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“The Buck Stops Here,”
Kelly Maguire
Behind the Markets
Biogen Stock Slides After Trial Miss, But Analysts Stay Bullish
Written by Chris Markoch. Publication Date: 5/22/2026.
Key Points
- Biogen's diranersen missed its primary endpoint in the Phase 2 CELIA trial, sending BIIB shares down more than 10% on May 14.
- Despite the endpoint miss, diranersen showed robust tau reductions and slowed cognitive decline, and Biogen is advancing the drug into further development.
- Leqembi sales grew 74% year over year to $168 million, providing a stable commercial foundation while analysts maintain price targets above current levels.
- Special Report: Elon Musk: This Could Turn $100 into $100,000
U.S. Food & Drug Administration (FDA) events crystallize the risk/reward thesis for many biotechnology stocks, and Biogen Inc.'s (NASDAQ: BIIB) latest Alzheimer’s update shows how quickly that trade can turn.
Biogen entered May with momentum after a solid first-quarter earnings report and its planned acquisition of Apellis Pharmaceuticals (NASDAQ: APLS) for $41 per share, which would add two commercialized rare-disease and immunology drugs, along with a nephrology infrastructure to support the felzartamab launch.
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Get the SpaceX infrastructure stock name and ticker hereThe bigger driver, however, was anticipation for Phase 2 data from CELIA, a study of diranersen, Biogen’s experimental tau-targeting treatment for Alzheimer’s disease.
That readout arrived on May 14 and produced a mixed reaction. Diranersen missed its primary endpoint, which measured dose response on the Clinical Dementia Rating-Sum of Boxes at Week 76, and BIIB fell more than 10%.
But the selloff may not tell the full story. Biogen still reported meaningful reductions in tau pathology and signs of slower clinical decline, giving investors a reason to keep the drug — and the stock’s long-term Alzheimer’s thesis — in focus.
Why Tau Matters for Biogen’s Alzheimer’s Pipeline
Diranersen is an antisense oligonucleotide (ASO) therapy that targets tau. Tau is a protein that stabilizes the internal transport system neurons use to carry nutrients and signals.
In Alzheimer’s disease, tau can become chemically altered, detach from its structural role and form tangles inside brain cells.
Along with amyloid plaques, those tangles are a defining feature of the disease, disrupting cellular communication, contributing to neuron death and tracking closely with the cognitive decline patients experience.
For investors, tau matters because it appears to be the more proximate driver of symptoms. A drug that reduces tau pathology, such as diranersen, opens the door to a potential amyloid-plus-tau combination therapy, which remains an important part of the long-term bull case for Biogen’s Alzheimer’s franchise.
What Biogen’s CELIA Trial Showed About Diranersen
CELIA was the first randomized Phase 2 study of a tau-directed therapy to show both biomarker impact and cognitive benefit in early Alzheimer’s disease.
Despite the primary endpoint miss, Biogen announced compelling topline results from the Phase 2 CELIA study of diranersen. The drug demonstrated robust reductions in both cerebrospinal fluid tau and tau pathology as measured by PET across all studied doses, with reductions maintained throughout the dosing period. Prespecified cognitive analyses also showed slowing of clinical decline across all studied doses, particularly at the lowest 60-milligram dose administered every 24 weeks.
Furthermore, the company is continuing to advance diranersen. Biogen’s CEO, Chris Viehbacher, has been cutting risky research and development projects in recent years, so analysts are placing added weight on this vote of confidence, suggesting the internal data must be compelling.
Analysts have also treated the CELIA readout as more complicated than a simple failed trial.
The consensus price target is $215.62, representing a potential upside of about 14%. Guggenheim reiterated a Buy rating with a $260 price target, Oppenheimer raised its target to $300 and maintained an Outperform rating, and Mizuho maintained an Outperform rating with a $236 target.
Leqembi Sales and Apellis Deal Support Biogen’s Base Business
On a trailing 12-month basis, Biogen’s revenue is essentially flat but stable. The same story holds for the company’s adjusted earnings per share (EPS).
Biogen has 10 drugs in the market. The most recognizable one for investors is likely Leqembi, Biogen and Eisai’s approved treatment for early Alzheimer’s disease. Leqembi is the only drug with FDA-approved maintenance dosing options to help keep slowing progression. Diranersen, by contrast, is still experimental and is being studied in CELIA, a Phase 2 trial focused on tau pathology.
Biogen's earnings report showed that Leqembi global in-market sales grew 74% year over year to $168 million. In addition, the FDA extended the review period for the Leqembi Iqlik subcutaneous starting dose Supplemental Biologics License Application (sBLA) by three months to a new Prescription Drug User Fee Act (PDUFA) date of Aug. 24, 2026.
Analysts generally viewed the delay as timing-related because Eisai said the extension followed submission of a major amendment and that the FDA had not raised approvability concerns to date.
Is BIIB a Buyable Dip After the Alzheimer’s Trial Selloff?
The chart tells a constructive longer-term story.
BIIB climbed steadily from the low $130s last summer to the high $180s today, with the 50-day SMA rising in lockstep and acting as reliable support throughout the uptrend. The stock is sitting just above that moving average right now, which is an encouraging sign given the post-CELIA selling pressure.
The MACD, however, flashes a near-term caution signal. The line has crossed below the signal line, and the histogram has turned negative. That suggests the pullback may not be fully exhausted. Volume on the May decline has been elevated, which is worth monitoring.
For patient investors, the 50-day SMA around $185 represents a logical, technically grounded entry zone. A hold at that level, particularly if the MACD begins to curl back upward, would suggest the broader uptrend remains intact ahead of Leqembi Iqlik’s Aug. 24 PDUFA date.
5 Stocks Winning the AI Race While Everyone Watches NVIDIA
Written by Bridget Bennett. Publication Date: 5/26/2026.
Key Points
- Keith Kaplan of TradeSmith identifies five physical "choke points" in the AI build-out—high bandwidth memory, photonics, thermal management, power generation, and grid transmission—where demand is already outrunning the world's ability to supply.
- The four largest U.S. hyperscalers are on track to spend more than $700 billion on AI infrastructure this year alone, with global data center electricity demand projected to more than double by 2026.
- Despite significant recent gains, each of the five featured stocks still has demand fundamentals that haven't been fully priced in, with multi-year backlogs and committed capacity pointing to a sustained growth runway.
- Special Report: Elon Musk: This Could Turn $100 into $100,000
The biggest growth stories in the market right now aren't happening with the chip makers. They're happening one layer beneath them.
Keith Kaplan, CEO of TradeSmith, has spent recent months mapping what he calls the "choke points" of the AI build-out—the physical bottlenecks where trillion-dollar demand is colliding with a world that can't supply fast enough. His argument is simple: the biggest fortunes of this AI cycle won't go to the visible players. They'll go to the companies those players can't function without.
The $700 Billion Problem
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When the SpaceX IPO launches, most retail investors will be locked out. The banks, funds, and insiders get in early - while everyone else waits on the sidelines.
But one small infrastructure supplier - a critical piece Musk can't scale the Colossus network without - is still trading well under institutional radar. A new briefing reveals the name and ticker at no cost.
Get the SpaceX infrastructure stock name and ticker hereBy the end of 2025, the four largest U.S. hyperscalers—Microsoft (NASDAQ: MSFT), Alphabet (NASDAQ: GOOGL), Amazon (NASDAQ: AMZN), and Meta Platforms (NASDAQ: META)—are expected to spend more than $700 billion on AI infrastructure. That figure rises toward $1 trillion by 2027 and, according to projections shared by NVIDIA (NASDAQ: NVDA) during its most recent earnings call, could reach $3 trillion to $4 trillion in total economic impact within three to five years.
That money isn't going into software. It's going into football-field-sized buildings, gigawatt-scale power systems, and transmission lines that don't exist yet. Think of it as demand being squeezed through a very narrow pipe: no matter how much water is upstream, the flow is only as strong as the choke point allows.
Kaplan identifies five of those choke points, and a stock for each.
Memory: The Chip Inside the Chip
High-bandwidth memory (HBM) is what allows a GPU to actually function.
Without it, AI chips don't work. Micron Technology (NASDAQ: MU) is the only American producer of HBM, and its 2025 output was completely sold out before the year began. Capacity for 2026 is already largely committed.
As NVIDIA transitions its Rubin chips from HBM3E to HBM4, Micron's position in the supply chain only strengthens. Annual revenue is tracking toward $58 billion, and net income is already at $24 billion. Kaplan sees this as a three- to five-year hold, with the next earnings report on June 24 serving as an early signal of where demand is headed.
Photonics: The Speed of Light Between Chips
When data leaves one chip, it has to communicate with thousands of others, and copper wire can't keep up. The solution is silicon photonics: light passed through fiber at speeds copper simply can't match.
Coherent Corp. (NYSE: COHR) is the leading supplier of the optical transceivers that make this happen, converting electrical signals into pulses of light and back again at every connection in an AI cluster. NVIDIA took a $2 billion stake in Coherent earlier this year—a signal, Kaplan argues, of just how central the company is to the next phase of the AI build-out.
Thermal Management: Keeping It From Melting
Top-end AI chips now draw up to 1,200 watts each.
Put 72 of them in a rack, and you've got the heat output of a small apartment in a space about the size of a refrigerator. Air cooling can't handle it. Direct-to-chip liquid cooling can carry heat 3,500 times more efficiently than air at the same flow rate.
Vertiv Holdings (NYSE: VRT) already supplies most large hyperscaler build-outs with its cooling distribution units. With a market cap above $100 billion and annual revenue over $10 billion, it's not a speculative name—and a recent pullback of more than 10% over the week before Memorial Day is what Kaplan would view as an attractive entry point ahead of its July 29 earnings.
Power Generation: Nuclear Is Back Online
A single AI data center now consumes the power of a mid-sized city. Meta's Hyperion facility is currently operating at 2 gigawatts and is expected to scale to 5. Meeting that kind of baseload demand 24 hours a day, seven days a week means natural gas and nuclear. Both are booming.
Constellation Energy (NASDAQ: CEG) is the largest nuclear operator in the U.S., with 21 reactors and a 20-year deal signed with Microsoft in September 2024 to bring Three Mile Island back online. Constellation is investing $1.6 billion to revive the plant and deliver 835 megawatts of dedicated capacity.
The shift in who's buying nuclear power tells the story: a decade ago, the biggest buyers were utilities. Today, they're software companies. Amazon's 17-year, $18 billion power purchase agreement with Talen Energy (NASDAQ: TLN) underscores just how aggressively Big Tech is moving to lock up baseload supply.
The stock is flat over the past three months, a consolidation Kaplan views as a setup ahead of early August earnings, not a sign the thesis has broken.
The Grid: The Last Mile That Takes the Longest
Even after the power plant is built, getting electricity to the data center can take years. Transformer lead times have stretched from 12 months to two and a half years. Heavy gas turbines are running up to seven years out. In some northern Virginia utility territories, grid hookups for projects filed after 2024 won't be available until at least 2028.
Eaton Corporation (NYSE: ETN) has been solving exactly this problem for more than 100 years. Transformers, switchgear, power distribution—the infrastructure that connects every data center to the actual grid.
Data centers are now Eaton's fastest-growing end market, and the company is sitting on multi-year backlogs with a $148 billion market cap and nearly $30 billion in annual revenue. The stock has been largely flat for the past three months, which Kaplan reads as quiet accumulation. Next earnings: August 4.
A 5-Year Mega Trend Still in Its Early Innings
Memory spend as a share of hyperscaler budgets has shifted from 8% to 30% in just two years. U.S. data centers could account for 17% of all national electricity consumption by 2030, up from 4% today. These aren't projections being whispered—they're numbers already reshaping capital allocation across the economy.
The question most investors are asking is whether they've missed it. Kaplan's view: not even close. The stocks may be up, but the infrastructure hasn't been built yet. That gap is exactly where the opportunity lives.
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