Biogen Shares Rise Up to 3% After the Biotech Firm Offers More Data On Its Late-Stage Alzheimer’s Drug
On Thursday, Biogen shares rose after the biotech firm offered more data on its late-stage Alzheimer’s drug, aducanumab.
The information, introduced on the Clinical Trials on Alzheimer’s Disease conference, offered nearly no new outcomes from what the corporate beforehand launched in October. Nonetheless, analysts who parsed by way of it stated the lack of any new negatives within the report states they expect the company will take the information to the Food and Drug Administration.
Dr. Eric Siemers, an Alzheimer’s skilled who beforehand led Alzheimer’s research at Eli Lilly, additionally famous the corporate, provided an extra detailed look, however “almost the same as they showed” earlier.
Shares of Biogen closed up 3 percent on Thursday after falling 3% instantly on the news. Previous to the announcement, Biogen shares have been halted at $286.83. The stock, which had a market worth of almost $52 billion on time, is down almost 5% for the reason that begins of the year.
The drug targets a compound within the mind, generally known as beta-amyloid, which is believed to play a task within the devastating disease.
Biogen, In March, pulled the plug on its drug after an evaluation from an independent audit revealed the experimental medication was unlikely to work. The news sent its stock tumbling. Nonetheless, shares of the Cambridge, Massachusetts-based mostly company soared on Oct. 22 after the drugmaker shocked investors by asserting it was looking for regulatory approval for the drug in any case.
There are presently no drugs permitted that may reverse the mental decline from Alzheimer’s, which is the sixth main reason for death within the U.S. The FDA has permitted Alzheimer’s drugs aimed at helping signs and symptoms, not really reversing or slowing the disease itself.