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.