LEQEMBI
lecanemabmAbhumanized anti-amyloid beta protofibril mAb
Alzheimer's Disease
Approved
1 program·1 trial·View drug →
DashboardSell9,208$104.01−$957.7KBuy6,950$107.40+$746.4KSell82,379$90.42−$7.4MSell17,717$90.12−$1.6MSell6,709$95.25−$639.0KSell13,619$97.72−$1.3MSell2,076$96.92−$201.2KAward5,514$94.74$522.4KSell15,264$127.70−$1.9M NeuromuscularResearch Grant$1.01M7NeuromuscularCo-Investigator$796.0K5NeurologyCo-Investigator$689.7K5NeuromuscularCo-Investigator$575.1K4NeuromuscularResearch Grant$574.8K6NeuromuscularCo-Investigator$524.2K6NeurologyEquity / Ownership$489.7K6NeuromuscularResearch Grant$486.0K5NeuromuscularCo-Investigator$467.7K5NeurologyCo-Investigator$445.4K4
BIIBNASDAQ
Biogen
Biogen Inc. · Cambridge, MA · founded 1978
Biogen is a Cambridge, Massachusetts large-cap biotech with a multi-decade focus on neurology. The company markets and develops therapies for Alzheimer's disease (LEQEMBI, co-developed with Eisai), multiple sclerosis (TYSABRI, VUMERITY), spinal muscular atrophy (SPINRAZA, partnered with Ionis), and ALS (QALSODY), and is advancing pipeline programs in immunology, depression, and rare neurological conditions.
- Lead asset
- LEQEMBI · Approved · Alzheimer's Disease
- mAb · humanized anti-amyloid beta protofibril mAb
- Pipeline
- 1 drug · 1 program
- 1 Neurology
- Modalities
- mAb×1
FocusNeurologyRare DiseaseImmunology
$165.00-1.00%1Y
BIIB · daily close · illustrative · 0 catalysts marked
1Y high$186.961Y low$158.76range$28.20(18%)past catalysts
Peers in this space
Pipeline & catalysts
Pipeline & catalysts
Pipeline by phase1programs
- Preclin0
- Ph10
- Ph20
- Ph30
- Filed0
- Approved1
Past catalyst impact
DateKindEventOutcome+1W+1M+6M
Dec 31, 2024Enroll.LEQEMBI — Pivotal Enrollment CompleteMixed-2.7%+6.8%+6.4%
Feb 5, 2024PDUFALEQEMBI — PDUFA — CRL IssuedNegative-19.4%-33.2%-19.0%
Dec 7, 2023AdComLEQEMBI — Advisory Committee — 12–2 Vote in FavorPositive+31.2%+21.3%+14.1%
% change vs ticker close on the announcement date · backtest illustrative
Smart money
Insider activity
Insider activity · last 90 days
Form 4 trail · 9 transactions · 9 insiders
Net flow
−$13.4M
Buys
$746.4K
1 txns
Sells
$14.1M
7 txns
Largest
−$7.4M
CEO sell
Net flow per quarter · last 8Q
12 txns · sum −$15.03M
24Q325Q125Q326Q126Q2
buys · $746Ksells · $15.77M
Insider · roleActionSharesPriceValueDate
S. Kim
EVP
Apr 14, 2026
A. Greene
EVP
Apr 11, 2026
A. Hassan
CEO
Apr 11, 2026
A. Kowalski
CSO
Mar 20, 2026
C. Walsh
CFO
Mar 17, 2026
C. Iyer
Director
Mar 11, 2026
S. Iyer
CSO
Mar 9, 2026
T. Reyes
Director
Feb 18, 2026
D. Singh
Director
Feb 13, 2026
Congressional trading
Congressional trading · STOCK Act · last 365d
4 trades · 4 members
Est. net flow
−$4.16M
midpoint · brackets only
Buys
0
Sells
4
Party mix
3 D1 R
Member · chamberActionBracket~ midpointOwnerDate · disclosure
D
Sell$250K–$500K~$375KselfRep. H. Patel
House · IL
Dec 2, 2025
filed +44d
D
Sell$15K–$50K~$33KselfSen. C. Walsh
Senate · NY
Aug 17, 2025
filed +15d
D
Sell$500K–$1.00M~$750KdependentRep. K. Linville
House · WA
Aug 1, 2025
filed +22d
R
Sell$1.00M–$5.00M~$3.00MdependentSen. B. Tucker
Senate · TN
Apr 28, 2025
filed +31d
Source: Senate eFD & House Clerk PTR feeds · members must disclose within 45 days · midpoints reflect bracket midpoint, not actual transaction value
Top ETF holders
ETF holders · NAV disclosures
6 ETFs hold the position
Held by ETFs
$214.4M
aggregate position
Of market cap
1.08%
aggregate ETF share
Top holder
XLV0.37%
Health Care Select Sector SPDR
TickerETF · familyThemeNAV% of NAVPosition
XLVBroad healthcare$39.00B0.37%$144.3M
Health Care Select Sector SPDR
SPDR
VHTBroad healthcare$19.00B0.26%$49.4M
Vanguard Health Care ETF
Vanguard
XBIBroad biotech$7.90B0.12%$9.5M
SPDR S&P Biotech ETF
SPDR
IBBBroad biotech$8.40B0.10%$8.4M
iShares Biotechnology ETF
iShares
IYHBroad healthcare$3.40B0.07%$2.4M
iShares U.S. Healthcare ETF
iShares
PBEBroad biotech$175.0M0.28%$490K
Invesco Dynamic Biotechnology
Invesco
Source: ETF NAV disclosures + quarterly 13F filings · narrow-theme ETFs disclose holdings daily; broad ETFs quarterly · % of NAV is the position weight inside the fund
KOL network
KOL network · CMS OpenPayments
27 physicians paid · 120 disclosed records
Total 2025+2024
$9.71M
YoY
+28%
Co-Investigator$4.20MResearch Grant$2.52MEquity / Ownership$2.35MConsulting$331.2KSpeaking$237.5KTravel & Lodging$64.2KFood & Beverage$2.5K
Physician · affiliationSpecialtyTop categoryTotalRecords
Dr. Henry Tanaka
Cedars-Sinai
Dr. Daniel Andersson
Penn Medicine
Dr. Devon Park
Vanderbilt
Dr. Olivia Chen
Vanderbilt
Dr. Daniel Greene
Penn Medicine
Dr. Marcus O'Connor
Cleveland Clinic
Dr. Charles Chen
Mayo Clinic
Dr. Tomás Lindberg
Vanderbilt
Dr. Nadia Nakamura
Stanford Medicine
Dr. Charles Chen
Penn Medicine
Source: CMS OpenPayments · quarterly drops · physicians identified by NPI · aggregated across all programs
Government & IP
Federal lobbying
Federal lobbying · LDA · last 8 quarters
$501K disclosed · 3 firms engaged
YoY change
+27%
last 4Q vs prior 4Q
24Q3Q425Q1Q2Q3Q426Q1Q2
Top lobbying firms · last 8Q
Holland & Knight$212K
6 quarters active
Thorn Run Partners$199K
5 quarters active
Tiber Creek Group$91K
4 quarters active
Top issues lobbied
- Treat and Reduce Obesity Act$205K
- Pharmacy Benefit Manager (PBM) reform$106K
- CMS reimbursement rates for ultra-rare conditions$99K
- Drug Supply Chain Security Act$91K
Source: Senate LDA database (lda.senate.gov) · quarterly registrant filings · spend is the company-wide total disclosed
Government contracts
Federal contracts · USAspending.gov
2 awards · 2 agencies
Total awarded
$111.5M
across all programs
Active
$111.5M
option periods incl.
Top agency
NIH / NIAID$65.5M
largest active: Antiviral Drug Discovery Cooperative
AgencyTitle · type · award IDStatusValueAwarded → ends
NIH / NCIactive$46.0MFeb 2026→ Nov 2028
Immuno-Oncology Combination Trial Sponsorship
Cooperative Agreement · NIH-00800185
NIH / NIAIDactive$65.5MOct 2025→ Feb 2028
Antiviral Drug Discovery Cooperative
Cooperative Agreement · NIH-05184782
Source: USAspending.gov · SAM.gov · every federal contract / grant / cooperative agreement is public · values are obligated awards (may include option periods)
U.S. Patents
U.S. Patents · USPTO
8 granted · 2 pending
Total in portfolio
10
Granted in last 12mo
1
Expiring < 2yr
0
Nearest expiry
Apr 2029
Patent #Title · inventor · drugTypeStatus · filedExpiry
11,945,713Process
Scalable cell-line manufacturing for LEQEMBI
A. Kim · LEQEMBI
grantedfiled Apr 2024
exp. Apr 2044
18.0y left
US 2025/5758980 A1Composition of Matter
Lipid nanoparticle formulations comprising LEQEMBI
R. Hoffman + 1 · LEQEMBI
pendingfiled Apr 2025
in prosecution
11,267,614Formulation
Sustained-release oral compositions of LEQEMBI
K. Iyer · LEQEMBI
grantedfiled Apr 2022
exp. Apr 2042
16.0y left
12,291,409Composition of Matter
Antibody-drug conjugates with novel linkers for LEQEMBI
R. Park + 3 · LEQEMBI
grantedfiled Apr 2017
exp. Apr 2037
11.0y left
11,177,643Composition of Matter
Bispecific antibody compositions targeting LEQEMBI
E. Park + 4 · LEQEMBI
grantedfiled Apr 2015
exp. Apr 2035
9.0y left
11,274,939Composition of Matter
Small molecule modulators of LEQEMBI
R. Andersson + 4 · LEQEMBI
grantedfiled Apr 2013
exp. Apr 2033
7.0y left
US 2017/1217783 A1Method of Use
Methods of treating advanced disease using LEQEMBI
N. Kim + 2 · LEQEMBI
pendingfiled Apr 2017
in prosecution
10,364,024Method of Use
Combination therapy comprising LEQEMBI
J. Park + 1 · LEQEMBI
grantedfiled Apr 2013
exp. Apr 2033
7.0y left
showing 8 of 10 · full portfolio available on Pro
Source: USPTO PEDS & Patent Public Search · composition-of-matter is the headline asset · expiration = 20 years from filing
News
News
News · last 90 days
10 items from 5 categories
clinical5regulatory2earnings1corporate1analyst1
1d ago
BIIB doses first patient in Phase 3 LEQEMBI study
FierceBiotech·clinical
27d ago
BIIB reports Q4 results, reaffirms 2026 guidance
Business Wire·earnings
1mo ago
BIIB expands manufacturing capacity at lead facility
Business Wire·corporate
1mo ago
Bank reiterates Outperform rating on BIIB
STAT$·analyst
2mo ago
BIIB reports topline results from Phase 2 trial of LEQEMBI
Endpoints News$·clinical
2mo ago
BIIB presents LEQEMBI data at major medical conference
FierceBiotech·clinical
2mo ago
BIIB receives Orphan Drug Designation for LEQEMBI
Endpoints News$·regulatory
2mo ago
BIIB reports topline results from Phase 2 trial of LEQEMBI
FierceBiotech·clinical
2mo ago
FDA grants Breakthrough Therapy Designation to BIIB's LEQEMBI
Endpoints News$·regulatory
3mo ago
BIIB reports topline results from Phase 2 trial of LEQEMBI
Endpoints News$·clinical
Sources: PR wires + biotech-trade publications + company IR · paywalled outlets ($) link to publisher · we never paraphrase the headline
Financials
Financials
Trading
Previous close
$165.00
Open
$164.01
Day Δ
+0.99
+0.60%
Day range
$163.11 – $165.91
52W range
$158.76 – $186.96
Avg daily volume
1.51M
Valuation & ownership
Enterprise value
$18.5B
Shares out
120.00M
Float
111.60M
Insider %
1.88%
Institutional %
71.88%
Beta
1.38
vs SPY · 52w
Balance sheet & burn
Cash + invest
$2.5B
Total debt
$1.2B
Debt / equity
2.88
Cash burn / Q
$122M
R&D spend TTM
$525M
21% of cash
ATM available
$2.6B
dilution risk
Earnings
EPS latest
$-0.13
EPS Δ vs prior
+0.08
EPS estimate
$-0.15
next quarter
EPS prior
$-0.21
Next earnings
Jun 10, 2026
Rev guidance
$257M