Royal Bank of Canada Lowers Biogen (NASDAQ:BIIB) Price Target to $225.00

Biogen (NASDAQ:BIIB) had its price objective decreased by equities researchers at Royal Bank of Canada from $231.00 to $225.00 in a report released on Thursday,Benzinga reports. The brokerage presently has an “outperform” rating on the biotechnology company’s stock. Royal Bank of Canada’s price objective would suggest a potential upside of 65.98% from the company’s current price.

Other equities analysts also recently issued reports about the stock. Morgan Stanley downgraded shares of Biogen from an “overweight” rating to an “equal weight” rating and dropped their target price for the stock from $285.00 to $204.00 in a research note on Thursday, October 31st. HC Wainwright dropped their price objective on Biogen from $300.00 to $241.00 and set a “buy” rating on the stock in a research note on Thursday. Canaccord Genuity Group decreased their target price on Biogen from $298.00 to $265.00 and set a “buy” rating for the company in a research report on Thursday. Sanford C. Bernstein assumed coverage on Biogen in a research report on Tuesday. They set a “market perform” rating and a $160.00 price target on the stock. Finally, StockNews.com downgraded Biogen from a “strong-buy” rating to a “buy” rating in a report on Saturday, December 28th. Seventeen analysts have rated the stock with a hold rating and thirteen have given a buy rating to the company. According to MarketBeat.com, the company presently has an average rating of “Hold” and a consensus target price of $214.23.

Biogen Price Performance

Biogen stock traded up $2.13 during midday trading on Thursday, reaching $135.56. 754,804 shares of the stock traded hands, compared to its average volume of 1,350,006. The stock’s fifty day moving average is $147.73 and its 200-day moving average is $174.05. Biogen has a 12 month low of $128.51 and a 12 month high of $238.00. The company has a quick ratio of 0.80, a current ratio of 1.26 and a debt-to-equity ratio of 0.28. The stock has a market cap of $19.75 billion, a P/E ratio of 12.25, a PEG ratio of 1.65 and a beta of -0.08.

Biogen (NASDAQ:BIIB) last posted its quarterly earnings data on Wednesday, February 12th. The biotechnology company reported $3.44 earnings per share (EPS) for the quarter, beating the consensus estimate of $3.43 by $0.01. Biogen had a return on equity of 14.98% and a net margin of 16.81%. As a group, equities research analysts anticipate that Biogen will post 16.42 EPS for the current year.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently made changes to their positions in BIIB. Vanguard Group Inc. boosted its holdings in Biogen by 0.4% in the 4th quarter. Vanguard Group Inc. now owns 16,748,875 shares of the biotechnology company’s stock valued at $2,561,238,000 after purchasing an additional 70,368 shares in the last quarter. State Street Corp boosted its stake in shares of Biogen by 3.5% in the third quarter. State Street Corp now owns 7,344,960 shares of the biotechnology company’s stock valued at $1,423,747,000 after buying an additional 248,942 shares in the last quarter. Geode Capital Management LLC raised its position in Biogen by 2.3% in the fourth quarter. Geode Capital Management LLC now owns 3,695,476 shares of the biotechnology company’s stock worth $563,709,000 after acquiring an additional 82,456 shares in the last quarter. Pacer Advisors Inc. lifted its stake in shares of Biogen by 13,574.7% in the fourth quarter. Pacer Advisors Inc. now owns 2,667,531 shares of the biotechnology company’s stock valued at $407,919,000 after purchasing an additional 2,648,024 shares during the period. Finally, Norges Bank purchased a new stake in Biogen during the fourth quarter worth about $355,569,000. 87.93% of the stock is currently owned by institutional investors and hedge funds.

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.