Piper Sandler raised its price target on Biogen Inc. (NASDAQ:BIIB) to $225 from $214 while maintaining an Overweight rating. The stock currently trades at $192.26, offering potential upside.
The adjustment follows Biogen's announcement that its Phase II study of BIIB080, a tau-directed antisense oligonucleotide, missed the primary endpoint in patients with mild cognitive impairment or Alzheimer's disease. The primary endpoint was dose-response on the Clinical Dementia Rating-Sum of Boxes at week 76.
Biogen reported the lowest dose of 60 mg every 24 weeks performed best in slowing clinical decline. Other doses tested were 115 mg every 24 weeks and 115 mg every 12 weeks.
Piper Sandler noted management highlighted slowing of clinical decline at all doses with a favorable safety profile, justifying further drug advancement despite lack of clear dose-response.
The target increase also reflects a post-Q1 2026 model update estimating more moderate erosion for Tysabri. However, 16 analysts have revised earnings downward for the upcoming period.
In other news, Biogen received multiple analyst updates. Guggenheim reiterated a Buy rating and $260 target after positive diranersen results. Evercore ISI reinstated coverage with Outperform, Oppenheimer raised target to $300, and Jefferies maintained Buy with $210 target.
