Biogen: S&P 500’s Top Loser on January 8

The S&P 500’s top losers on January 8 were:

• Biogen (BIIB) fell 3.75%.
• L Brands (LB) fell 3.42%.
• Regeneron Pharmaceutical (REGN) fell 3.27%.
• Ulta Salon Cosmetic (ULTA) fell 2.87%.
• Mattel (MAT) fell 2.77%.

Biogen, an American multinational biotechnology company that focuses on treating neurological and neurodegenerative diseases, was the S&P 500’s top loser on January 8. Biogen regained strength last week and rose to ten-week high price levels.

Biogen opened lower on Monday and fell as the day progressed amid the dented market sentiment. After a strong start last week, Biogen gradually lost momentum amid a lower EPS (earnings per share) estimate for 4Q17. The analysts at Jefferies Group cut Biogen’s 4Q17 EPS forecast from $5.36 to $5.07. There was a weakness in the healthcare sector on Monday, which is the first day of the J.P. Morgan Healthcare Conference.

On January 8, Biogen fell 3.75% and closed the day at $329.65. Biogen is part of the S&P 500 Healthcare sector, which fell 0.38% on Monday.

Next, we’ll discuss how US Treasury yields and the US dollar performed in the early hours on Tuesday.