- NASDAQ: BIIB is quoted some 30% down on Monday.
- Biogen Inc. has suffered a setback for its Alzheimer's treatment.
- The blow an FDA penal does not bode well for approval of aducanumab.
Biogen Inc (NASDAQ: BIIB) has been dealt a blow from a panel of experts at the Food and Drug Administration (FDA). The medication in question is called aducanumab and it aims to treat those suffering from Alzheimer's disease. The treatment may now be approved, and that is why the stock is falling.
Trading in BIIB was halted on Friday but when trading opened on Monday, shares are quoted at around $224, down some 31%. At current prices, Biogen's equity is worth less than during October, when it was on the decline.
The daily low is $223.56 at the time of writing, serving as support. Resistance awaits at the daily high of $233.89.
BIIB Stock News
According to reports, professionals at the panel said they were "very disturbed" by an upbeat presentation of the drug and how it would work – first assuming the theory is working and then trying to prove it. The broader FDA is not obliged to accept the recommendations of the panel, but that is what usually happens.
Are investors being too pessimistic? Bargain-seekers may come in and bet that the recent news is only a bump in the road and that the drug would eventually prevail. However, the world is focused on Pfizer's coronavirus vaccine at this point.
See Covid Vaccine: Pfizer's success promising for three other efforts, rally may have only just begun
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