RBC Capital analyst Brian Abrahams raised his price target on Biogen to $349, saying his conference call with Martin Sadowski, Associate Professor at the New York University School of Medicine, suggests positive implications for the company's BAN2401 top-line data. Abrahams notes that Sadowski validated the the beta-amyloid hypothesis of the study and also increased his probability of success estimates for '2401 and aducanumab to 65% from 40%. The analyst keeps his Sector Perform rating on Biogen, adding that while the recent upside stock move is justified, the current valuation reflects the implications of the study and offers less favorable risk-reward.

Wedbush analyst Laura Chico raised the firm's price target on Biogen to $215 from $213 and keeps a Neutral rating on the shares. It remains early days for newly launching products like Skyclarys, Leqembi and Zurzuvae, the firm notes. That being said, it is encouraging to start to see revenue growth for Leqembi and continued growth for Skyclarys. Wedbush continues to see a gap between the newly launching products and earlier-stage development programs that will need to be addressed. However, larger-scale BD deals are likely easier to complete in 2025.

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