Jefferies upgrades Oxford BioMedica with 34% upside on new Bristol Myers Squibb manufacturing deal

Jefferies has resumed coverage of Oxford BioMedica with a buy rating and raised its price target to £8.27, implying a 41% upside from the current £5.88 share price. The upgrade follows a new five-year manufacturing agreement with Bristol Myers Squibb to produce lentiviral vectors for CAR-T therapies, which significantly de-risks Oxford BioMedica's growth outlook. The company reported strong 2025 revenue growth of around 30% and a growing order book, with Jefferies forecasting further revenue and margin improvements through 2027. Oxford BioMedica will provide more details on its commercial pipeline at a capital markets day on June 2.