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Investing.com — Biogen (NASDAQ:BIIB) popped 10% after the Food and Drug Administration accepted its Alzheimer’s disease treatment application.
A decision on approving aducanumab is expected by March 7. Biogen had previously shelved the treatment, but brought it back a few months later.
The advisory committee meeting for aducanumab will be “one of the biggest events in biotech in the next six months,” RBC biotech analyst Brian Abrahams said, according to STAT, a health news site. If approved, aducanumab would become the first medicine to slow the cognitive decline of Alzheimer’s, the site said.
Shares have been on a bumpy ride since Biogen brought back aducanumab in October, when they surged almost 30%.
Biogen has nine buy ratings, 16 holds and three sells, with an average price target of $309.30.
