Biogen (NASDAQ:BIIB) Stock Price Expected to Rise, Royal Bank of Canada Analyst Says

Biogen (NASDAQ:BIIB) had its target price increased by Royal Bank of Canada from $221.00 to $225.00 in a research report issued to clients and investors on Tuesday,Benzinga reports. The brokerage presently has an “outperform” rating on the biotechnology company’s stock. Royal Bank of Canada’s target price indicates a potential upside of 90.40% from the stock’s current price.

BIIB has been the topic of several other research reports. Argus downgraded shares of Biogen from a “buy” rating to a “hold” rating in a research note on Friday, April 4th. Scotiabank dropped their target price on Biogen from $244.00 to $224.00 and set a “sector outperform” rating for the company in a research note on Thursday, February 13th. Bank Of America (Bofa) decreased their price target on Biogen from $178.00 to $163.00 and set a “neutral” rating on the stock in a research note on Tuesday, February 11th. William Blair reaffirmed an “outperform” rating on shares of Biogen in a research note on Monday, January 13th. Finally, Canaccord Genuity Group lowered their target price on shares of Biogen from $298.00 to $265.00 and set a “buy” rating for the company in a report on Thursday, February 13th. Eighteen analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus target price of $211.37.

Biogen Stock Down 0.6 %

Biogen stock opened at $118.17 on Tuesday. The firm has a market capitalization of $17.30 billion, a price-to-earnings ratio of 10.56, a price-to-earnings-growth ratio of 1.51 and a beta of 0.06. The company has a debt-to-equity ratio of 0.27, a quick ratio of 0.90 and a current ratio of 1.35. Biogen has a fifty-two week low of $110.04 and a fifty-two week high of $238.00. The stock’s fifty day moving average is $133.18 and its two-hundred day moving average is $150.27.

Biogen (NASDAQ:BIIB) last released its quarterly earnings results on Wednesday, February 12th. The biotechnology company reported $3.44 EPS for the quarter, beating the consensus estimate of $3.43 by $0.01. Biogen had a net margin of 16.87% and a return on equity of 14.98%. Analysts predict that Biogen will post 15.83 EPS for the current fiscal year.

Insider Transactions at Biogen

In other Biogen news, Director Stephen A. Sherwin sold 8,760 shares of the stock in a transaction on Friday, March 7th. The shares were sold at an average price of $150.02, for a total transaction of $1,314,175.20. Following the transaction, the director now directly owns 11,318 shares of the company’s stock, valued at $1,697,926.36. This represents a 43.63 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Company insiders own 0.16% of the company’s stock.

Institutional Investors Weigh In On Biogen

Several institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Robeco Institutional Asset Management B.V. grew its stake in Biogen by 11.1% in the 1st quarter. Robeco Institutional Asset Management B.V. now owns 453,529 shares of the biotechnology company’s stock valued at $62,061,000 after buying an additional 45,253 shares during the last quarter. Alpine Bank Wealth Management acquired a new position in shares of Biogen during the 1st quarter worth about $122,000. Arlington Partners LLC bought a new stake in Biogen during the 1st quarter valued at approximately $3,794,000. Golden State Wealth Management LLC grew its holdings in Biogen by 117.7% in the 1st quarter. Golden State Wealth Management LLC now owns 577 shares of the biotechnology company’s stock valued at $79,000 after buying an additional 312 shares during the last quarter. Finally, Bessemer Group Inc. increased its position in Biogen by 31.6% in the 1st quarter. Bessemer Group Inc. now owns 3,037 shares of the biotechnology company’s stock worth $415,000 after buying an additional 729 shares during the period. 87.93% of the stock is currently owned by institutional investors and hedge funds.

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.