JPMorgan Forecasts Significant Gains for Biogen as Key Trial Data Approaches

Biogen is poised for notable upside as it prepares to release data from several investigational therapies slated for 2027, according to JPMorgan. The bank upgraded the stock to overweight from neutral and raised its price target to $300, up from $210, implying roughly 33% potential gain from Friday’s closing price. Chris Schott, the analyst, said the upgrade reflects an attractive catalyst trajectory and a stronger long‑term growth outlook. He highlighted three key upcoming readouts: felzartamab, a candidate for rare kidney diseases with a market opportunity exceeding $2 billion; follow‑up analyses of Eli Lilly’s TRAILBLAZER‑ALZ‑3 trial data for Leqembi; and litifilimab for cutaneous lupus erythematosus, a disease without approved treatments. The company’s ongoing phase‑III studies of litifilimab are expected to produce results in the fourth quarter of 2026, while felzartamab’s phase‑III readout is anticipated in the first half of 2027. Schott noted that felzartamab’s relatively simple patient identification and the expanded nephrology sales network following the Apellis acquisition could drive rapid uptake if approved. The JPMorgan view aligns with broader Wall Street consensus, as 26 of the 38 analysts covering Biogen currently recommend a buy or strong‑buy rating. The stock has risen approximately 28% year‑to‑date.

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