Jefferies analyst Brian Abrahams believes the hiring of internal candidate Michel Vounatsos as Biogen’s (BIIB) new CEO reduces the near-term potential for a takeout of the company.

Biogen “likely looks to continue an independent course at least for now,” Abrahams tells investors in a research note. He believes the company’s shift from a leader with a more science-oriented background to an operational-focused CEO makes sense.

Abrahams continues to believe shares of Biogen offer a balanced risk/reward profile. He keeps a Hold rating on the shares with a $310 price target. In pre-market trading, Biogen was down $1.77 to $277.00.