Royal Bank of Canada Lowers Biogen Price Target to $225.00

The Royal Bank of Canada has reduced its price target for Biogen (NASDAQ:BIIB) from $231.00 to $225.00, according to a recent report released on Thursday. The bank maintains an "outperform" rating for the biotechnology company's stock, suggesting that despite the lowered forecast, there is still potential for significant gains.

Analyst Updates on Biogen

In addition to the Royal Bank's adjustments, other financial analysts have also been reassessing Biogen's position in the market. On October 31, Morgan Stanley downgraded Biogen from an "overweight" to an "equal weight" rating, and also cut its price target from $285.00 to $204.00. Meanwhile, HC Wainwright adjusted its price target downward from $300.00 to $241.00 while maintaining a "buy" rating.

Canaccord Genuity Group also trimmed its target price for Biogen from $298.00 to $265.00 and described Biogen as a buy in their latest report. Additionally, Sanford C. Bernstein began coverage on Biogen, assigning it a "market perform" rating with a price target of $160.00. StockNews.com has also downgraded Biogen from a "strong-buy" rating to a "buy" rating. Overall, the stock has received mixed reviews with seventeen analysts rating it as a hold and thirteen recommending it as a buy, leading to an average rating of "hold" and a consensus price target of approximately $214.23, as per MarketBeat.com.

Recent Stock Performance

On Thursday, Biogen's stock price rose by $2.13 during midday trading, reaching $135.56. A total of 754,804 shares changed hands, which is below the stock's average volume of 1,350,006 shares. The fifty-day moving average stands at $147.73 while the 200-day moving average is $174.05. Over the past year, Biogen's stock has seen a low of $128.51 and a high of $238.00. The company boasts a market capitalization of $19.75 billion, a P/E ratio of 12.25, and a PEG ratio of 1.65.

Financial Insights

Biogen recently reported its quarterly earnings on February 12. The company earned $3.44 per share for the quarter, which was slightly above the consensus estimate of $3.43. Biogen has shown a return on equity of 14.98% and a net margin of 16.81%. Analysts predict that Biogen will achieve an earnings per share (EPS) of 16.42 for the current year.

Institutional Investments

A number of institutional investors have been making changes to their holdings in Biogen. Vanguard Group Inc. has increased its stake in Biogen by 0.4%, owning approximately 16.75 million shares valued at around $2.56 billion. State Street Corp raised its position in Biogen by 3.5% to hold 7.34 million shares worth around $1.42 billion. Geode Capital Management LLC and Pacer Advisors Inc. have also made significant adjustments to their ownership, with Pacer Advisors demonstrating a dramatic increase in their holdings by over 13,000%. Currently, about 87.93% of Biogen's stock is held by institutional investors.

Overview of Biogen

Biogen Inc. is focused on discovering, developing, manufacturing, and delivering therapies aimed at treating neurological and neurodegenerative diseases across various regions including the United States, Europe, and Asia. The company’s key products include TECFIDERA, VUMERITY, AVONEX, PLEGRIDY, TYSABRI, and SPINRAZA, among others, addressing conditions like multiple sclerosis and spinal muscular atrophy, and it also offers ADUHELM for Alzheimer's treatment.

Biogen, Stocks, Analysts