Biogen stock price target lowered to $217 from $219 at RBC Capital

Investing.com - RBC Capital lowered its price target on Biogen (NASDAQ:BIIB) to $217 from $219 on Wednesday while maintaining an Outperform rating on the stock.

The firm expects Biogen to potentially beat consensus estimates for both revenue and earnings per share in its upcoming report. RBC projects revenue of $2,493 million compared to the consensus of $2,339 million, and earnings per share of $4.43 versus the consensus of $3.84.

RBC anticipates strong performance in Biogen’s multiple sclerosis portfolio, particularly for Tysabri, which has shown robust prescription and sales data with no biosimilar competition yet. The firm also expects solid results from Skyclarys and Zurzuvae products.

These positive factors may be partially offset by inventory drawdowns for Leqembi, following a $35 million inventory buildup in China during the second quarter, and continued inventory reductions for Spinraza that began in the first quarter.

Despite these challenges, RBC remains optimistic about Biogen’s outlook into the fourth quarter and 2026, citing potential positive developments including competitor readthroughs, BBB and subQ helping accelerate Leqembi uptake, and upcoming lupus and kidney pipeline readouts.

In other recent news, Biogen Inc. announced that the lecanemab-irmb subcutaneous injection, marketed as Leqembi Iqlik, is now available in the U.S. for Alzheimer’s disease patients. This comes after FDA approval in August 2025, allowing patients to switch from intravenous treatment to weekly subcutaneous injections. In other developments, Biogen has entered into a definitive agreement to acquire Alcyone Therapeutics for $85 million, focusing on the ThecaFlex DRx system for neurological disorders. Additionally, the European Commission has approved Biogen’s ZURZUVAE as the first oral treatment for postpartum depression in the European Union. Meanwhile, the FDA has issued a Complete Response Letter for Biogen’s high-dose nusinersen application, requesting updates to technical information without citing clinical data deficiencies. On the analyst front, Jefferies initiated coverage on Biogen with a Buy rating and a $190 price target, citing low market expectations and potential positive developments in 2026.

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