Bank of America Securities analyst Jason Zemansky maintained a Hold rating on Biogen yesterday and set a price target of $203.00.
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Jason Zemansky has given his Hold rating due to a combination of factors, including the mixed and qualitative nature of Biogen’s CELIA phase 2 data for diranersen in Alzheimer’s disease, which showed some encouraging signs but also raised significant questions. While Biogen highlighted potential cognitive benefit and tau reduction, the inconsistent trends, lack of detailed numerical data, and a concerning inverse dose response with a missed primary endpoint leave overall efficacy and reliability uncertain, keeping the risk/reward profile finely balanced.
He also notes that, historically, similarly ambiguous early data for Biogen’s Alzheimer’s programs have led to contentious debates over true clinical benefit, and the complexity of the disease increases the risk that even a promising target may yield only modest outcomes. On top of this, intrathecal administration presents a commercial hurdle in an environment where existing treatments already face uptake challenges, so Zemansky sees a high bar for meaningful adoption and therefore maintains a Neutral stance with an unchanged $203 price target.
In another report released yesterday, Barclays also reiterated a Hold rating on the stock with a $185.00 price target.