Biogen (NASDAQ:BIIB) Price Target Raised to $219.00 at Royal Bank Of Canada

Key Points

• Royal Bank of Canada has raised Biogen's price target from $208.00 to $219.00, indicating a potential upside of 72.24% from its previous close.
• Despite the upgrade, other research firms are more cautious, with price targets ranging from $115.00 to $169.00 and an overall average target price of $186.56.
• Biogen reported strong earnings of $5.47 per share, exceeding analysts' expectations and indicating a revenue increase of 7.3% compared to the same quarter last year.

Biogen (NASDAQ:BIIB - Get Free Report) had its price target boosted by stock analysts at Royal Bank Of Canada from $208.00 to $219.00 in a note issued to investors on Friday,Benzinga reports. The firm currently has an "outperform" rating on the biotechnology company's stock. Royal Bank Of Canada's price target points to a potential upside of 72.24% from the stock's previous close.

A number of other research firms have also commented on BIIB. Mizuho lowered their price target on Biogen from $207.00 to $169.00 and set an "outperform" rating for the company in a research report on Wednesday, May 7th. Wedbush reiterated a "neutral" rating and set a $121.00 price objective on shares of Biogen in a research report on Thursday, June 12th. Needham & Company LLC reissued a "hold" rating on shares of Biogen in a research note on Thursday, June 12th. Piper Sandler restated a "neutral" rating and set a $115.00 target price on shares of Biogen in a research report on Thursday, June 12th. Finally, HSBC lowered 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. Twenty-one research analysts have rated the stock with a hold rating and twelve have given a buy rating to the company. According to MarketBeat, the stock has an average rating of "Hold" and a consensus target price of $186.56.

Biogen Price Performance

Shares of BIIB traded down $0.85 during mid-day trading on Friday, reaching $127.15. 1,354,230 shares of the stock traded hands, compared to its average volume of 1,562,091. The company has a current ratio of 1.44, a quick ratio of 1.01 and a debt-to-equity ratio of 0.27. Biogen has a 1 year low of $110.04 and a 1 year high of $213.50. The company has a market cap of $18.63 billion, a price-to-earnings ratio of 12.50, a price-to-earnings-growth ratio of 1.83 and a beta of 0.14. The firm has a fifty day moving average price of $129.72 and a 200 day moving average price of $131.90.

Biogen (NASDAQ:BIIB - Get Free Report) last announced its earnings results on Thursday, July 31st. The biotechnology company reported $5.47 earnings per share for the quarter, topping analysts' consensus estimates of $3.93 by $1.54. The business had revenue of $2.65 billion for the quarter, compared to analyst estimates of $2.32 billion. Biogen had a return on equity of 14.03% and a net margin of 15.07%. The company's quarterly revenue was up 7.3% compared to the same quarter last year. During the same period in the prior year, the company earned $5.28 EPS. As a group, equities research analysts predict that Biogen will post 15.83 earnings per share for the current year.

Insider Activity

In related news, insider Rachid Izzar sold 2,223 shares of the stock in a transaction on Tuesday, July 8th. The stock was sold at an average price of $135.00, for a total value of $300,105.00. Following the transaction, the insider directly owned 6,330 shares of the company's stock, valued at approximately $854,550. This trade represents a 25.99% decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. 0.18% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Biogen

Several large investors have recently made changes to their positions in the business. Opal Wealth Advisors LLC bought a new stake in shares of Biogen in the 1st quarter worth about $26,000. Vision Financial Markets LLC bought a new position in shares of Biogen during the 1st quarter valued at about $27,000. Greykasell Wealth Strategies Inc. acquired a new position in shares of Biogen in the 1st quarter worth approximately $27,000. Colonial Trust Co SC lifted its stake in Biogen by 9,300.0% during the fourth quarter. Colonial Trust Co SC now owns 188 shares of the biotechnology company's stock valued at $29,000 after purchasing an additional 186 shares during the last quarter. Finally, Zions Bancorporation National Association UT bought a new stake in Biogen during the first quarter worth approximately $29,000. Institutional investors and hedge funds 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.

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