Biogen Buy Rating Reiterated as Tau Data Eases Overhang; Price Target Maintained at $225

Michael Yee, an analyst from UBS, maintained the Buy rating on Biogen. The associated price target remains the same with $225.00.

Michael Yee has given his Buy rating due to a combination of factors related to Biogen’s emerging Alzheimer’s franchise and broader pipeline momentum. He views the Phase II data for BIIB080 in early Alzheimer’s as strategically positive, emphasizing the strong tau reduction and encouraging cognitive trends that were sufficient for Biogen to advance the asset into registrational Phase III trials, with more clarity expected at AAIC in July.

Yee interprets the outcome as removing a key overhang for the stock, reinforcing his prior probability-of-success assumptions and supporting the idea that targeting tau can yield meaningful cognitive benefit where others have failed. He also highlights the generally manageable safety profile, the validation this provides for tau-directed approaches more broadly, and the potential read-through to other programs and indications in Biogen’s pipeline, all underpinned by an unchanged $225 price target.

In another report released yesterday, TD Cowen also maintained a Buy rating on the stock with a $215.00 price target.