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Investing.com - Piper Sandler raised its price target on Biogen (NASDAQ:BIIB) to $118.00 from $115.00 on Thursday, while maintaining a Neutral rating on the stock. The biotech company, currently trading at $133.82 with a market cap of $19.58 billion, maintains a GOOD financial health score according to InvestingPro analysis.
The adjustment follows the release of monthly third-party sales data from IQVIA for June 2025, which provided insights into key Biogen product performance, particularly its Alzheimer’s disease treatment Leqembi. Trading at a P/E ratio of 12.7, the stock appears attractively valued relative to its near-term earnings growth potential, as highlighted in InvestingPro’s comprehensive analysis.
Piper Sandler noted that competitive dynamics between Biogen’s Leqembi and Eli Lilly’s (NYSE:LLY) Kisunla, both amyloid beta-directed therapies, are "not at all amounting to a zero-sum game," suggesting both drugs can succeed in the market simultaneously.
Despite this positive observation, the research firm highlighted that the commercial footprint for these Alzheimer’s treatments remains "quite limited in the context of the sheer size of the Alzheimer’s disease space."
The firm also indicated that Leqembi faces significant commercial challenges, projecting that "it will be a few years until Leqembi net income, per the BIIB/Eisai partnership, will be a major contributor to profitability."
In other recent news, Biogen reported robust financial results for the second quarter of 2025, surpassing earnings expectations. The company achieved an earnings per share (EPS) of $5.47, outperforming the forecasted $3.99 by 37.09%. Revenue also exceeded projections, reaching $2.65 billion compared to the consensus estimate of $2.32 billion. Following these results, Biogen raised its fiscal year 2025 guidance, now projecting flat revenues at constant currency compared to fiscal year 2024.
Oppenheimer reiterated its Outperform rating on Biogen, maintaining a price target of $205.00. Meanwhile, Morgan Stanley adjusted its price target for the company to $144.00 from $146.00, while keeping an Equalweight rating. These developments highlight the company’s strong performance and the mixed outlook from analysts.
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