Biogen stock stalls at $206 resistance despite strong Alzheimer's drug sales and Apellis acquisition.

Biogen's stock struggles to surpass its $206 resistance level despite the company's acquisition of Apellis and strong sales growth of its Alzheimer's drug Leqembi, which saw a 75% year-over-year increase to $168 million in Q1 2026. However, skepticism remains due to declining sales of its other key drugs Tecfidera, Avonex, and Spinraza, which fell 18.8% year-over-year to $646.7 million in the same quarter. These mixed results have led to a downgrade of Biogen's stock rating to Hold, reflecting concerns about its overall commercial prospects despite leadership in the Alzheimer's therapeutics market in Japan and the U.S.