Biogen: FDA Delay on Subcutaneous Lecanemab Seen as Timing Issue; Hold Rating Reiterated with Unchanged $203 Price Target

Analyst Jason Zemansky from Bank of America Securities reiterated a Hold rating on Biogen and keeping the price target at $203.00.

Jason Zemansky has given his Hold rating due to a combination of factors related to Biogen’s Alzheimer’s franchise and overall risk‑reward profile. The unexpected three‑month delay in the FDA decision for subcutaneous lecanemab is viewed as a timing issue rather than a structural threat, as he still anticipates approval despite additional safety scrutiny, particularly around ARIA risk in vulnerable patient groups.

At the same time, he sees the practical benefits of subcutaneous initiation as modest because clinicians are likely to maintain in‑clinic monitoring, limiting how much the new route can expand demand. With Biogen’s projected lecanemab economics running below market expectations and the stock trading near his unchanged $203 price objective, he concludes that upside and downside are roughly balanced, supporting a Neutral (Hold) stance on BIIB shares.

In another report released on May 5, Barclays also maintained a Hold rating on the stock with a $185.00 price target.