What In The World Is Going On With Biogen (BIIB) Shares?

Biogen Inc BIIB shares are trading higher by 42.62% to $282.08 during Wednesday's pre-market session after the company and Eisai Co. Ltd. ESALY announced late Tuesday positive results from a late-stage study of their Alzheimer’s treatment candidate.

What Happened?

Biogen and Eisai announced Lecanemab treatment met the primary endpoint and reduced clinical decline on the global cognitive and functional scale, CDR-SB, compared with placebo at 18 months by 27%, which represents a treatment difference in the score change of -0.45 (p=0.00005) in the analysis of Intent-to-treat (ITT) population.

The companies said starting as early as six months, across all time points, the treatment showed highly statistically significant changes in CDR-SB from baseline compared to placebo (all p-values are less than 0.01).

In addition, all key secondary endpoints were also met with highly statistically significant results compared with placebo (p<0.01).

"Today's announcement gives patients and their families hope that lecanemab, if approved, can potentially slow the progression of Alzheimer's disease, and provide a clinically meaningful impact on cognition and function," said Michel Vounatsos, Chief Executive Officer at Biogen.

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According to data from Benzinga Pro, Biogen has a 52-week high of $291.54 and a 52-week low of $187.16.