05.12.2019 17:46:03

Biogen shares rise on Alzheimer's candidate data

Shares of Biogen are up 3% after it released additional data about its recently resurrected Alzheimer's disease drug candidate. A fresh take on data from two Phase 3 trials for aducanumab showed that patients in the Emerge trial who received a high dose of the therapy reported reduced clinical decline, meeting the trial's first and secondary endpoints. The Engage trial did not report a reduction in clinical decline. The biotechnology company had said in March that it would scrap trials for aducanumab after a futility analysis indicated that the drug would not meet the studies' primary endpoints. The stock sunk to its lowest point, $216.71, in 2019 the day after that announcement. But then in a surprise move, Biogen said in October it would seek Food and Drug Administration approval for aducanumab early next year following discussions with the regulator using a larger dataset than what was used in the futility analysis. Biogen shares have fallen about 3% year-to-date, compared to the S&P 500 , which is up about 24%. Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.
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