Royal Bank Of Canada Lowers Biogen (NASDAQ:BIIB) Price Target to $217.00

Key Points

• Royal Bank of Canada has decreased its price target for Biogen's stock from $219.00 to $217.00, while maintaining an "outperform" rating. This target indicates a potential upside of 42.57% based on the stock's previous close.
• Biogen reported earnings of $5.47 per share for the last quarter, significantly surpassing analysts' expectations of $3.93, with total revenue reaching $2.65 billion.
• Currently, the stock has an average rating of "Hold" with a consensus target price of $179.96, reflecting a mixed outlook from various analysts.

Biogen (NASDAQ:BIIB - Get Free Report) had its target price reduced by equities research analysts at Royal Bank Of Canada from $219.00 to $217.00 in a research note issued to investors on Wednesday,MarketScreener reports. The firm currently has an "outperform" rating on the biotechnology company's stock. Royal Bank Of Canada's price objective would indicate a potential upside of 42.57% from the stock's previous close.

A number of other equities analysts also recently commented on BIIB. Needham & Company LLC restated a "hold" rating on shares of Biogen in a research report on Wednesday, September 24th. Citigroup reissued a "neutral" rating on shares of Biogen in a report on Wednesday, September 24th. William Blair reaffirmed an "outperform" rating on shares of Biogen in a report on Wednesday, September 24th. Wedbush reiterated a "neutral" rating and set a $121.00 target price on shares of Biogen in a research report on Thursday, June 12th. Finally, Piper Sandler raised their price target on Biogen from $115.00 to $118.00 and gave the company a "neutral" rating in a report on Friday, September 12th. Eleven equities research analysts have rated the stock with a Buy rating, twenty have assigned a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat.com, the stock has an average rating of "Hold" and a consensus target price of $179.96.

Biogen Stock Performance

Shares of BIIB stock opened at $152.21 on Wednesday. Biogen has a 52-week low of $110.04 and a 52-week high of $194.13. The stock's 50-day moving average price is $139.00 and its 200 day moving average price is $130.99. The company has a quick ratio of 1.79, a current ratio of 2.50 and a debt-to-equity ratio of 0.36. The stock has a market capitalization of $22.32 billion, a PE ratio of 14.55, a price-to-earnings-growth ratio of 1.22 and a beta of 0.13.

Biogen (NASDAQ:BIIB - Get Free Report) last released its earnings results on Thursday, July 31st. The biotechnology company reported $5.47 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $3.93 by $1.54. Biogen had a return on equity of 13.85% and a net margin of 15.31%.The business had revenue of $2.65 billion for the quarter, compared to analyst estimates of $2.32 billion. During the same quarter in the previous year, the company posted $5.28 earnings per share. The company's revenue for the quarter was up 7.3% compared to the same quarter last year. Biogen has set its FY 2025 guidance at 15.500-16.000 EPS. As a group, equities research analysts forecast that Biogen will post 15.83 EPS for the current year.

Insider Transactions at Biogen

In related news, insider Priya Singhal sold 517 shares of Biogen stock in a transaction on Tuesday, September 2nd. The stock was sold at an average price of $133.55, for a total transaction of $69,045.35. Following the completion of the transaction, the insider directly owned 5,772 shares of the company's stock, valued at approximately $770,850.60. The trade was a 8.22% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this link. Corporate insiders own 0.18% of the company's stock.

Institutional Investors Weigh In On Biogen

Several institutional investors and hedge funds have recently made changes to their positions in BIIB. Opal Wealth Advisors LLC purchased a new position in shares of Biogen during the 1st quarter worth approximately $26,000. Greykasell Wealth Strategies Inc. purchased a new position in Biogen during the first quarter worth $27,000. Vision Financial Markets LLC purchased a new position in Biogen during the first quarter worth $27,000. Elevation Point Wealth Partners LLC acquired a new position in shares of Biogen in the second quarter worth $25,000. Finally, Zions Bancorporation National Association UT acquired a new stake in shares of Biogen during the first quarter valued at $29,000. 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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