Why Biogen Shares Are Falling Today

Biogen Inc BIIB is trading lower Thursday morning after Samsung BioLogics denied that its parent company, Samsung Group, is looking to buy Biogen.

Korea Economic Daily reported Wednesday that Biogen had approached Samsung for a buyout, citing investment banking sources. The deal could be reportedly valued at $42 billion.

Biogen's stock traded higher yesterday on the news.

The biotech unit of Samsung Group, Samsung BioLogics, said the report was "not true" in a regulatory filing this morning.

Samsung Group announced earlier this year that it plans to invest 240 trillion won ($206 billion) over the next three years in order to expand its footprint in biopharmaceuticals, artificial intelligence, semiconductors and robotics.

See Also: Peering Into Biogen Inc's Recent Short Interest

Biogen is focused on developing drugs for neurological diseases.

BIIB Price Action: Biogen was trading around the $236 level before the surging higher on the rumor yesterday. It has traded as low as $221.72 and as high as $468.55 over a 52-week period.

The stock was down 5.54% at $244 at time of publication.