H.C. Wainwright raised its price objective on Biogen (NASDAQ:BIIB) to $228.00 from $194.00 and maintained a Buy rating, citing what the firm describes as a significant diversification of Biogen's development pipeline as the company positions itself for 2026 and beyond.
The research note frames the company as transitioning into a "new Biogen" driven by assets across renal disease, lupus and spinal muscular atrophy (SMA). While acknowledging continued revenue pressure in Biogen's established multiple sclerosis franchise, H.C. Wainwright projects that newer products - notably Skyclarys, Zurzuvae and Leqembi - will increasingly contribute to top-line growth.
Felzartamab singled out as a pivotal clinical program
The firm highlighted felzartamab, developed for antibody-mediated rejection (AMR), as a material clinical catalyst. In Phase 2 testing, felzartamab produced an 82% resolution rate of AMR compared with 20% for placebo, an outcome that supported the program's receipt of FDA Breakthrough Therapy Designation.
H.C. Wainwright described the primary endpoint in the ongoing Phase 3 TRANSCEND trial as appearing de-risked. However, the firm emphasized that the secondary endpoint measuring estimated Glomerular Filtration Rate (eGFR) carries statistical risk. That outcome, the analysts said, could be determinative in whether felzartamab achieves "$1B+ blockbuster" status or becomes a more limited "$300M-$500M 'thinner label' product."
Commercial catalysts and timing
The research note also flagged potential upside from adoption of SPINRAZA High-Dose and noted a key regulatory calendar date: the PDUFA for LEQEMBI IQLIK (SC-AI) on May 24, 2026. H.C. Wainwright suggested that SC-AI formulation approval could move therapy away from reliance on infusion centers and that such a change has the potential to accelerate revenue in the second half of 2026.
Recent financial performance and analyst responses
Biogen reported stronger-than-expected fourth-quarter 2025 results, with earnings per share of $1.99 versus a consensus forecast of $1.61, and revenue of $2.28 billion compared with an expected $2.21 billion. The quarter's outperformance has already prompted reaffirmations and price target moves among other firms.
Baird reiterated an Outperform rating on Biogen and kept a $250 price target, citing the company's solid quarter. Oppenheimer raised its price target from $225 to $250 and maintained an Outperform rating, pointing to a positive long-term growth outlook. These analyst actions underscore external confidence in Biogen's prospects in light of the clinical and commercial developments highlighted by H.C. Wainwright.
Key points
- H.C. Wainwright raised its Biogen price target to $228 from $194 and kept a Buy rating, citing pipeline diversification into renal, lupus and SMA indications.
- The felzartamab program for AMR showed an 82% resolution rate in Phase 2 versus 20% for placebo and has FDA Breakthrough Therapy Designation; its Phase 3 outcomes on eGFR will influence peak revenue expectations.
- Regulatory and commercial catalysts include a May 24, 2026 PDUFA for LEQEMBI IQLIK (SC-AI) and potential uptake of SPINRAZA High-Dose, both of which could affect second-half 2026 revenue.
Risks and uncertainties
- The secondary eGFR endpoint in the Phase 3 TRANSCEND trial carries statistical risk and could materially influence felzartamab's market potential, affecting Biogen's valuation assumptions.
- Ongoing revenue pressure in Biogen's legacy multiple sclerosis franchise remains a headwind that may offset gains from newer assets.
- Regulatory timing and outcomes - including the May 24, 2026 PDUFA for LEQEMBI IQLIK - introduce execution risk tied to when and how new formulations are adopted commercially.
Overall, H.C. Wainwright's move reflects a bullish view on Biogen's evolving pipeline and specific clinical data points, while also acknowledging remaining execution and statistical risks that will shape ultimate market returns.