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Biogen Inc.

BIIB · NASDAQ

Market open$204.29$-4.63 (-2.22%)

Key statistics

Previous close$208.92
Open$207.11
Day high$215.79
Day low$203.85
52-week high$219.72
52-week low$121.05
Market cap30.16B
Volume579.52K
Average volume1.27M
P/E ratio12.90
Forward P/E14.83
EPS15.84
Dividend yield0.00%

Market context

Why it moved

Biogen shares fell after RBC raised doubts about whether the Alzheimer's drug diranersen's benefits would replicate in further studies, compounding concerns following the drug's Phase 2 primary endpoint miss on dose-dependent tau reduction.

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What is happening

Recent company-specific developments and publisher coverage.

July 17, 2026Biogen shares are declining, extending losses from a sharp selloff earlier this week triggered by mixed Phase 2 CELIA trial data for diranersen, its investigational Alzheimer's tau-targeting therapy. While the drug showed encouraging tau reduction and cognitive signals, it failed to demonstrate a clear dose-response pattern — its primary endpoint — prompting investors to reassess the pipeline's near-term potential. The weakness comes amid a broader healthcare sector pullback (XLV trading lower) and a risk-off market tone driven by AI concerns and U.S.-Iran geopolitical tensions.

-2.3023

July 17, 2026Biogen surged ~6%, recovering most of the prior session's 8% selloff, as investors reassessed the Alzheimer's franchise following a series of positive catalysts. The FDA's July 13 approval of LEQEMBI IQLIK — the first at-home subcutaneous initiation dose for early Alzheimer's disease — re-energized the bull case, with real-world LEADER study data showing nearly 87% of patients chose to stay on therapy. A Truist Financial upgrade to Buy ($235 target) on July 13, reiterated Buy ratings from Piper Sandler and Canaccord, and a broader healthcare sector lift from UnitedHealth's strong Q2 earnings beat all contributed to the rebound.

5.9217

July 16, 2026Biogen shares rebounded, gaining nearly 3% in a volatile session that saw the stock swing from early lows near $186 before recovering to close around $197 — a sharp reversal from the prior session's 7% plunge triggered by mixed Phase 2 CELIA trial data for diranersen, its experimental Alzheimer's tau-targeting therapy. While the drug showed meaningful cognitive slowing and robust 50–65% reductions in spinal-fluid tau biomarkers, it failed its primary endpoint of demonstrating a dose-response relationship, and higher doses showed no greater clinical benefit. The recovery was supported by a wave of bullish analyst reiteration — Piper Sandler, Canaccord Genuity, and Goldman Sachs (price target $250) all maintained Buy ratings — alongside positive LEQEMBI momentum, including real-world data showing nearly 87% of Alzheimer's patients remained on treatment, and a recent FDA approval of an at-home subcutaneous LEQEMBI formulation that could meaningfully expand the drug's commercial reach.

2.7559

July 15, 2026Biogen tumbled sharply after detailed Phase 2 CELIA data for its investigational Alzheimer's therapy diranersen, presented at AAIC 2026, failed to demonstrate a dose-response relationship — the study's primary endpoint — even as the drug showed encouraging cognitive and tau biomarker signals at lower doses. RBC analyst Brian Abrahams said the findings 'leave more questions than answers,' noting that the strongest clinical benefit paradoxically appeared in the lowest-dose group. The selloff was compounded by an earnings overhang from disclosed R&D milestones, though the FDA's same-day approval of LEQEMBI IQLIK as an at-home subcutaneous initiation dose for early Alzheimer's offered a partial offset.

-8.1711

July 14, 2026Biogen surged nearly 5% — its strongest single-day gain in months — driven by a landmark FDA approval of LEQEMBI IQLIK (lecanemab-irmb) as the first at-home subcutaneous initiation dose for early Alzheimer's disease, marking a major commercial expansion for the drug. The once-weekly autoinjector formulation eliminates the need for IV infusions from the start of treatment, a convenience upgrade investors had long awaited. Adding fuel to the rally, Truist Securities upgraded Biogen to Buy with a $235 price target, and RBC Capital raised its target to $242, reflecting growing Wall Street confidence in Leqembi's commercial trajectory ahead of a planned late August U.S. launch.

4.9611

July 11, 2026Biogen closed essentially flat, holding near the $199 level, as investors remain focused on near-term earnings headwinds stemming from significant charges tied to its Apellis acquisition. A July 1 regulatory filing disclosed roughly $164 million in Q2 in-process R&D and milestone expenses (~$0.95/share impact) and an additional $290–$320 million in Q3 charges (~$1.75–$1.95/share), pressuring sentiment ahead of the Q2 earnings report expected later this month. Despite the overhang, Wall Street remains broadly constructive, with a median analyst price target of $225 and multiple Buy-equivalent ratings from Needham, Guggenheim, and Oppenheimer — suggesting the market views the Apellis integration costs as transitory rather than structurally damaging.

0.1207

July 10, 2026Biogen shares closed modestly lower, continuing to absorb the fallout from a July 1 regulatory filing disclosing ~$164M in Q2 in-process R&D and milestone charges (~$0.95/share impact), with an additional $290–$320M expected in Q3 (~$1.75–$1.95/share). While the stock had already sold off sharply on July 7, today's mild decline reflects lingering near-term earnings uncertainty ahead of Q2 results and updated Apellis acquisition guidance. Macro headwinds—including renewed US-Iran tensions lifting oil prices and reviving rate hike fears—added broader pressure, though analysts remain constructive with a median price target of $225.

-0.7237

July 9, 2026Biogen shares fell roughly 2.6%, extending a slide that began after its July 1 regulatory filing disclosed significant in-process R&D, upfront, and milestone charges expected in Q2 (~$164M, ~$0.95/share) and Q3 2026 (~$290M–$320M, ~$1.75–$1.95/share) tied to its Apellis acquisition. Investors remain cautious ahead of updated guidance with the Q2 report, while Morgan Stanley trimmed its price target to $222 and BofA raised its target to $217, both still well above current levels. Broad market pressure from escalating U.S.-Iran tensions and surging oil prices added macro headwinds, though the healthcare sector (XLV) held relatively steady on the day.

-2.596

The Boston Globe · July 17, 2026What a new Alzheimer’s drug could mean for the future of treatmentReuters · July 14, 2026Biogen's Alzheimer's drug lowers toxic protein, but results were mixedBioSpace · July 14, 2026AAIC 2026: Biogen delivers hope, validation with anti-tau Alzheimer’s winSTAT · July 14, 2026Biogen Alzheimer's drug slowed decline at rates on par with approved therapies, study showsBioPharma Dive · July 14, 2026Biogen data highlight promise, questions surrounding tau-targeting Alzheimer’s drugsPR Newswire · June 18, 2026INVESTOR ALERT: Pomerantz Law Firm Investigates Claims On Behalf of Investors of Biogen Inc. - BIIBBusiness Wire · May 19, 2026BIIB Investor Alert: Levi & Korsinsky Investigates Biogen Inc. (BIIB) for Potential Securities FraudSeeking Alpha · May 15, 2026Biogen: Apellis Acquisition, Alzheimer's Fail Sums Up Mixed Investment Opportunity (BIIB)
Mt Newswire · July 14, 2026Biogen's Phase 2 Trial of Diranersen to Treat Alzheimer's Misses Primary Endpoint
Mt Newswire · July 14, 2026Cantor Fitzgerald Adjusts Biogen Price Target to $237 From $206
Benzinga · July 14, 2026Why Is Biogen Stock Falling Tuesday?
Benzinga · July 14, 2026Eisai And Biogen Present Real‑World LEADER Study Data At AAIC Showing Nearly 83% Of Early Alzheimer’s Patients Remained Stable Or Improved On LEQEMBI Therapy Over ~17 Months, With Consistent Results Across Diverse Groups.
Benzinga · July 14, 2026Biogen's Diranersen Demonstrates Efficacy Throughout All Doses In Phase 2 CELIA Trial Of Alzheimer’s Disease; Consistent Efficacy Seen Across Multiple Prespecified Secondary Endpoints Including Clinical Dementia Rating Sum Of Boxes
Mt Newswire · July 14, 2026FDA Approves Eisai, Biogen's LEQEMBI Injection for Early Alzheimer's
Mt Newswire · July 13, 2026Biogen Gets FDA Approval for Leqembi Iqlik as Initiation Dose for Early Alzheimer's Disease
Benzinga · July 13, 2026Eisai Co And Biogen Receive FDA's Approval For A Supplemental Biologics License Application For A Once-Weekly Lecanemab-Irmb Subcutaneous Injection As An Initiation Dose For The Treatment Of Early Alzheimer’s Disease; U.S. Launch Of LEQEMBI IQLIK As An Initiation Dose Planned For Late August 2026

Peers

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