Stocks of companies with Alzheimer's candidates, including Cassava Sciences, Inc. SAVA and Eli Lilly And Company LLY, spiked on Friday after the FDA granted accelerated approval to Biogen BIIB's Leqembi.
The FDA on Friday granted approval to Biogen and Eisai's Leqembi via the Accelerated Approval pathway for the treatment of Alzheimer's disease.
Leqembi is the second of a new category of medications approved for Alzheimer's disease that target the fundamental pathophysiology of the disease.
Biogen shares were halted ahead of the announcement. News of the approval lifted other biotech companies with Alzheimer's candidates in the pipeline. Biotech ETFs, such as the iShares Biotechnology ETF IBB, also saw a spike in volume following the decision.
Cassava Sciences' Alzheimer's candidate, simufilam, is currently in the pipeline. Eli Lilly's Donanemab is currently being studied for Alzheimer's treatment.
At the time of publication, Lilly shares were up 1.41%. Cassava shares pared gains and were trading 1.26% lower.
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