Royal Bank of Canada Cuts Biogen (BIIB) Price Target to $318.00

Biogen (NASDAQ:BIIB) had its price target dropped by research analysts at Royal Bank of Canada to $318.00 in a research report issued on Tuesday, The Fly reports. The firm presently has a “fair value” rating on the biotechnology company’s stock. Royal Bank of Canada’s target price would indicate a potential upside of 0.36% from the stock’s previous close.

BIIB has been the subject of several other research reports. ValuEngine upgraded shares of Biogen from a “sell” rating to a “hold” rating in a research note on Tuesday, November 6th. Morgan Stanley increased their price objective on shares of Biogen from $394.00 to $401.00 and gave the company an “overweight” rating in a research note on Wednesday, December 19th. Oppenheimer set a $372.00 price objective on shares of Biogen and gave the company a “buy” rating in a research note on Friday, January 25th. JPMorgan Chase & Co. decreased their price objective on shares of Biogen from $445.00 to $436.00 and set a “buy” rating for the company in a research note on Wednesday, October 24th. Finally, BidaskClub downgraded shares of Biogen from a “hold” rating to a “sell” rating in a research report on Saturday, October 27th. Eight analysts have rated the stock with a hold rating, twenty-one have given a buy rating and one has given a strong buy rating to the stock. The stock currently has a consensus rating of “Buy” and an average price target of $378.73.

BIIB opened at $316.87 on Tuesday. The company has a current ratio of 2.32, a quick ratio of 2.04 and a debt-to-equity ratio of 0.46. The stock has a market capitalization of $62.33 billion, a P/E ratio of 12.09, a price-to-earnings-growth ratio of 1.06 and a beta of 1.13. Biogen has a fifty-two week low of $249.17 and a fifty-two week high of $388.67.

Biogen (NASDAQ:BIIB) last posted its quarterly earnings data on Tuesday, January 29th. The biotechnology company reported $6.99 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $6.72 by $0.27. The firm had revenue of $3.53 billion during the quarter, compared to analyst estimates of $3.39 billion. Biogen had a net margin of 32.94% and a return on equity of 40.53%. The company’s revenue for the quarter was up 6.6% on a year-over-year basis. During the same quarter last year, the business posted $5.26 EPS. Equities analysts forecast that Biogen will post 28.67 EPS for the current fiscal year.

In other Biogen news, Director Alexander J. Denner acquired 30,000 shares of the company’s stock in a transaction that occurred on Wednesday, January 30th. The shares were acquired at an average price of $324.86 per share, with a total value of $9,745,800.00. Following the completion of the purchase, the director now directly owns 10,909 shares of the company’s stock, valued at approximately $3,543,897.74. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Alexander J. Denner acquired 7,000 shares of the company’s stock in a transaction that occurred on Friday, February 1st. The shares were acquired at an average cost of $328.45 per share, for a total transaction of $2,299,150.00. Following the purchase, the director now directly owns 10,909 shares of the company’s stock, valued at $3,583,061.05. The disclosure for this purchase can be found here. 0.29% of the stock is owned by company insiders.

A number of institutional investors have recently modified their holdings of BIIB. Boston Advisors LLC boosted its position in shares of Biogen by 2.9% in the fourth quarter. Boston Advisors LLC now owns 1,091 shares of the biotechnology company’s stock worth $328,000 after purchasing an additional 31 shares during the period. OLD Second National Bank of Aurora boosted its position in shares of Biogen by 0.4% in the fourth quarter. OLD Second National Bank of Aurora now owns 7,754 shares of the biotechnology company’s stock worth $2,333,000 after purchasing an additional 33 shares during the period. Tokio Marine Asset Management Co. Ltd. boosted its position in shares of Biogen by 0.3% in the fourth quarter. Tokio Marine Asset Management Co. Ltd. now owns 13,016 shares of the biotechnology company’s stock worth $3,917,000 after purchasing an additional 39 shares during the period. Cigna Investments Inc. New boosted its position in shares of Biogen by 0.5% in the fourth quarter. Cigna Investments Inc. New now owns 8,396 shares of the biotechnology company’s stock worth $2,526,000 after purchasing an additional 39 shares during the period. Finally, Watch Point Trust Co boosted its position in shares of Biogen by 0.6% in the fourth quarter. Watch Point Trust Co now owns 6,549 shares of the biotechnology company’s stock worth $1,971,000 after purchasing an additional 41 shares during the period. 93.97% of the stock is owned by institutional investors and hedge funds.

About Biogen

Biogen Inc discovers, develops, manufactures, and delivers therapies for treating neurological and neurodegenerative diseases worldwide. The company offers TECFIDERA, AVONEX, PLEGRIDY, TYSABRI, ZINBRYTA, and FAMPYRA for the treatment of multiple sclerosis (MS); FUMADERM for the treatment of plaque psoriasis; and SPINRAZA to treat spinal muscular atrophy.

Featured Story: Relative Strength Index

The Fly

Analyst Recommendations for Biogen (NASDAQ:BIIB)

Receive News & Ratings for Biogen Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Biogen and related companies with MarketBeat.com's FREE daily email newsletter.

Leave a Reply