Why Biogen Stock Is Up 40% Today

Biogen, Inc. (NASDAQ: BIIB) shares are soaring over 43% to their highest level in about a year in premarket trading Wednesday.

The stock was reacting to a positive late-stage readout for the company’s anti-amyloid antibody treatment candidate for slowing the progression of Alzheimer’s disease. Lecanemab, the investigational treatment, met the primary endpoint and all key secondary endpoints with highly statistically significant results, the company said in a statement.

Eisai Co. Ltd. (OTC: ESALY), Biogen’s partner, said it plans to meet with regulatory authorities, including the Food and Drug Administration, to discuss the data.

The positive development comes even as the combo is struggling with the poor uptake of their FDA-approved Alzheimer’s drug Aduhelm, which received the nod amid controversial circumstances due to the poor clinical data quality.

In premarket trading on Wednesday, Biogen shares were galloping 44.09% to $285, according to Benzinga Pro data. 

See Also: 2 Sympathy Plays To Watch For In The Wake Of Biogen's Positive Alzheimer's Drug Data