BIIB - Is Biogen a Smart Biotech Stock to Buy Right Now?
Tens of millions of Alzheimer's disease patients were given a rare dose of good news recently when Biogen (NASDAQ: BIIB) released some encouraging clinical trial results for its new Alzheimer's disease treatment candidate. The data from a big pivotal trial of that experimental treatment, called lecanemab, were surprisingly positive.
In response to the news, Biogen's share price rose by nearly 40% on Wednesday. But do these exciting results from Biogen and its collaboration partner Eisai (OTC: ESALY) make Biogen a smart biotech stock to buy now? To take a stab at answering that, one first needs to understand how lecanemab differs from Biogen's previous attempt at an Alzheimer's disease treatment.
If you've paid any attention to Biogen over the past couple of years, you'll remember that it already earned approval for an Alzheimer's disease drug -- Aduhelm -- in June 2021. But to say that Aduhelm's sales haven't lived up to their early expectations would be the biopharmaceutical industry understatement of the century.
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Is Biogen a Smart Biotech Stock to Buy Right Now?