Biogen (NASDAQ:BIIB) shares rose 1.6% on Thursday after at least two analysts weighed in positively on the outlook for the biotech giant.
Raymond James analysts upgraded the rating to Outperform from Market Perform with a price target of $283 per share.
The upgrade is based on the expectation that the Leqembi launch will gain momentum in 2024, especially with the availability of the SC formulation.
The Skyclarys U.S. launch is anticipated to maintain a robust pace in 2024 and will be further strengthened by approval and launch in the EU early next year.
Moreover, the expectation is that BIIB leadership will continue to be prudent with research and development spending, leading to steady improvements in operational expense margins.
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