TD Cowen Forecasts Strong Price Appreciation for Biogen (NASDAQ:BIIB) Stock

Key Points

• TD Cowen raised Biogen’s price target to $225 from $215 and maintained a Buy rating, implying roughly 9.5% upside from the reported $205.51 share price.
• Biogen’s quarterly results exceeded expectations, with revenue of $2.74 billion and adjusted EPS of $3.60, supported by growth in newer medicines and acquired products.
• Despite strong quarterly performance and a “Moderate Buy” consensus, investors face risks from declining legacy multiple sclerosis sales, a lower-than-consensus 2026 adjusted EPS outlook, and a sharp drop in GAAP net income.

Biogen (NASDAQ:BIIB - Get Free Report) had its price target raised by TD Cowen from $215.00 to $225.00 in a research note issued on Thursday,Benzinga reports. The firm currently has a "buy" rating on the biotechnology company's stock. TD Cowen's price target points to a potential upside of 9.49% from the company's current price.

BIIB has been the subject of a number of other research reports. Piper Sandler reaffirmed an "overweight" rating on shares of Biogen in a report on Tuesday, July 14th. Jefferies Financial Group restated a "buy" rating on shares of Biogen in a research report on Monday, July 13th. UBS Group reaffirmed a "buy" rating and issued a $240.00 price objective on shares of Biogen in a research note on Thursday. Freedom Capital upgraded shares of Biogen from a "hold" rating to a "strong-buy" rating in a research report on Friday, May 1st. Finally, Royal Bank Of Canada increased their target price on shares of Biogen from $227.00 to $242.00 and gave the company an "outperform" rating in a research note on Tuesday, July 7th. One research analyst has rated the stock with a Strong Buy rating, seventeen have given a Buy rating, thirteen have given a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat, Biogen currently has a consensus rating of "Moderate Buy" and an average target price of $222.54.

Biogen Price Performance

Shares of BIIB traded down $3.72 during mid-day trading on Thursday, hitting $205.51. 268,125 shares of the stock were exchanged, compared to its average volume of 1,289,814. The company has a debt-to-equity ratio of 0.34, a quick ratio of 2.41 and a current ratio of 3.06. The company has a market cap of $30.34 billion, a PE ratio of 22.03 and a beta of 0.16. Biogen has a 52-week low of $124.56 and a 52-week high of $219.72. The firm has a 50-day moving average of $200.68 and a two-hundred day moving average of $190.37.

Biogen (NASDAQ:BIIB - Get Free Report) last announced its quarterly earnings results on Wednesday, July 29th. The biotechnology company reported $3.60 earnings per share for the quarter, topping the consensus estimate of $2.94 by $0.66. The company had revenue of $2.74 billion for the quarter, compared to analysts' expectations of $2.46 billion. Biogen had a net margin of 13.81% and a return on equity of 12.83%. During the same quarter in the previous year, the business posted $5.47 earnings per share. Biogen's quarterly revenue was up 3.4% on a year-over-year basis. Biogen has set its FY 2026 guidance at 12.000-13.000 EPS. On average, equities analysts predict that Biogen will post 11.28 earnings per share for the current year.

Institutional Trading of Biogen

A number of hedge funds and other institutional investors have recently bought and sold shares of BIIB. LSV Asset Management boosted its holdings in shares of Biogen by 3.3% in the fourth quarter. LSV Asset Management now owns 316,815 shares of the biotechnology company's stock valued at $55,756,000 after purchasing an additional 9,976 shares during the period. Catalyst Funds Management Pty Ltd bought a new stake in Biogen during the 4th quarter valued at $2,006,000. Orbimed Advisors LLC bought a new stake in Biogen during the 1st quarter valued at $11,293,000. Systematic Financial Management LP lifted its holdings in shares of Biogen by 256.3% in the 4th quarter. Systematic Financial Management LP now owns 16,640 shares of the biotechnology company's stock worth $2,928,000 after buying an additional 11,970 shares during the period. Finally, Contrarius Group Holdings Ltd bought a new position in shares of Biogen during the 4th quarter worth $11,431,000. Hedge funds and other institutional investors own 87.93% of the company's stock.

Key Headlines Impacting Biogen

Here are the key news stories impacting Biogen this week:

• Positive Sentiment: Biogen reported second-quarter revenue of $2.74 billion, up 3.4% year over year and ahead of the $2.46 billion consensus estimate. Adjusted EPS of $3.60 also exceeded expectations, helped by a 24% increase in the Growth Portfolio and contributions from recently acquired Apellis products. Reuters report on Biogen earnings
• Positive Sentiment: Management raised its 2026 revenue outlook to mid-single-digit growth, while newer medicines—including rare-disease treatments and the Alzheimer’s drug Leqembi—are increasingly offsetting declines in legacy multiple sclerosis products. Analysts at Piper Sandler reaffirmed a Buy rating, and Needham maintained its $256 price target. Seeking Alpha report on Biogen outlook
• Neutral Sentiment: Wedbush raised its price target from $201 to $215 but retained a Neutral rating, indicating limited conviction despite a potentially higher valuation. Zacks also upgraded the stock from Strong Sell to Hold. Benzinga analyst update
• Negative Sentiment: GAAP net income plunged to $97.5 million from $634.8 million a year earlier, and diluted EPS fell to $0.66 from $4.33. The decline reflects acquisition-related and other costs, raising concerns that underlying profitability may be peaking even as revenue grows. Yahoo Finance analysis of Biogen profitability
• Negative Sentiment: Biogen’s 2026 adjusted EPS guidance of $12 to $13 is below the roughly $13.45 analyst consensus, and reports characterized the update as a reduction to the full-year profit outlook. Legacy MS sales remain under pressure, while Leqembi revenue narrowly missed expectations. Wall Street Journal report on Biogen guidance

About Biogen

Biogen Inc is a multinational biotechnology company focused on discovering, developing and delivering therapies for neurological and neurodegenerative diseases. Headquartered in Cambridge, Massachusetts, the company has a longstanding emphasis on neuroscience, with research and commercial activities spanning multiple therapeutic areas including multiple sclerosis, spinal muscular atrophy and Alzheimer's disease. Biogen was founded in 1978 and has grown into a global biopharmaceutical firm with operations and commercial presence across North America, Europe, Japan and other international markets.

The company's marketed portfolio has historically included several well-known therapies for multiple sclerosis such as Avonex, Tysabri and Tecfidera, and it has pursued treatments for rare neurological conditions and genetic neuromuscular disorders.

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