Citi's assessment hits Biogen

Investor's Business Daily

Shares of the biotech drugmaker soared 74% this spring to an all-time high 242.64 on May 28. But shares fell 7.4% to 206.55 Wed. after Citigroup downgraded its stock to neutral from buy, citing concerns that European officials won't provide regulatory protection for Biogen Idec's (BIIB) Tecfidera, its potential blockbuster multiple sclerosis drug. Citi also said in a report that sales figures to date may be exaggerated, but noted that it likes the drug's prospects and projected '13 U.S. sales of $442 mil.

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