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Oppenheimer Elevates Biogen's Price Target
Investment firm Oppenheimer has increased the price target for Biogen (NASDAQ:BIIB) from $280.00 to $295.00. Remarkably, it maintains the 'Outperform' rating on this stock.
Increased Investor Confidence in Biogen
The decision was influenced by the rising investor confidence in Biogen's senior management. This was reflected in the positive sentiments from a survey involving over 2,000 investors carried out by Brendan Wood. The study mainly praised the performance of the CEO and CFO.
Impressive Progress under Viehbacher's Leadership
It’s worth noting that, since Chris Viehbacher assumed the position of CEO, the level of investor confidence in Biogen has significantly improved. Analysts anticipate that the recent notable occurrences in the company will accentuate this confidence. Key events include the favorable opinion given on December 15 by the CHMP to Skyclarys, the premiere treatment for Friedreich’s Ataxia in the EU. Also noteworthy are the impending Leqembi launch in Japan on December 20, as well as the historic U.S. introduction of Zurzuvae for Post-Partum Depression on December 14.
Notable Financial Progress by Biogen Management
Analysts further remarked that the CFO has particularly garnered a substantial vote of confidence from investors. They are optimistic about the company's financial improvements which include the ‘Fit for Growth’ cost-efficiency measures, R&D portfolio prioritization, better capital allocation, and several initiatives to bolster Biogen's fiscal health.
