Biogen price target raised to $275 from $250 at Oppenheimer

Oppenheimer raised the firm’s price target on Biogen to $275 from $250 and keeps an Outperform rating on the shares. The firm believes Biogen’s (BIIB) acquisition of Apellis (APLS) for $5.6B strengthens the nephrology/immunology portfolio while driving substantial value for the former’s shares. Oppenheimer is especially optimistic about the addition of Empaveli, which provides an established nephrology infrastructure to build the foundation for a potential future launch of felzartamab. While ophthalmology represents a relatively new therapeutic area for Biogen, the firm believes Syfovre complements the Oppenheimer portfolio and bolsters the overall financial profile.