Royal Bank of Canada Raises Biogen (NASDAQ:BIIB) Price Target to $379.00

Biogen (NASDAQ:BIIBGet Free Report) had its price target hoisted by equities researchers at Royal Bank of Canada from $363.00 to $379.00 in a research note issued on Monday. The firm currently has an “overweight” rating on the biotechnology company’s stock. Royal Bank of Canada’s target price would indicate a potential upside of 55.40% from the company’s previous close.

A number of other equities analysts have also recently issued reports on the company. Morgan Stanley lifted their target price on Biogen from $361.00 to $373.00 and gave the stock an “overweight” rating in a report on Friday, November 10th. Needham & Company LLC reissued a “buy” rating and set a $305.00 price objective on shares of Biogen in a research report on Thursday, October 26th. Raymond James raised Biogen from a “market perform” rating to an “outperform” rating and set a $283.00 price target for the company in a research report on Thursday, December 7th. BTIG Research reaffirmed a “neutral” rating on shares of Biogen in a research report on Sunday, January 7th. Finally, UBS Group cut Biogen from a “buy” rating to a “neutral” rating and reduced their price target for the stock from $311.00 to $276.00 in a research report on Wednesday, January 24th. Eight equities research analysts have rated the stock with a hold rating and nineteen have assigned a buy rating to the stock. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $317.52.

View Our Latest Stock Analysis on Biogen

Biogen Price Performance

Shares of NASDAQ BIIB traded up $2.90 during mid-day trading on Monday, reaching $243.88. The company had a trading volume of 543,485 shares, compared to its average volume of 928,091. The company has a current ratio of 1.68, a quick ratio of 1.09 and a debt-to-equity ratio of 0.47. The stock has a market cap of $35.34 billion and a PE ratio of 24.24. The company has a 50-day moving average price of $249.60 and a two-hundred day moving average price of $252.44. Biogen has a 1-year low of $220.86 and a 1-year high of $319.76.

Insider Activity at Biogen

In related news, insider Priya Singhal sold 110 shares of the firm’s stock in a transaction dated Monday, December 11th. The shares were sold at an average price of $248.00, for a total value of $27,280.00. Following the completion of the sale, the insider now directly owns 3,464 shares in the company, valued at approximately $859,072. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. 0.60% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Biogen

Several hedge funds have recently bought and sold shares of the stock. B. Metzler seel. Sohn & Co. AG increased its stake in Biogen by 0.6% in the second quarter. B. Metzler seel. Sohn & Co. AG now owns 6,688 shares of the biotechnology company’s stock valued at $1,905,000 after acquiring an additional 38 shares during the last quarter. Snowden Capital Advisors LLC boosted its position in Biogen by 2.5% in the second quarter. Snowden Capital Advisors LLC now owns 1,591 shares of the biotechnology company’s stock valued at $453,000 after buying an additional 39 shares in the last quarter. First Manhattan Co. boosted its position in Biogen by 33.3% in the fourth quarter. First Manhattan Co. now owns 160 shares of the biotechnology company’s stock valued at $44,000 after buying an additional 40 shares in the last quarter. Systematic Financial Management LP boosted its position in Biogen by 2.5% in the first quarter. Systematic Financial Management LP now owns 1,640 shares of the biotechnology company’s stock valued at $456,000 after buying an additional 40 shares in the last quarter. Finally, Coldstream Capital Management Inc. boosted its position in Biogen by 1.9% in the second quarter. Coldstream Capital Management Inc. now owns 2,190 shares of the biotechnology company’s stock valued at $624,000 after buying an additional 40 shares in the last quarter. 85.99% of the stock is currently owned by institutional investors and hedge funds.

Biogen Company Profile

(Get Free Report)

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 offers 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.

Further Reading

Analyst Recommendations for Biogen (NASDAQ:BIIB)

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