Biogen (NASDAQ:BIIB) Price Target Cut to $269.00 by Analysts at Royal Bank of Canada

Biogen (NASDAQ:BIIB) had its price target reduced by Royal Bank of Canada from $292.00 to $269.00 in a research report released on Friday, Benzinga reports. Royal Bank of Canada currently has an outperform rating on the biotechnology company’s stock.

BIIB has been the topic of a number of other reports. 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 report on Friday, July 12th. StockNews.com upgraded shares of Biogen from a buy rating to a strong-buy rating in a research report on Monday, September 2nd. Mizuho cut their price target on Biogen from $277.00 to $251.00 and set an outperform rating for the company in a research note on Tuesday, August 6th. Wedbush lowered their price objective on Biogen from $210.00 to $205.00 and set a neutral rating on the stock in a research note on Monday, September 23rd. Finally, Barclays cut their target price on Biogen from $200.00 to $190.00 and set an equal weight rating for the company in a research report on Friday, August 2nd. Eight equities research analysts have rated the stock with a hold rating, seventeen have issued a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat, the company currently has a consensus rating of Moderate Buy and a consensus target price of $273.78.

Biogen Stock Up 0.5 %

Shares of NASDAQ:BIIB traded up $0.90 during trading on Friday, hitting $185.68. 1,137,219 shares of the company were exchanged, compared to its average volume of 1,120,153. The stock has a market cap of $27.03 billion, a price-to-earnings ratio of 23.18, a P/E/G ratio of 1.97 and a beta of -0.06. The company has a current ratio of 2.29, a quick ratio of 1.48 and a debt-to-equity ratio of 0.40. Biogen has a fifty-two week low of $183.56 and a fifty-two week high of $269.43. The firm has a fifty day moving average price of $200.69 and a two-hundred day moving average price of $212.87.

Biogen (NASDAQ:BIIB) last announced its quarterly earnings data on Thursday, August 1st. The biotechnology company reported $5.28 EPS for the quarter, beating 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 company had revenue of $2.47 billion during the quarter, compared to the consensus estimate of $2.39 billion. During the same quarter last year, the firm posted $4.02 EPS. The company’s quarterly revenue was up .4% on a year-over-year basis. As a group, research analysts anticipate that Biogen will post 16.12 earnings per share for the current fiscal year.

Insider Activity at Biogen

In other news, insider Priya Singhal sold 431 shares of the business’s stock in a transaction that occurred on Tuesday, September 3rd. The shares were sold at an average price of $204.22, for a total value of $88,018.82. Following the completion of the sale, the insider now directly owns 5,316 shares in the company, valued at approximately $1,085,633.52. The trade was a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. 0.16% of the stock is currently owned by insiders.

Institutional Trading of Biogen

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. Livelsberger Financial Advisory bought a new position in Biogen in the fourth quarter worth $26,000. Plato Investment Management Ltd lifted its position in Biogen by 82.8% during the 1st quarter. Plato Investment Management Ltd now owns 117 shares of the biotechnology company’s stock valued at $25,000 after acquiring an additional 53 shares during the period. Rise Advisors LLC bought a new stake in Biogen during the first quarter worth about $27,000. Itau Unibanco Holding S.A. purchased a new stake in Biogen in the second quarter worth about $33,000. Finally, Versant Capital Management Inc increased its stake in shares of Biogen by 123.2% during the second quarter. Versant Capital Management Inc now owns 154 shares of the biotechnology company’s stock valued at $36,000 after purchasing an additional 85 shares in the last quarter. Hedge funds and other institutional investors own 87.93% of the company’s stock.

About Biogen

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.