JPMorgan upgraded Biogen to Overweight from Neutral on Monday, citing a stronger run of clinical catalysts in 2027 and an improved long-term growth outlook, with a December 2027 price target of $300 per share. Analyst Chris Schott says the company is moving beyond its Alzheimer's drug Leqembi, and sees felzartamab in antibody-mediated rejection, a market worth more than $2 billion with Phase 3 data due in the first half of 2027, as the most significant opportunity. He also expects Eli Lilly's TRAILBLAZER-ALZ-3 trial to offer a positive read-through for Leqembi. Shares trade at about 14x 2027 EPS, and the stock could re-rate as the pipeline de-risks.
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