Biogen Target Raised to $227 with $41 Apellis Deal Despite Pipeline Setbacks
BIIB•RBC Capital raised Biogen’s price target to $227, implying a 17.6% upside backed by strong first-quarter earnings and strategic initiatives. This comes despite halting Parkinson’s drug BIIB122 development and a failed primary endpoint in Alzheimer’s candidate diranersen.
1. Target Increase by RBC Capital
RBC Capital analyst Brian Abrahams raised Biogen’s price target to $227, suggesting 17.57% upside based on the company’s strong first-quarter earnings and strategic initiatives.
2. Pipeline Setbacks
Biogen discontinued its Parkinson’s drug BIIB122 after it failed to meet its primary endpoint and saw its experimental Alzheimer’s treatment diranersen miss its key Phase 2 goal.
3. Apellis Acquisition
The planned acquisition of Apellis Pharmaceuticals at $41 per share will add two commercialized rare-disease and immunology drugs to Biogen’s portfolio, enhancing its product mix.
4. Trading Range and Valuation
Biogen’s market capitalization is approximately $28.5 billion, with a 52-week share price range of $121.05 to $205.97, providing context for the elevated target and valuation assumptions.
