Biogen initiated with a Buy at Jefferies

Jefferies analyst Andrew Tsai initiated coverage of Biogen (BIIB) with a Buy rating and $190 price target The firm believes investor expectations are low with Biogen’s key risks generally understood. The shares can “grind higher” on any positive developments in 2026, including a Leqembi sales acceleration in Alzheimer’s, resiliency of the base business and late-stage pipeline success, the analyst tells investors in a research note. Jefferies sees a favorable risk/reward for Biogen at current levels, saying the stock is trading close to “no-pipeline” value.