Biogen Inc. Common Stock
BIIBBiogen 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
Biogen has acquired Alcyone Therapeutics, a clinical-stage biotechnology company, to enhance its CNS therapy delivery solutions through the ThecaFlex DRx™ drug delivery system, which aims to provide an alternative to repeat lumbar punctures for neurologic disorder treatments.
Eisai and Biogen announced UK approval for LEQEMBI's maintenance dosing regimen for early Alzheimer's disease, allowing patients to transition to a less frequent IV treatment after 18 months of initial therapy.
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.
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.
