Oppenheimer analyst Jay Olson raised the firm’s price target on Biogen to $325 from $310 and keeps an Outperform rating on the shares after the company provided Q1 financial results. The firm notes the company focused on a refreshed business plan with impressive progress, including two new product launches that are underappreciated in the near-term and long-term; R&D prioritization in areas of clear leadership and promising new opportunities; termination of R&D projects lacking confidence and/or deemed too risky; cost management to fund prioritized investments near term and operating margin expansion longer term; organizational progress with new heads of BD and IR while a new R&D head is expected by end of summer; several successful collaborations support Biogen’s position as a partner of choice; and financial firepower for additional BD.
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