These Analysts Boost Price Targets On Biogen Following Positive Alzheimer's Drug Data, Shares Jump

Biogen, Inc. BIIB shares jumped sharply on Wednesday.

The stock was reacting to a positive late-stage readout for the company’s anti-amyloid antibody treatment candidate for slowing the progression of Alzheimer’s disease. Lecanemab, the investigational treatment, met the primary endpoint and all key secondary endpoints with highly statistically significant results, the company said in a statement.

Biogen shares climbed 38.3% to trade at $273.53 on Wednesday.

These analysts made changes to their price targets on Biogen following the release of data.

• Mizuho raised price target on Biogen from $207 to $270. Mizuho analyst Salim Syed upgraded the stock from Neutral to Buy.
• BMO Capital boosted Biogen price target from $217 to $360. BMO Capital analyst Evan Seigerman upgraded the stock from Market Perform to Outperform.
• Baird raised Biogen price target from $224 to $340. Baird analyst Brian Skorney upgraded the stock from Neutral to Outperform.
• Piper Sandler boosted price target on the stock from $200 to $280. Piper Sandler analyst Christopher Raymond maintained Biogen with a Neutral.
• RBC Capital raised the price target on the stock from $251 to $321. RBC Capital analyst Brian Abrahams maintained the stock with an Outperform.
• Wells Fargo boosted Biogen’s price target from $265 to $350. Wells Fargo analyst Mohit Bansal maintained an Overweight rating on the stock.