Balanced Risk/Reward Keeps Biogen at Hold Amid Slower Leqembi Upside, MS Erosion, and Uncertain Pipeline

Analyst Evan Seigerman from BMO Capital maintained a Hold rating on Biogen and increased the price target to $165.00 from $150.00.

Evan Seigerman has given his Hold rating due to a combination of factors related to both Biogen’s current portfolio and its future pipeline. He expects Leqembi to keep growing, but likely at a pace that falls short of broader market forecasts, limiting its ability to drive outsized upside. At the same time, he believes the company’s rare disease drugs, including newer launches and Spinraza, will not fully counterbalance the ongoing erosion in the multiple sclerosis segment, which has historically been a core earnings contributor.
Additionally, Seigerman views Biogen’s longer-term pipeline as strategically important but not yet robust enough to justify a more constructive stance, particularly after recent reductions in R&D spending and program rationalizations. While late-stage and mid-stage neurology and immunology assets (such as litifilimab and BIIB080) offer potential growth beyond 2026, their outcomes and timelines remain uncertain. Taken together, these factors support a balanced risk/reward profile in his view, leading him to recommend holding the stock rather than actively buying or selling at this stage.

In another report released today, Bank of America Securities also maintained a Hold rating on the stock with a $189.00 price target.