Why Biogen's Stock Is Soaring Today

Biogen Inc. BIIB shares are trading higher after the company was granted accelerated FDA approval for its ADUHELM Alzheimer's candidate.

The accelerated approval has been granted based on data from clinical trials demonstrating the effect of ADUHELM on reducing amyloid beta plaques, a biomarker that is reasonably likely to predict clinical benefit, in this case a reduction in clinical decline, said in the company's press release.

The company reported 'In clinical trials, ADUHELM reduced amyloid beta plaques by 59%-71% at 18 months of treatment.'

See Also: Biogen Gets FDA Nod For Controversial Alzheimer's Drug; First Treatment Approval For The Disease In 18 Years

Biogen discovers, develops, manufactures, and delivers therapies for treating neurological and neurodegenerative diseases.

Biogen's stock was trading about 43% higher at $408.24 at the time of publication. The stock has a 52-week high of $468.55 and a 52-week low of $223.25.