Biogen Idec Inc. (BIIB) gapped open sharply lower Wednesday, following a downgrade by Citigroup to "Neutral" from "Buy." The stock declined for the majority of the morning and finished down by 16.48 at $206.55 on strong volume.
Biogen Idec dropped to a month and a half low and fell below its 50-day moving average.
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June 05, 2026 16:18 ET A busy week for economic news flow saw a slew of reports being released that reflected the trends in the U.S. labor market. In Europe, economic growth and inflation data gained attention as the European Central Bank and Bank of England head for policy session later in the month. In Asia, the monetary policy session of the Indian central bank was in focus as the country, a major oil importer, reels under the pressures of a weaker rupee and rising inflation.