UPDATE: UBS Downgrades Biogen (BIIB) to Neutral; Risk/Reward Now Balanced

(Updated - September 10, 2012 12:37 PM EDT)

UBS downgraded Biogen (NASDAQ: BIIB) from Buy to Neutral. PT maintained at $156.

Analyst, Matthew Roden, said, "...we view the risk/reward ahead of 2H catalysts as more balanced given the performance in the stock. BIIB shares are up 56% since our upgrade last year (BTK: +27%; S&P: +21%)...Big picture, we are quite positive on secular trends in MS, Biogen’s positioning, and management. We are above-consensus on BG-12 and Tysabri, implying we expect Street numbers to rise. Moreover, our PT reflects only an average multiple on 2015 EPS, which also suggests long term upside in the stock. Furthermore, we like the LINGO program, which we think could support a long-term premium to the group. That said, de-risking the ph3 pipeline would make us more positive."

FY12 EPS estimate raised from $6.40 to $6.45 and FY13 from $7.24 to $7.46

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 $152.50 yesterday.

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