Why Biogen Shares Are Trading Higher Today

Biogen Inc BIIB shares are trading higher by 3.2% at $419.81 after SVB Leerink maintained an Outperform on the stock and raised its price target from $380 to $475. The stock is also experiencing continued volatility following FDA accelerated approval of its Alzheimer's candidate.

Biogen and Idec merged in 2003, combining forces to market Biogen's multiple sclerosis drug Avonex and Idec's cancer drug Rituxan.

Biogen has several drug candidates in phase 3 trials in neurology and neurodegenerative diseases and has launched Spinraza with partner Ionis. Aduhelm was approved as the firm's first Alzheimer's disease therapy in June 2021.