Biogen Inc. (NASDAQ:BIIB) Receives New Coverage from Analysts at Royal Bank Of Canada

Royal Bank Of Canada began coverage on shares of Biogen Inc. (NASDAQ:BIIB) in a report released on Thursday, September 14th, Marketbeat Ratings reports. The brokerage issued a sector perform rating and a $319.00 price target on the biotechnology company’s stock.

Several other research analysts have also issued reports on BIIB. Cantor Fitzgerald reiterated a hold rating and issued a $277.00 price target on shares of Biogen in a report on Thursday, May 25th. Sanford C. Bernstein restated an outperform rating on shares of Biogen in a report on Thursday, May 25th. Mizuho dropped their target price on Biogen from $290.00 to $274.00 and set a neutral rating on the stock in a report on Wednesday, May 31st. BMO Capital Markets restated a hold rating and issued a $318.00 target price on shares of Biogen in a report on Friday, June 2nd. Finally, ValuEngine lowered Biogen from a buy rating to a hold rating in a report on Friday, June 2nd. Fourteen investment analysts have rated the stock with a hold rating, thirteen have assigned a buy rating and one has given a strong buy rating to the stock. Biogen has a consensus rating of Buy and a consensus target price of $328.16.

Biogen (BIIB) traded up 1.09% during midday trading on Thursday, hitting $318.46. The stock had a trading volume of 988,098 shares. Biogen has a 1-year low of $244.28 and a 1-year high of $330.00. The firm has a 50-day moving average price of $300.47 and a 200-day moving average price of $278.47. The firm has a market capitalization of $67.33 billion, a price-to-earnings ratio of 20.90 and a beta of 0.77.

Biogen (NASDAQ:BIIB) last announced its quarterly earnings results on Tuesday, July 25th. The biotechnology company reported $5.04 earnings per share (EPS) for the quarter, topping the consensus estimate of $4.36 by $0.68. The business had revenue of $3.08 billion for the quarter, compared to analyst estimates of $2.81 billion. Biogen had a return on equity of 37.42% and a net margin of 28.10%. The company’s quarterly revenue was up 6.4% on a year-over-year basis. During the same quarter in the prior year, the company earned $5.21 earnings per share. On average, equities research analysts anticipate that Biogen will post $21.51 earnings per share for the current year.

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In other Biogen news, EVP Susan H. Alexander sold 7,758 shares of Biogen stock in a transaction dated Wednesday, July 19th. The stock was sold at an average price of $285.00, for a total transaction of $2,211,030.00. Following the completion of the sale, the executive vice president now owns 27,232 shares of the company’s stock, valued at $7,761,120. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, EVP Susan H. Alexander sold 4,974 shares of Biogen stock in a transaction dated Tuesday, July 25th. The stock was sold at an average price of $290.01, for a total value of $1,442,509.74. Following the completion of the transaction, the executive vice president now owns 22,258 shares in the company, valued at approximately $6,455,042.58. The disclosure for this sale can be found here. 0.32% of the stock is currently owned by company insiders.

A number of hedge funds have recently added to or reduced their stakes in the stock. Beacon Trust Co. lifted its position in Biogen by 0.5% in the 1st quarter. Beacon Trust Co. now owns 1,135 shares of the biotechnology company’s stock valued at $328,000 after acquiring an additional 6 shares in the last quarter. Guardian Life Insurance Co. of America lifted its position in Biogen by 0.7% in the 1st quarter. Guardian Life Insurance Co. of America now owns 839 shares of the biotechnology company’s stock valued at $229,000 after acquiring an additional 6 shares in the last quarter. Carroll Financial Associates Inc. lifted its position in Biogen by 1.2% in the 2nd quarter. Carroll Financial Associates Inc. now owns 496 shares of the biotechnology company’s stock valued at $134,000 after acquiring an additional 6 shares in the last quarter. Trust Co. of Vermont lifted its position in Biogen by 0.3% in the 1st quarter. Trust Co. of Vermont now owns 2,412 shares of the biotechnology company’s stock valued at $660,000 after acquiring an additional 7 shares in the last quarter. Finally, Buckingham Capital Management Inc. lifted its position in Biogen by 0.3% in the 1st quarter. Buckingham Capital Management Inc. now owns 2,452 shares of the biotechnology company’s stock valued at $670,000 after acquiring an additional 8 shares in the last quarter. 87.65% of the stock is currently owned by institutional investors and hedge funds.

About Biogen

Biogen Inc is a biopharmaceutical company. The Company focuses on discovering, developing, manufacturing and delivering therapies to people living with serious neurological, rare and autoimmune diseases. The Company markets products, including TECFIDERA, AVONEX, PLEGRIDY, TYSABRI, ZINBRYTA and FAMPYRA for multiple sclerosis (MS), FUMADERM for the treatment of severe plaque psoriasis and SPINRAZA for the treatment of spinal muscular atrophy (SMA).

Analyst Recommendations for Biogen (NASDAQ:BIIB)

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