JPMorgan lifts Biogen rating, raises price target to $300

what happened

Biogen shares (BIIB) drew attention on Monday after JPMorgan shifted its rating from Neutral to Overweight and raised its price target from $210 to $300. Stocktwits, citing The Fly, said the bank sees a stronger set of clinical catalysts and better long-term growth prospects as Biogen heads toward several readouts in 2027. The stock was up 3.2% at $232.95 in Monday’s premarket session, positioning it for its highest level since July 2024, or a more than two-year high.

The bank pointed to two experimental medicines in Biogen’s pipeline: felzartamab, which is being studied for antibody-mediated rejection, and litifilimab, which is being developed for cutaneous lupus erythematosus. JPMorgan estimated that felzartamab could represent an opportunity worth more than $2 billion. It also noted that cutaneous lupus erythematosus currently has no approved therapies. Biogen’s second-quarter 2026 materials included Phase 3 results for both programs among the clinical milestones expected in 2027.

Leqembi is Biogen’s Alzheimer’s treatment, developed with Eisai. The company reported global in-market sales of $184 million for the second quarter of 2026, up 15% from a year earlier, including $97 million in the United States. JPMorgan’s assessment said Biogen was developing into more than “just a Leqembi story,” with the wider business and research pipeline also becoming relevant to the shares.

Stocktwits and The Fly reported that JPMorgan’s move followed target changes from UBS and RBC Capital last week. On October 9, UBS raised its target from $240 to $270 and kept a Buy rating in its third-quarter preview of U.S. pharmaceuticals and large-cap biotechnology companies. On October 8, RBC cut its target from $260 to $256 while retaining Outperform. RBC said the quarter looked reasonably healthy for large-cap companies, partly because of extra selling days and mid-year price increases, but added that results alone might not change sentiment across commercial mid-cap biotech, though they “may help restore confidence in select stories.” Biogen is due to release third-quarter 2026 results on Wednesday, October 28, before the market opens. FiscalAI expects earnings of $2.66 per share and revenue of approximately $2.65 billion. Retail sentiment on Stocktwits was “neutral,” message volume was “high” over the previous 24 hours, and the shares had gained more than 27% year to date.

why it matters

The rating change puts focus on Biogen’s 2027 clinical milestones and its October 28 earnings report, alongside the company’s progress beyond Leqembi.

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