BIIB) Stock Price Target Cut by Royal Bank Of Canada

Key Points

• Royal Bank of Canada lowered Biogen’s price target from $260 to $256 while maintaining an “outperform” rating, implying 16.65% potential upside from the prior close.
• Analyst sentiment remains favorable, with Biogen carrying a “Moderate Buy” consensus rating and an average price target of $230 based on MarketBeat data.
• Biogen shares fell 1.2% to $219.46, while the company’s latest quarterly results exceeded expectations, reporting $3.60 in earnings per share and $2.74 billion in revenue.

Biogen (NASDAQ:BIIB - Get Free Report) had its price objective lowered by analysts at Royal Bank Of Canada from $260.00 to $256.00 in a research note issued on Thursday, Benzinga reports. The brokerage currently has an "outperform" rating on the biotechnology company's stock. Royal Bank Of Canada's price target indicates a potential upside of 16.65% from the company's previous close.

Several other equities research analysts also recently issued reports on BIIB. HSBC lifted their price objective on Biogen from $165.00 to $175.00 and gave the stock a "reduce" rating in a report on Thursday, September 10th. Piper Sandler reaffirmed an "overweight" rating and issued a $245.00 price target (up from $225.00) on shares of Biogen in a report on Thursday, September 3rd. Citigroup raised their price objective on shares of Biogen from $200.00 to $215.00 and gave the stock a "neutral" rating in a report on Monday, August 3rd. Jefferies Financial Group reissued a "buy" rating on shares of Biogen in a research report on Monday, July 13th. Finally, Canaccord Genuity Group increased their price target on shares of Biogen from $245.00 to $248.00 and gave the stock a "buy" rating in a research report on Thursday, July 30th. One analyst has rated the stock with a Strong Buy rating, seventeen have issued a Buy rating, thirteen have given a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat, Biogen presently has an average rating of "Moderate Buy" and an average target price of $230.00.

Biogen Stock Down 1.2%

Biogen stock traded down $2.69 during trading on Thursday, reaching $219.46. 49,165 shares of the company's stock were exchanged, compared to its average volume of 1,195,346. The company's 50-day moving average is $216.74 and its two-hundred day moving average is $201.84. The company has a debt-to-equity ratio of 0.39, a quick ratio of 1.26 and a current ratio of 1.87. Biogen has a 52-week low of $138.00 and a 52-week high of $230.49. The firm has a market cap of $32.43 billion, a price-to-earnings ratio of 38.84, a PEG ratio of 2.46 and a beta of 0.09.

Biogen (NASDAQ:BIIB - Get Free Report) last issued its earnings results on Wednesday, July 29th. The biotechnology company reported $3.60 earnings per share for the quarter, topping the consensus estimate of $2.94 by $0.66. The company had revenue of $2.74 billion during the quarter, compared to the consensus estimate of $2.46 billion. Biogen had a return on equity of 11.18% and a net margin of 8.32%.The company's revenue was up 3.4% compared to the same quarter last year. During the same quarter in the prior year, the business earned $5.47 earnings per share. Biogen has set its FY 2026 guidance at 12.000-13.000 EPS. On average, analysts predict that Biogen will post 12.41 earnings per share for the current year.

Institutional Trading of Biogen

Institutional investors and hedge funds have recently made changes to their positions in the stock. BlackRock Inc. acquired a new position in shares of Biogen during the second quarter valued at $3,453,878,000. Primecap Management Co. CA acquired a new stake in Biogen in the second quarter worth about $3,274,304,000. Legal & General Group Plc bought a new position in shares of Biogen in the second quarter valued at approximately $322,640,000. Bank of America Corp DE bought a new position in Biogen during the 2nd quarter valued at $241,172,000. Finally, Deutsche Bank AG acquired a new position in shares of Biogen during the 2nd quarter valued at $193,165,000. 87.93% of the stock is currently owned by institutional investors and hedge funds.

About Biogen

Biogen Inc is a biotechnology company that discovers, develops and commercializes therapies for serious neurological and neurodegenerative diseases. Its research focuses on conditions including multiple sclerosis, spinal muscular atrophy, Alzheimer's disease, amyotrophic lateral sclerosis and rare neuromuscular disorders.

Biogen's products include Spinraza (nusinersen) for spinal muscular atrophy, Tysabri (natalizumab) and Tecfidera (dimethyl fumarate) for multiple sclerosis, Qalsody (tofersen) for a genetically defined form of ALS, and Skyclarys (omaveloxolone) for Friedreich's ataxia.

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