UBS assumed coverage of Biogen (BIIB) with a Neutral rating with a price target of $185, up from $130. The firm sees the competitor Eli Lilly’s (LLY) Phase III TB-03 preclinical Alzheimer’s readout as a potential big catalyst for Biogen but timing remains a question. The firm thinks the Phase III litifilimab lupus data is 65% likely positive, but data won’t come until year-end 2026.
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