Biogen stock. ( NASDAQ:BIIB ) was all but forgotten by growth investors after falling to its lowest level since 2013. That changed dramatically late last month when the biotech’s pipeline received a significant boost.
Why Did Biogen’s Stock Increase?
Biogen, co-development partner and Japanese pharmaceutical major Eisai, published good top-line findings from their Phase 3 study of lecanemab on September 27th. The experimental therapy for early-stage Alzheimer’s disease achieved its main goal: a 27% reduction in cognitive and functional impairment.
The revelation sparked a rush of purchasing for a stock ( NASDAQ:BIIB ) that had dropped 58% from its high in the summer of 2021. Biogen stock ( NASDAQ:BIIB ) surged 40% on the day of the release, trading at 15 times the 90-day average volume. The astonishing gapper wiped ten months of losses in a single day, giving biotech investors fresh optimism.
The Biogen/Eisai experiment will be used as a confirmatory study by the FDA. This implies that it will be utilized to validate the Alzheimer’s candidate’s clinical benefit when it analyzes the pair’s Biologic License Application (BLA). The regulatory authority granted the BLA priority evaluation and set a January 6th action date.
While the market waits for the critical FDA decision, further data from the lecanemab research is likely to be revealed at the Clinical Trials on Alzheimer’s Congress (CTAC) conference, which will be in San Francisco from November 29th to December 2nd.
Is Now a Good Time to Buy Biogen Sto...
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