H.C. Wainwright reiterates Biogen stock buy rating on nephrology potential

Published 12/06/2025, 14:02
H.C. Wainwright reiterates Biogen stock buy rating on nephrology potential

H.C. Wainwright maintained its buy rating and $187.00 price target on Biogen (NASDAQ:BIIB) Wednesday. With a current market capitalization of $19.5 billion and trading at a P/E ratio of 13.15, InvestingPro analysis suggests the stock is currently undervalued. Analyst targets range from $115 to $260, reflecting diverse market opinions on this prominent biotechnology player. The research firm cited the company’s expanding focus on nephrology and transplant indications, particularly highlighting the potential of felzartamab in establishing a nephrology franchise.

The firm views felzartamab as a promising differentiated anti-CD38 antibody that targets several cell types, especially plasma cells. H.C. Wainwright noted that targeting B cells remains "a critical and probably a central player for aberrant autoimmune diseases." This development aligns with Biogen’s strong financial position, as indicated by its impressive 75.65% gross profit margin and robust free cash flow yield of 12%. Get deeper insights into Biogen’s financial health and growth potential with a comprehensive Pro Research Report, available exclusively on InvestingPro.

Biogen’s strategic shift toward rare kidney diseases with felzartamab could prove advantageous given the company’s previous success in the rare disease space, according to the research firm. The antibody-mediated rejection (AMR) program represents a critical starting point for this initiative, with data expected in 2027.

H.C. Wainwright pointed to encouraging Phase 2 results showing "robust reduction in microvascular inflammation" assessed via the Banff classification, described as "a central histologic feature of antibody-mediated rejection."

Supporting biomarker data from the Phase 2 program included significant reduction in bright NK cells and lowered dd-cfDNA, which the firm identified as "a key surrogate biomarker for graft injury." With an overall financial health score of "GREAT" from InvestingPro, Biogen demonstrates the financial stability needed to advance its promising drug pipeline.

In other recent news, Biogen’s first-quarter financial results for 2025 revealed revenues of $2.43 billion and adjusted earnings per share (EPS) of $3.02, surpassing both Canaccord’s and consensus projections. Despite this strong performance, Biogen’s stock has faced challenges, leading Canaccord to lower its price target to $220 while maintaining a Buy rating. Stifel, on the other hand, kept a Hold rating with a $144 price target, citing a cautious outlook despite solid earnings. H.C. Wainwright also maintained a Buy rating but adjusted its price target to $187, reflecting updated market conditions. Additionally, Goldman Sachs reaffirmed its Buy rating for Biogen, setting a price target of $196, following positive earnings from Biogen’s partner, Eisai. Eisai’s Alzheimer’s treatment Leqembi reported revenues of approximately $299 million, exceeding forecasts, with future sales projections remaining conservative. Meanwhile, Entrada Therapeutics announced the appointment of Maha Radhakrishnan, M.D., to its Board of Directors, as the company advances its Duchenne muscular dystrophy programs. These developments highlight ongoing strategic and financial adjustments within these companies.

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