On June 26, Biogen rose 5.86% in regular trading, trading at $213.79/share, with turnover of approximately $101 million. The stock rallied after the company announced a major R&D strategy overhaul.

On the news front, Biogen disclosed its decision to suspend or terminate investment in the vast majority of legacy Apellis research programs. The company is conducting a comprehensive review of the former Apellis clinical and preclinical portfolio to assess strategic alignment. The market interpreted this as a proactive move to optimize R&D spending and sharpen focus on higher-potential core pipelines, improving capital allocation efficiency.

This strategic pivot follows Biogen's completion of the Apellis acquisition earlier this year and its separate agreement to acquire RayThera for up to $1 billion to expand its immunology pipeline. In Q1, the company posted adjusted EPS of $3.57, significantly beating the consensus estimate of $3.01, while its Alzheimer's drug Leqembi saw sales surge 74% year-over-year. Multiple analysts maintain overweight ratings, with Goldman Sachs targeting $250 and RBC Capital targeting $222.

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