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BIIB Stock Alert: What to Know as FDA Approves Biogen’s Alzheimer’s Drug

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  • Biogen (BIIB) stock is moving after getting approval from the U.S. Food and Drug Administration (FDA).
  • This covers LEQEMBI, which is its Alzheimer’s drug.
  • With this, Biogen will soon be ready to market its new treatment.
BIIB Stock - BIIB Stock Alert: What to Know as FDA Approves Biogen’s Alzheimer’s Drug

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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.

Investors searching for more of the most recent stock market news will want to continue reading!

We have all of the hottest stock market stories that traders need to know about on Friday ready to go! Our coverage includes why shares of Alpine Summit Energy (NASDAQ:ALPS), Prestige Wealth (NASDAQ:PWM) and DigitalOcean (NYSE:DOCN) stock are on the move today. You can catch up on all of this news with the links below!

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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.


Article printed from InvestorPlace Media, https://investorplace.com/2023/07/biib-stock-alert-what-to-know-as-fda-approves-biogens-alzheimers-drug/.

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