Citigroup Downgrades Shares of Biogen

Shares of Biogen (BIIB) - Get Report traded higher on Wednesday despite a ratings downgrade by Citigroup. The firm cut its rating on the shares to NEUTRAL from BUY with a price target of $29. The move comes a day after Biogen announced poor results from the clinical trial of it's multiple sclerosis drug. Biogen is a holding in Jim Cramer's Action Alerts Plus portfolio. Director of Research for the trust, Jack Mohr, said Tuesday that Biogen's disappointing results lead the drug developer and its team down a 'rabbit hole of uncertainty, mediocrity and unpredictability.'

This article was written by a staff member of TheStreet.