Biogen Inc. shares fell $3.50 to $38.75 on Friday after GoldmanSachs analyst Jeffrey Swarz reduced his rating to a "hold" andremoved the stock from Goldman's focus and recommended forpurchase lists.

Swarz wrote that his primary reason for the change was theprice level of the Cambridge, Mass., company's stock(NASDAQ:BGEN), which has appreciated fourfold since February1990 and 44.8 percent this year.

Swarz also lowered his 1992 earnings estimate to 60 centsfrom $1 because the company plans to accelerate spending tospeed its Hirulog and beta interferon products through theclinic.

He also noted that Schering-Plough Corp.'s 1991 sales of IntronA are estimated to be $250 million, $25 million lower thanSwarz's previous expectations. That will result in lower royaltypayments to Biogen. -- KB

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