Goldman Sachs Downgrades Biogen (BIIB) to Neutral, Removes from CL List

May 1, 2013 7:20 AM EDT Send to a Friend
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Price: $323.50 -2.21%

Rating Summary:
    20 Buy, 8 Hold, 0 Sell

Rating Trend: = Flat

Today's Overall Ratings:
    Up: 16 | Down: 12 | New: 33
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Goldman Sachs downgraded Biogen (NASDAQ: BIIB) from Conviction Buy to Neutral with a price target of $215.00 (from $211.00), saying they prefer Amgen (NASDAQ: AMGN) which was added upgraded and added to the Conviction Buy List.

"We continue to view BIIB as a solid growth story within large-cap biotech, driven by what is proving to be a strong launch of new oral multiple sclerosis (MS) drug Tecfidera. However, we now see risk/reward as balanced," analyst Terence Flynn said.

While downgrading, Goldman raised FY 2013 EPS estimates on Biogen from $7.77 to $8.09, raised FY 2014 EPS from $10.39 to $10.43 and FY 2015 was trimmed from $13.33 to $13.24.

For an analyst ratings summary and ratings history on Biogen click here. For more ratings news on Biogen click here.

Shares of Biogen closed at $218.93 yesterday.

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