CNBC Pro

Biogen shares drop after Morgan Stanley downgrade; rest of biotech also dragged lower

Share
A Biogen Idec lab technician
Suzanne Kreiter | The Boston Globe | Getty Images

Biogen shares declined Thursday after Morgan Stanley's Matthew Harrison downgraded them to equal weight.

"This is not a downside call, but a timing call as we see BIIB trading with the group after appreciating post the BIVV spin and on Spinraza excitement," wrote Harrison, who lowered his 12-month price target on the stock to $305. The stock closed Wednesday at $292.64. On Thursday morning, it was down 3.75 percent.

More In Pro News and Analysis

CNBC ProLooking for the 'cheapest' global stocks? Morgan Stanley says there are lots to choose from
CNBC ProGoldman stock pickers zero in on global companies that know how to win in China
CNBC ProHere’s when Wharton’s Jeremy Siegel says he would get more cautious on stocks