Biogen (NASDAQ:BIIB) Given New $256.00 Price Target at Royal Bank Of Canada

Biogen (NASDAQ:BIIB) had its price target reduced by equities researchers at Royal Bank Of Canada from $260.00 to $256.00 in a report released on Thursday, Benzinga reports. The firm currently has an “outperform” rating on the biotechnology company’s stock. Royal Bank Of Canada’s price target suggests a potential upside of 16.65% from the company’s current price.

Other analysts have also issued reports about the stock. TD Cowen upped their price objective on shares of Biogen from $215.00 to $225.00 and gave the company a “buy” rating in a research note on Thursday, July 30th. Wall Street Zen lowered shares of Biogen from a “buy” rating to a “hold” rating in a research note on Saturday, August 1st. Jefferies Financial Group reissued a “buy” rating on shares of Biogen in a research note on Monday, July 13th. Canaccord Genuity Group raised their target price on Biogen from $245.00 to $248.00 and gave the stock a “buy” rating in a research report on Thursday, July 30th. Finally, HSBC raised their price objective on Biogen from $165.00 to $175.00 and gave the stock a “reduce” rating in a research report on Thursday, September 10th. One equities research analyst has rated the stock with a Strong Buy rating, seventeen have given a Buy rating, thirteen have given a Hold rating and one has given a Sell rating to the stock. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average price target of $230.00.

Biogen Price Performance

Biogen stock traded down $2.69 during mid-day trading on Thursday, hitting $219.46. The company’s stock had a trading volume of 49,165 shares, compared to its average volume of 1,195,346. The stock has a market capitalization of $32.43 billion, a P/E ratio of 38.84, a P/E/G ratio of 2.46 and a beta of 0.09. Biogen has a twelve month low of $138.00 and a twelve month high of $230.49. The stock’s fifty day moving average price is $216.74 and its two-hundred day moving average price is $201.84. The company has a quick ratio of 1.26, a current ratio of 1.87 and a debt-to-equity ratio of 0.39.

Biogen (NASDAQ:BIIB) last issued its earnings results on Wednesday, July 29th. The biotechnology company reported $3.60 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.94 by $0.66. Biogen had a return on equity of 11.18% and a net margin of 8.32%.The business had revenue of $2.74 billion for the quarter, compared to analysts’ expectations of $2.46 billion. During the same period in the previous year, the firm posted $5.47 EPS. The company’s quarterly revenue was up 3.4% on a year-over-year basis. Biogen has set its FY 2026 guidance at 12.000-13.000 EPS. Research analysts forecast that Biogen will post 12.41 earnings per share for the current year.

Institutional Trading of Biogen

A number of institutional investors have recently added to or reduced their stakes in BIIB. BlackRock Inc. bought a new stake in Biogen in the second quarter worth approximately $3,453,878,000. Primecap Management Co. CA bought a new stake in Biogen in the second quarter worth $3,274,304,000. Legal & General Group Plc acquired a new position in Biogen during the second quarter worth $322,640,000. Bank of America Corp DE acquired a new position in Biogen during the second quarter worth $241,172,000. Finally, Deutsche Bank AG bought a new position in Biogen during the second quarter valued at about $193,165,000. 87.93% of the stock is currently owned by institutional investors and hedge funds.

About Biogen

Biogen Inc is a biotechnology company that discovers, develops and commercializes therapies for serious neurological and neurodegenerative diseases. Its research focuses on conditions including multiple sclerosis, spinal muscular atrophy, Alzheimer’s disease, amyotrophic lateral sclerosis and rare neuromuscular disorders.

Biogen’s products include Spinraza (nusinersen) for spinal muscular atrophy, Tysabri (natalizumab) and Tecfidera (dimethyl fumarate) for multiple sclerosis, Qalsody (tofersen) for a genetically defined form of ALS, and Skyclarys (omaveloxolone) for Friedreich’s ataxia.