Biogen Stock Is Surging Today: What's Going On?

Biogen Inc BIIB shares are trading higher Wednesday after the company announced positive trial results for its experimental Alzheimer's drug lecanemab.

Biogen presented the results from a large global Phase 3 confirmatory Clarity Alzheimer's disease clinical study of lecanemab at the 2022 Clinical Trials on Alzheimer's Disease conference.

The primary endpoint was change from baseline at 18 months in the global cognitive and functional scale. Biogen said lecanemab treatment resulted in highly statistically significant results, reducing clinical decline on the global cognitive and functional scale, compared with placebo at 18 months by -0.45, representing a 27% slowing of decline.

The company said all key secondary endpoints also showed highly statistically significant results compared with placebo.

Biogen discovers, develops and delivers worldwide innovative therapies for people living with serious neurological diseases. Lecanemab is an investigational humanized monoclonal antibody for Alzheimer's. It's being developed jointly with Eisai.

See Also: 26 Analysts Have This to Say About Biogen

BIIB Price Action: Biogen has a 52-week high of $307.53 and a 52-week low of $187.16.

The stock was up 5.01% at $306 at time of publication, according to Benzinga Pro.

Photo: fernando zhiminaicela from Pixabay.