Biogen Shares Not Healthy After Q1 Miss

'' Biogen

shares are trading lower by $26.22 at $405.06 in Friday's session. The catalyst for the decline was a Q1 EPS ($3.82 vs Est.. $3.91) and revenue miss ($2.55B vs. Est. $2.6B). The poor showing has not persuaded Morgan Stanley to alter its Overweight Rating on the issue. Biogen has struggled ever since it ran to its ballooned to its all time high on March 20 at $480.18 before falling back to settle $475.78. The catalyst for the blowout rally was positive results for an Alzheimer's drug in their pipeline. I am sure that investors that purchased the issue on that day would like to forget the experience. After closing at $430.28 on Thursday, the issue plunged to $395 before recovering back over the $400 level. That marks the first time it has been under $400 since February 18, when it bottomed at $396.52. It should be noted that today's sharp decline is taking place on much higher volume than its 20 day average of 1.76M shares. So far, it has traded 5.3M shares with over one hour remaining in the session.