Merrill Downgrades Biogen Rating

Analyst Eric Hecht is concerned that a rival's multiple sclerosis drug will be highly competitive

Merrill Lynch downgraded its investment recommendation on Biogen Corp. (BGEN ) to near-term and long-term neutral from accumulate.

Analyst Eric Hecht says the downgrade is based on two factors. First, he says his major concern is that Serona S.A.'s multiple sclerosis drug Rebif will be highly competitive to Biogen's Avonex. His second concern relates to Biogen's delay of releasing information regarding its psoriasis medicine Amevive. Hecht slashed the 18% growth rate to 7%.

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