Oppenheimer raised the price target on Biogen (NASDAQ:BIIB) to $295.00 from $280.00 while maintaining an Outperform rating.
Analysts highlighted growing investor confidence in Biogen management with positive feedback on the CEO and CFO, based on the results of a 2,000+ investor survey by Brendan Wood.
According to analysts, investor confidence has seen a significant uptick since Chris Viehbacher took over as CEO, and it's expected to be further reinforced by recent events. These include the CHMP's positive opinion for Skyclarys as the first therapy for Friedreich’s Ataxia in the EU on Dec 15, the planned launch of Leqembi in Japan on Dec 20, and the landmark U.S. launch of Zurzuvae for Post-Partum Depression on Dec 14.
“CFO confidence is especially strong and investors are encouraged by financial progress such as expense optimization including Fit for Growth, R&D portfolio prioritization, capital allocation and other plans to improve BIIB’s financial profile,” commented analysts.