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Why Is Biogen (BIIB) Stock Up Today?

  • Biogen (BIIB) stock is rising thanks to poor results from a competitor’s recent clinical trial.
  • The clinical trial results were for rival Roche’s (RHHBY) Alzheimer’s drug.
  • This has investors placing hopes on BIIB’s own Alzheimer’s drug in development.
BIIB stock: Biogen Factory Building in: Luterbach Solothurn Switzerland

Source: PictureDesignSwiss / Shutterstock.com

Biogen (NASDAQ:BIIB) stock is rising higher on Monday after Roche’s (OTCMKTS:RHHBY) Alzheimer’s drug didn’t perform well in a clinical trial.

Roche has been developing a drug to treat Alzheimer’s disease called gantenerumab. However, a set of clinical trials testing the efficiency of the drug showed it was unable to stop the effects of the disease from progressing.

Following that poor performance, several analysts weighed in on Roche. That includes disappointment in its latest clinical trial results, as well as concerns about other recent failures from its drug development pipeline.

What Does This Mean for BIIB Stock?

Biogen is benefitting from Roche’s failure today as it’s working on its own Alzheimer’s drug. With one of its potential competitors no longer in the race, this has investors putting extra attention on BIIB stock.

Biogen is working alongside Eisai (OTCMKTS:ESALY) on its drug and posted positive results in September. That included a 27% slowing of the disease compared to a placebo. This has investors hoping that future studies will bring more positive results. If that happens, we’ll likely see more gains for BIIB stock at that time.

Investors will also note that BIIB stock is seeing a decent amount of trading this morning with some 1 million shares on the move. That’s quickly approaching the daily average trading volume of about 1.5 million shares.

BIIB stock is up 5% as of Monday morning and is up 24.5% since the start of the year.

Investors seeking out more of the latest stock market news are in luck!

InvestorPlace has all of the hottest stock market news traders need to know about on Monday! Among that is what has shares of AMC Entertainment (NYSE:AMC) and Advanced Micro Devices (NASDAQ:AMD) stock moving, as well as the biggest pre-market stock movers from this morning. You can read up on all of that at the links below!

More Monday Stock Market News

On the date of publication, William White did not hold (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.


Article printed from InvestorPlace Media, https://investorplace.com/2022/11/why-is-biogen-biib-stock-up-today/.

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