UPDATE: Citi Downgrades Biogen (BIIB) to Neutral

(updated to add analyst comment)

Citi analyst Robyn Karnauskas downgraded Biogen (NASDAQ: BIIB) from Buy to Neutral with a price target of $230.00 (from $470.00)

• Has concerns with the company's overall strategy.
• Expected Aducanumab to work and acknowledges we "were wrong."
• Believes capital allocation will be a critical issue for internal pipeline and M&A.
• "Without Aducanumab, BIIB needs additional M&A aside from NITE and latestage assets to contribute to growth near term."

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 $320.59 yesterday.

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