Jefferies analyst Brian Abrahams downgraded Biogen (BIIB) to Hold saying his thesis has mostly played out and that shares of Gilead Sciences (GILD) offer greater upside potential. The analyst coupled this morning's downgrade of Biogen with an upgrade of Gilead. Biogen shares, after rallying 40% in the past two months, now better reflect the company's favorable fundamentals, Abrahams tells investors in a research note. While a takeover at a premium is still possible, potential likelihood of a deal and the timing is difficult to predict, the analyst adds. He raised his price target for Biogen shares to $323. The drugmaker closed Friday up $7.56 from $313.59.

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