Biogen kept by Bear Stearns at underperform

Biogen Idec Inc. was maintained by Bear Stearns analyst Mark Schoenebaum at an underperform rating following restructuring news from the company that includes a plan to reduce its workforce by 17% and streamline facilities and product lines while increasing business development and research expenditures. Biogen shares Friday were down $0.58, or 1.37%, at $41.86 on volume of 7,677,605 shares versus the three-month running average of 4,293,340 shares.

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