Biogen price target raised to $196 from $165 at BMO Capital

BMO Capital raised the firm’s price target on Biogen (BIIB) to $196 from $165 and keeps a Market Perform rating on the shares after its Q4 earnings beat. Revenue erosion from the MS business is expected to continue in 2026 though the firm is growing more confident about the long-term opportunity for high-dose Spinraza and readouts for litifilimab in SLE, the analyst tells investors in a research note. High-dose Spinraza could meaningfully address challenges with multiple induction injections for low-dose Spinraza while TOPAZ-1/2 benefit from intelligent enrollment of moderate/severe SLE patients could show improvement from longer litifilimab therapy, the firm added.