Truist upgrades Biogen to buy, raises price target to $235 from $190

According to CNBC, Truist Securities upgraded Biogen to buy from hold and raised its 12-month price target to $235 from $190, implying 18% upside from Friday’s close. Analyst Danielle Brill said the firm’s more constructive view is driven by expectations for phase-two data on Diranersen (BIIB080), Biogen’s anti-tau Alzheimer’s disease asset, at next week’s Alzheimer’s Association International Conference (AAIC) in London, which runs through July 15; Biogen is scheduled to present phase-two trial data on July 14. Brill also pointed to upcoming pivotal data readouts and said Felzartamab, an investigational kidney disease treatment, could support higher sales if trial results remain strong, with phase-three antibody-mediated rejection data expected mid-2027. LSEG data shows 23 of 38 analysts rate Biogen a buy or strong buy, and the stock is up 13% year to date.