Longeveron Shares Surge Following FDA Decision on Biogen Alzheimer's Drug

Shares of Longeveron LGVN are trading 5.37% higher amid strength in Alzheimer's-related stocks 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.

Longeveron Inc is a biotechnology company developing cellular therapies for specific aging-related and life-threatening conditions, including Alzheimer's and hypoplastic left heart syndrome. 

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.