Why Biogen (BIIB) Stock Is Down Today

NEW YORK (TheStreet) -- Biogen Idec (BIIB) shares are down -1.5% to $301.50 in trading on Wednesday, following the release of the company's first quarter earnings report.

Year over year quarterly revenue rose 50.5% to $2.13 billion, beating analysts consensus estimates of $2 billion.

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However, earnings per share for the biotech company missed guidance, posting an EPS of $2.47, missing analysts estimates by 9 cents.

Biotech ETF stocks are takings hits across the board as Reneron Pharmaceuticals (REGN), Alexion Pharmaceuticals (ALXN), Amgen (AMGN) and Celgene (CELG) are all declining in trade today.

BIIB Chart

BIIB data by YCharts

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