Biogen's Stock Falls On First Day With New Name After Analyst Downgrade

Shares of Biogen fell 1.1% in premarket trade Monday, after an analyst downgraded the biotechnology company on concerns over valuation after the recent run up in the stock. Separately, Biogen said it changed its name to simply Biogen from Biogen Idec, 12 years after adding Idec following the merger with Idec Pharmaceuticals. Analyst Thomas Shrader lowered his rating to hold from buy, saying in a research note to clients that "It's been wild-fun, but we'd like to breathe a little." The stock soared 9.8% on Friday to an all-time high after reporting positive data from an early study of an investigational Alzheimer's disease treatment. The stock has climbed 42% in the past three months, compared with a 1.3% gain in the S&P 500. Shrader believes the stock has already reached a "reasonable price target for the next 12 months." He also sees potential headwinds from patent issues with its multiple sclerosis treatment Tecfidera.