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Biogen Idec slips after stock’s rating is cut

Weston-based Biogen Idec makes  drugs to treat neurodegenerative diseases, hemophilia, and autoimmune disorders.
Suzanne Kreiter/Globe Staff
Weston-based Biogen Idec makes drugs to treat neurodegenerative diseases, hemophilia, and autoimmune disorders.

Biogen Idec Inc., maker of the multiple sclerosis drug Tecfidera, fell after Citigroup cut the stock to “neutral” from “buy.” The shares had rallied 52 percent this year through Tuesday, Bloomberg News reported. Citi’s analyst cited concerns about regulatory protections for Tecfidera in the European Union when other drug makers submit applications to make generic versions.

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