Biogen Inc. Common Stock (BIIB)
Biogen Inc. is a biotechnology company specializing in the development and commercialization of therapies for neurological and neurodegenerative diseases. Founded in 1978, it is known for its work in multiple sclerosis, spinal muscular atrophy, and Alzheimer's disease. Biogen focuses on innovative biologic medicines and research-driven solutions to address complex neurological conditions.
Company News
Pharmaceutical stocks rallied after Pfizer reached an agreement with the Trump administration to sell drugs at significant discounts, avoiding potential 100% tariffs. Multiple pharma companies saw substantial stock price increases.
Eisai and Biogen announced the approval of LEQEMBI, an Alzheimer's disease treatment, for once every four weeks intravenous maintenance dosing in China, targeting patients with mild cognitive impairment or mild dementia.
Biogen acquires Alcyone Therapeutics for $85 million to develop ThecaFlex DRx, an innovative drug delivery system for Spinraza, targeting improved treatment for spinal muscular atrophy patients by 2028.
C4 Therapeutics saw a significant stock price increase of over 34% after Stephens analyst Sudan Loganathan upgraded the stock to overweight, citing promising pipeline progress and potential in multiple myeloma drug market.
Biogen reported strong Q2 results, beating earnings and revenue estimates. The company raised its 2024 guidance, driven by growth in new products like Leqembi and Skyclarys, offsetting declines in key multiple sclerosis drugs. However, the termination of a program with Denali Therapeutics weighed on the stock.
