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Investing.com -- Stifel upgraded Biogen (NASDAQ: BIIB) to Buy from Hold in a note Thursday, raising its price target to $202 from $144, saying the stock’s risk/reward profile is improving ahead of multiple clinical catalysts and a potential “narrative shift” in Alzheimer’s disease.
“This is not a call on the base business,” analyst Paul Matteis wrote, noting Biogen’s third-quarter results were mixed and that the firm expects the fourth quarter “to be just okay.” Instead, the firm sees upside over the next 12 months driven by developments in the Alzheimer’s pipeline and beyond.
According to Stifel, Biogen shares could benefit from “potential success of LLY’s TB3 trial—which could fundamentally change the way patients, physicians, and investors think about abeta antibodies,” as well as “likely approval of lecanemab SQ initiation,” which could ease current treatment bottlenecks.
The analyst also highlighted the “2H26 ph2b readout of BIIB/IONS’ anti-tau ASO,” describing it as “the most promising non-amyloid therapeutic in the AD pipeline.”
Beyond Alzheimer’s, Stifel pointed to “optionality from BIIB’s lupus drugs,” with late-stage data expected in 2026 and beyond, and to opportunities from “felza in AMR.”
The firm notes that Biogen trades at 10.4 times its 2025 earnings estimate of $14.71 per share. Matteis called Biogen a “cheaper, value-y large cap” that offers “unique optionality even if clinical catalysts still have risks.”
Overall, Stifel believes, “BIIB shares can trade higher during the next ~12 months via a narrative shift in Alzheimer’s.”