Truist Securities has upgraded Biogen to Buy from Hold and raised its price target to $235 from $190, attributing the change to strengthened confidence in the company’s Alzheimer’s and immunology development programs as a series of important clinical readouts approach over the next two years.
The brokerage told investors to shift attention away from short-term earnings and toward upcoming pipeline milestones. Truist highlighted detailed Phase 2 data for the anti-tau Alzheimer’s candidate diranersen (BIIB080), which is scheduled for presentation at the Alzheimer’s Association International Conference (AAIC) on July 14. The firm said it expects this dataset could represent a meaningful positive catalyst for the shares.
Truist framed the upgrade around the view that a sequence of clinical results could unlock value beyond Biogen’s current marketed portfolio. The brokerage argued that the market is underestimating the commercial opportunity represented by Biogen’s Alzheimer’s and immunology assets, and that multiple late-stage readouts over the coming two-year window should lower development risk and support upside for the stock.
Among the programs Truist identified as material value drivers are:
- Detailed Phase 2 results for diranersen (BIIB080), presenting at AAIC on July 14.
- Phase 3 readouts for lupus candidate litifilimab expected in the fourth quarter of 2026.
- Clinical data for felzartamab in antibody-mediated rejection anticipated in mid-2027, with additional figures for primary membranous nephropathy integrated into the valuation.
To quantify the contributions from these programs, Truist added probability-adjusted peak sales estimates into its model. The firm applied a 50% probability-adjusted peak sales assumption of about $750 million for litifilimab, 65% probability-adjusted sales of roughly $500 million for felzartamab in antibody-mediated rejection, and an additional $260 million tied to primary membranous nephropathy. Those adjustments increased Truist’s estimated 2035 revenue forecast by approximately $1.5 billion and served as the basis for the raised price target.
Truist also noted that it does not view Biogen’s second-quarter results, which are due on July 29, as a principal catalyst for the shares. Instead, the brokerage expects investor sentiment in coming quarters to be driven primarily by the company’s pipeline milestones rather than near-term earnings performance.
The brokerage’s upgrade and model revisions reflect a view that upcoming clinical readouts and the company’s immunology programs will be the key determinants of Biogen’s valuation trajectory over the next two years.
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