Biogen upgraded at JPMorgan with $300 PT on 2027 pipeline catalysts, shares rise
Veronique D
- Biogen (BIIB) shares rose 2.1% in Monday’s premarket trading after JPMorgan upgraded the stock to overweight from neutral, citing an increasingly attractive pipeline of catalysts expected in 2027.
- The brokerage set a PT of $300, which implies a 33% increase from last close.
- Analyst Christopher Schott also cites an “improved long-term growth outlook for the company,” according to media reports.
- “Net-net, we see BIIB (BIIB) as one of the more attractive names to own heading into 2027 as the company evolves beyond just a Leqembi story,” the analyst said.
Earlier this month BIIB said its experimental drug showed durable improvement in skin symptoms among patients with a type of autoimmune disease in a mid-stage study. However, Biogen faces mounting pressure on its legacy multiple sclerosis portfolio from pricing challenges and competition, prompting it to rely on newer products, including Alzheimer's drug Leqembi, to revive growth.
- SA Quant rates the stock Hold (3.11), while Wall Street analysts maintain a Buy rating with an average score of 4.11.
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