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Don’t Count on Biogen Stock Gains — Alzheimer’s Drug Has Baggage
Episode 1089th June 2021 • The Stock Power Podcast • Money & Markets
00:00:00 00:08:23

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In November 2020, biotech analysts could not get enough of one particular stock after the company got a big break from the Food and Drug Administration (FDA).

At the time, the FDA ruled it had enough evidence to support approval of Biogen Inc.’s (Nasdaq: BIIB) experimental Alzheimer’s drug.

On Monday, the government approved aducanumab, better known as Aduhelm.

The announcement sent Biogen’s stock through the roof. It jumped as much as 60% before cutting some of those gains.

However, the approval came with two huge caveats:

·      An outside panel of experts did not endorse the treatment. It said the data shown during drug trials were “unconvincing.”

·     Biogen executives said they were going to charge $56,000 per year for the new treatment — five times more than expectations.

In this episode of The Bull & The Bear, I examine the approval of this Alzheimer’s treatment and what it means for Biogen and the broader biotech industry. I also tell you whether Biogen’s stock is a buy or not after this big news.

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