What Happened?
Shares of biotech company Biogen (NASDAQ: BIIB) jumped 3.6% in the afternoon session after the company received an analyst upgrade from Wells Fargo and announced it acquired exclusive worldwide rights for the drug candidate felzartamab.
Wells Fargo raised its rating on Biogen to 'Overweight' and increased its price target to $250 from $200. The bank expressed confidence in the company's late-stage immunology and kidney pipeline programs as potential growth drivers beyond its established franchises. In a separate development, Biogen secured the remaining global rights for felzartamab by acquiring them for the Greater China Region from TJ Biopharma.
This drug is currently being evaluated in Phase 3 clinical studies for several immune-mediated diseases. The agreement involved a $100 million upfront payment, with up to $750 million in potential future milestone payments.
After the initial pop the shares cooled down to $183.27, up 3.3% from previous close.
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What Is The Market Telling Us
Biogen’s shares are not very volatile and have only had 5 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 18 days ago when the stock dropped 3.5% on the news that reports revealed that the US may impose up to 100% tariffs on imports of branded and patented drugs.
This potential move would target pharmaceutical companies that have not negotiated deals to lower drug prices in the United States. The news sparked a significant sell-off in the sector, with the Nifty Pharma index declining over 5% as all its constituent stocks traded lower. The concerns were particularly pronounced for international drugmakers who rely on the US market.
Biogen is up 3.1% since the beginning of the year, and at $183.27 per share, it is trading close to its 52-week high of $201.18 from February 2026. Despite the year-to-date gain, investors who bought $1,000 worth of Biogen’s shares 5 years ago would now be looking at only $670.81.
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