Biogen Volatile After Q3 Beat, Raised Guidance And Disappointing Phase 3 Study

Biogen Inc BIIB shares were trading higher by $10 at $275.81 in Wednesday's session. The Street is putting more emphasis on the Q3 beat and raised guidance as opposed to poor results from a Phase 3 study for Natalizumab. After higher open, it rallied to $291.01 before reversing course. The ensuing decline took the issue beyond Tuesday's low ($264.58), reaching $262.45 before rebounding into the mid-$270 handle.