Biogen (NASDAQ:BIIB) Given New $205.00 Price Target at Royal Bank of Canada

Biogen (NASDAQ:BIIB) had its price objective dropped by Royal Bank of Canada from $217.00 to $205.00 in a research note issued on Friday,Benzinga reports. The brokerage currently has an “outperform” rating on the biotechnology company’s stock. Royal Bank of Canada’s price target would suggest a potential upside of 65.95% from the company’s current price.

Other equities research analysts have also issued reports about the stock. Scotiabank lowered their price target on shares of Biogen from $244.00 to $224.00 and set a “sector outperform” rating on the stock in a report on Thursday, February 13th. Sanford C. Bernstein began coverage on Biogen in a research note on Tuesday, February 11th. They issued a “market perform” rating and a $160.00 target price on the stock. Hsbc Global Res cut Biogen from a “strong-buy” rating to a “hold” rating in a research report on Monday, April 28th. Canaccord Genuity Group lowered their price objective on Biogen from $265.00 to $220.00 and set a “buy” rating on the stock in a research report on Friday. Finally, HC Wainwright cut their target price on shares of Biogen from $241.00 to $187.00 and set a “buy” rating for the company in a report on Friday. Twenty research analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the company. According to MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus price target of $195.85.

Biogen Stock Performance

Shares of BIIB stock opened at $123.53 on Friday. The business has a fifty day moving average of $130.58 and a 200 day moving average of $146.75. Biogen has a 1 year low of $110.04 and a 1 year high of $238.00. The company has a debt-to-equity ratio of 0.27, a current ratio of 1.35 and a quick ratio of 0.90. The firm has a market capitalization of $18.08 billion, a price-to-earnings ratio of 11.04, a price-to-earnings-growth ratio of 1.51 and a beta of 0.13.

Biogen (NASDAQ:BIIB) last released its earnings results on Thursday, May 1st. The biotechnology company reported $3.02 EPS for the quarter, missing analysts’ consensus estimates of $3.26 by ($0.24). Biogen had a return on equity of 14.98% and a net margin of 16.87%. The firm had revenue of $2.43 billion for the quarter, compared to analyst estimates of $2.25 billion. During the same period last year, the firm earned $3.67 EPS. The company’s revenue for the quarter was up 6.2% compared to the same quarter last year. As a group, research analysts expect that Biogen will post 15.83 earnings per share for the current year.

Insiders Place Their Bets

In other news, Director Stephen A. Sherwin sold 8,760 shares of the firm’s stock in a transaction dated Friday, March 7th. The shares were sold at an average price of $150.02, for a total value of $1,314,175.20. Following the transaction, the director now directly owns 11,318 shares of the company’s stock, valued at approximately $1,697,926.36. This trade represents a 43.63 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this link. 0.16% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently made changes to their positions in the stock. Larson Financial Group LLC lifted its position in Biogen by 640.9% during the fourth quarter. Larson Financial Group LLC now owns 163 shares of the biotechnology company’s stock worth $25,000 after buying an additional 141 shares in the last quarter. Lee Danner & Bass Inc. acquired a new stake in shares of Biogen in the 4th quarter worth $25,000. Opal Wealth Advisors LLC purchased a new position in shares of Biogen during the 1st quarter worth $26,000. Colonial Trust Co SC boosted its position in shares of Biogen by 9,300.0% during the 4th quarter. Colonial Trust Co SC now owns 188 shares of the biotechnology company’s stock valued at $29,000 after acquiring an additional 186 shares during the last quarter. Finally, Private Trust Co. NA grew its holdings in shares of Biogen by 74.8% in the first quarter. Private Trust Co. NA now owns 229 shares of the biotechnology company’s stock valued at $31,000 after purchasing an additional 98 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.