Biogen Gains After Q1 Beat

Biogen Inc BIIB shares are trading higher by $13.14 at $290.00 in Tuesday's session. The catalyst for the rally is a Q1 beat of $0.20 along with a slight revenue beat.

After a higher open, it had nearly a $3.00 decline to $287.05, before continuing its move higher. So far, the ensuing rally has taken the issue to $291.90 but has now retreated to the $290.00 area. That high is just shy of its March 15 close of $292.64. The significance of that level is the issue fell over $13.00 the following day to $278.96 when the issue was slapped with two downgrades on the same day (Morgan Stanley and Leerink Swann).