What Happened?
Shares of biotech company Biogen (NASDAQ:BIIB) jumped 2.8% in the morning session after RBC Capital reiterated an "Outperform" rating and a $210 price target on the stock, naming it a top large-cap pick for 2026.
The firm cited a stabilization in Biogen's main business and expected growth for its Alzheimer's drug, Leqembi, throughout the next year. This outlook supported the positive view on the company's direction. Additionally, RBC Capital noted a new drug candidate, BIIB145, which was about to enter clinical trials. The drug was initially aimed at treating multiple sclerosis (MS), a field where Biogen already had significant experience and resources, suggesting a solid foundation for its development.
After the initial pop the shares cooled down to $173.47, up 2.1% from previous close.
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What Is The Market Telling Us
Biogen’s shares are not very volatile and have only had 6 moves greater than 5% over the last year. In that context, today’s move indicates the market considers this news meaningful, although it might not be something that would fundamentally change its perception of the business.
The previous big move we wrote about was 28 days ago when the stock gained 4.1% on the news that comments from a key Federal Reserve official bolstered hopes for an interest rate cut.
New York Federal Reserve President John Williams stated he sees “room for a further adjustment” in the near term, sparking a significant market rally. Following his remarks, the probability of the central bank cutting rates at its December meeting jumped from 39% to over 73%, according to the CME FedWatch tool. This positive sentiment provided relief to markets amid concerns over high valuations, particularly in AI-related stocks.
Biogen is up 15.6% since the beginning of the year, and at $173.47 per share, it is trading close to its 52-week high of $182.09 from November 2025. Investors who bought $1,000 worth of Biogen’s shares 5 years ago would now be looking at an investment worth $698.59.
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