BIIB - Ultra microcap Synaptogenix down 5% following Biogen's Alzheimer's drug approval

Synaptogenix (SNPX), an ultramicrocap with a market cap of just $24.4M, is down 5.6% following the approval of Biogen's (BIIB) Aduhelm (aducanumab).Shares earlier in the day were up by more than 10%.The company's lead compound, bryostatin, is in phase 2 for moderately severe to severe Alzheimer's.Synaptogenix issued a statement today on the approval, noting that bryostatin works differently from aducanumab by actual restoration of function and disease reversal, rather than slowing the rate of clinical decline.In addition, the company says its candidate is believed to work by the regeneration of brain wiring known as synaptic networks, as well as reduction in amyloid plaques.

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Ultra microcap Synaptogenix down 5% following Biogen's Alzheimer's drug approval