UPDATE: Oppenheimer Upgrades Biogen Idec from Perform to Outperform

Oppenheimer has published a research report on Biogen Idec Inc BIIB. In the report, Oppenheimer wrote, "BIIB has declined significantly on recent market weakness, despite no change in the company's fundamentals. We believe BG-12 will become a blockbuster oral MS therapy, based our analysis of recent data and physician feedback. We believe the drug will substantially elevate BIIB's MS franchise sales growth, despite our expectation for additional Avonex erosion." Oppenheimer upgraded Biogen Idec from Perform to Outperform with a price target established at $109.00. Biogen Idec closed Wednesday at $90.03.