Biogen (NASDAQ:BIIB) stock is in the news Friday after the company got approval from the U.S. Food and Drug Administration (FDA) for its Alzheimer’s drug.
This covers the traditional approval of LEQEMBI. This is the first and only treatment that is shown to “reduce the rate of disease progression and to slow cognitive and functional decline in adults with Alzheimer’s disease.”
Biogen notes that the approval from the FDA comes after it reported results from a Phase 3 clinical trial of the drug. Those results were overwhelmingly positive, with the drug reaching its primary endpoint and “all key secondary endpoints.”
Christopher Viehbacher, President and CEO of Biogen, said the following about the FDA approval:
“Today marks a breakthrough in the treatment of Alzheimer’s disease, and we are proud to be at the forefront of ushering in a new era of advances for a disease that was previously considered untreatable.”
How This Affects BIIB Stock
With this FDA approval, Biogen is ready to start commercialization of its Alzheimer’s drug. That has investors hopeful that they’ll see the fruits of this labor with increased earnings and a higher share price.
Despite that, though, shares of BIIB stock aren’t seeing much trading yet today. Only about 630,000 shares have changed hands as of this writing, as compared to its daily average of around 1 million. Additionally, BIIB stock is down 1.1% even with the positive FDA news.
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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.