RBC Capital raised its price target on Biogen Inc. to $260 from $240 while maintaining an Outperform rating, citing the potential of the company’s litifilimab drug for lupus treatment.
The analyst cited a 60% estimated probability of success for litifilimab in the U.S., with a potential stock reaction of 15% on positive data and 8% on negative results around the fourth-quarter 2026 data release. RBC Capital also noted that litifilimab could present a competitive profile similar to the already commercialized Saphnelo.
Biogen’s shares closed at $218.12 on Monday, near its 52-week high of $222.15. The stock has gained roughly 60% over the past year, reflecting strong investor interest in its pipeline. RBC Capital’s upgrade follows the company’s second-quarter results, which exceeded market expectations with revenue of $2.74 billion and adjusted earnings per share of $3.60, surpassing consensus estimates of $2.43 billion and $3.17, respectively.
The lupus market opportunity is estimated at over $2 billion globally, positioning litifilimab as a significant growth driver for Biogen. The drug is being evaluated for multiple indications, including cutaneous lupus erythematosus, systemic lupus erythematosus, and antibody-mediated rejection. Additional pipeline assets include felzartamab and dapirolizumab pegol.
Other firms have also set price targets for Biogen, with Oppenheimer at $300, Guggenheim at $280, Canaccord Genuity at $248, and H.C. Wainwright at $251. The company’s strong financial performance and pipeline progress have contributed to its upward momentum in the market.
