Biogen (BIIB) PT Lowered to $187 at H.C. Wainwright

H.C. Wainwright analyst Andrew Fein lowered the price target on Biogen (NASDAQ: BIIB) to $187.00 (from $241.00) while maintaining a Buy rating.

The analyst commented: "Yesterday, Biogen highlighted strong growth for Leqembi marking a 395% year-over-year increase and an 11% sequential growth from the previous quarter, a trend which we think might continually evolve in a positive trajectory, based on our discussion with a leading KOL from Stanford University at the ADPD 2025 in Vienna, which we attended in person. The key takeaways from that meetings are: (1) our KOL noted that in the last one year, even those neurologists who were skeptical of anti-amyloid therapies have started to accept the presence of a therapy in the Alzheimer’s disease space; (2) our KOL stated that she observed a major uptick and enthusiasm once Leqembi was approved in Canada, which given the recent EU approval might only help gain more traction, in our opinion; (3) our KOL mentioned although the patients are still not considerably large and that it can take several months vefore the patients get their first infusion, the general awareness of Leqembi is high with some patients proactively demanding Leqembi; (4) our KOL noted importance of community providers in prescribing Leqembi; (5) our KOL noted that those physicians who were involved with trials are more likely to prescribe Leqembi; (6) our KOL stated that Stanford now has a specialized clinic called the Alzheimer’s Care and Treatment (ACT) clinic that is solely for treating AD patients with anti-amyloid therapies which engages multidisciplinary teams involving neuroradiology, infusion experts, nurses, genetic counselors, pharmacists, and social workers to help guide the patient through the treatment journey—all these were established in the last one year, and we think might be the model for other academic centers to follow; (7) for many, clarity about insurance and reimbursement remains an important focus, however some patients are willing to pay out of pocket; (8) our KOL though the approval of maintenance dosing and subQ might help increase adoption and becomes easier for the 15 bed center where the beds are shared with other neuroimmunology or neuromuscular patients; and (9) our KOL do not think blood based biomarker might not be mainstream yet unless more data on longitudinal studies are available. To conclude, we think that despite the Kisunla competition, Leqembi might see a continuous uptake which might be bolstered by the maintenance and subQ dosing. Finally, we are updating the discount rate across our coverage to better reflect the current macro environment for Smid-cap biotech companies and also reviewed our overall penetration of products given the guidance, which lowers our PT to $187 from $241."

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