Biogen: Hold Rating Reiterated as Pipeline Concerns Offset Leqembi Growth; $196 Price Target Maintained

Evan Seigerman, an analyst from BMO Capital, maintained the Hold rating on Biogen. The associated price target remains the same with $196.00.

Evan Seigerman has given his Hold rating due to a combination of factors related to Biogen’s current portfolio and pipeline outlook. He expects Leqembi to keep growing, but only in line with or slightly below what the market is already discounting, limiting upside to earnings.

At the same time, he believes Biogen’s rare disease assets are unlikely to fully compensate for the ongoing erosion in the multiple sclerosis business, while recent cost reductions have left the pipeline thinner and less diversified than desirable. As a result, with the price target unchanged at $196, he sees a balanced risk‑reward profile that does not yet justify a more constructive stance on the shares.