Biogen Kept at Hold as Near-Term Growth Remains Constrained; Market Perform with Unchanged $196 Price Target

Analyst Evan Seigerman from BMO Capital maintained a Hold rating on Biogen and keeping the price target at $196.00.

Evan Seigerman has given his Hold rating due to a combination of factors that balance Biogen’s opportunities with its execution and pipeline risks. He expects Leqembi, including the IQLIK formulation and potential initiation dose approval, to drive only modestly accelerating revenue growth, with investor focus shifting to how many Kisunla patients actually transition to maintenance Leqembi.

At the same time, rare disease products like Skyclarys and Spinraza show signs of improvement but are not viewed as fully compensating for ongoing MS franchise erosion, and meaningful upside likely depends on later-decade assets such as salanersen. In addition, key pipeline drivers like BIIB080 in Alzheimer’s and litifilimab in lupus are still in exploratory or early pivotal stages with mid- to late-2026+ readouts, leaving the near- to medium-term growth outlook constrained and justifying a Market Perform stance with an unchanged $196 price target.

According to TipRanks, Seigerman is a 4-star analyst with an average return of 7.3% and a 49.60% success rate. Seigerman covers the Healthcare sector, focusing on stocks such as Merck & Company, Novo Nordisk, and Eli Lilly & Co.

In another report released today, Morgan Stanley also maintained a Hold rating on the stock with a $206.00 price target.