Biogen Surrenders All Early Gains After Q2 Beat And Raise

Biogen Inc BIIB shares are trading lower by $2.00 at $282.70 in Tuesday's session.

The stock in the red despite posting a Q2 EPS beat of 63 cents along with a $17 million beat for sales. The company significantly raised FY 2017 EPS and sales guidance.

After a higher open, Biogen continued in that direction before finally peaking at $291.91 and reversing course. The ensuing decline has found support in a familiar area. Over its previous five sessions, it has bottomed in the $280.00 handle, between $280.01 and $280.75 and today's low stands at $280.24 as of 12:30 p.m. EST.

The rebound off that low peaked at $287.56 and is now drifting back towards the low for the session.