Biogen (NASDAQ:BIIB) Price Target Raised to $213.00 at Royal Bank Of Canada

Biogen (NASDAQ:BIIB - Get Free Report) had its price objective lifted by equities researchers at Royal Bank Of Canada from $205.00 to $213.00 in a research note issued to investors on Wednesday,Benzinga reports. The brokerage presently has an "outperform" rating on the biotechnology company's stock. Royal Bank Of Canada's target price points to a potential upside of 68.69% from the stock's previous close.

Several other equities analysts also recently issued reports on the stock. Piper Sandler restated a "neutral" rating and issued a $115.00 price objective on shares of Biogen in a research note on Thursday, June 12th. HC Wainwright lowered their target price on shares of Biogen from $241.00 to $187.00 and set a "buy" rating on the stock in a research report on Friday, May 2nd. HSBC downgraded shares of Biogen from a "buy" rating to a "hold" rating and set a $118.00 price target for the company. in a research report on Monday, April 28th. Robert W. Baird lowered their price objective on shares of Biogen from $300.00 to $255.00 and set an "outperform" rating on the stock in a research report on Friday, May 2nd. Finally, Wedbush restated a "neutral" rating and issued a $121.00 price objective on shares of Biogen in a research note on Thursday, June 12th. Twenty analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the company's stock. According to MarketBeat.com, the company has an average rating of "Hold" and a consensus target price of $188.48.

Biogen Price Performance

NASDAQ BIIB traded down $0.05 during trading hours on Wednesday, hitting $126.27. 80,222 shares of the company's stock traded hands, compared to its average volume of 1,609,773. The company has a market capitalization of $18.50 billion, a PE ratio of 12.47, a PEG ratio of 0.99 and a beta of 0.14. The company has a debt-to-equity ratio of 0.27, a current ratio of 1.44 and a quick ratio of 1.01. Biogen has a 52-week low of $110.04 and a 52-week high of $238.00. The firm's 50-day moving average is $125.13 and its 200-day moving average is $135.79.

Biogen (NASDAQ:BIIB - Get Free Report) last released its quarterly earnings data on Thursday, May 1st. The biotechnology company reported $3.02 earnings per share for the quarter, missing analysts' consensus estimates of $3.26 by ($0.24). Biogen had a return on equity of 14.03% and a net margin of 15.07%. The company had revenue of $2.43 billion for the quarter, compared to analyst estimates of $2.25 billion. During the same period last year, the firm posted $3.67 EPS. The business's quarterly revenue was up 6.2% on a year-over-year basis. Equities analysts forecast that Biogen will post 15.83 EPS for the current fiscal year.

Hedge Funds Weigh In On Biogen

Hedge funds have recently added to or reduced their stakes in the business. Norges Bank purchased a new position in shares of Biogen during the 4th quarter worth approximately $355,569,000. AQR Capital Management LLC raised its holdings in shares of Biogen by 153.6% in the first quarter. AQR Capital Management LLC now owns 1,368,842 shares of the biotechnology company's stock worth $187,258,000 after acquiring an additional 829,150 shares during the last quarter. OVERSEA CHINESE BANKING Corp Ltd lifted its position in shares of Biogen by 1,663.4% in the first quarter. OVERSEA CHINESE BANKING Corp Ltd now owns 780,567 shares of the biotechnology company's stock valued at $106,813,000 after acquiring an additional 736,301 shares in the last quarter. Invesco Ltd. boosted its stake in shares of Biogen by 30.6% during the fourth quarter. Invesco Ltd. now owns 2,128,807 shares of the biotechnology company's stock valued at $325,537,000 after acquiring an additional 499,074 shares during the last quarter. Finally, Deutsche Bank AG boosted its stake in shares of Biogen by 63.7% during the fourth quarter. Deutsche Bank AG now owns 1,169,570 shares of the biotechnology company's stock valued at $178,851,000 after acquiring an additional 455,285 shares during the last quarter. 87.93% of the stock is currently owned by hedge funds and other 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.

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