Why Biogen Stock Is Trading Down Today

Biogen Inc. BIIB shares fell Tuesday after it was deemed that the ability of the company's Alzheimer's drug, Leqembi, to slow cognitive decline may not outweigh its risks, according to European experts considering the potential use of it.

What To Know: This news follows Monday's announcement that the company would make several changes to its Board of Directors.

Directors Alexander J. Denner, William D. Jones and Richard C. Mulligan, will no longer stand for re-election. Biogen announced the nomination of Susan Langer who will stand for election to the company's board of directors at its annual meeting of stockholders. Additionally, Board Chair Stelios Papadopoulos will step down from the Board after the Annual Meeting, replaced by Caroline Dorsa.

Dorsa, speaking on the change, said, "Today's announcement is the culmination of an extensive shareholder engagement process and adds additional skills and experience from Ms. Langer, a highly qualified director who can help support Biogen's ambitious growth plans."

Langer brings healthcare and biotech operational and strategy experience to the Board, such as her role as President of Souffle Therapeutics.

Also on Monday, BIogen's price target was raised by two analysts.

Canaccord Genuity analyst Sumant Kulkarni maintained Biogen at Buy and raised the price target from $330 to $350.

Oppenheimer analyst Jay Olson maintains Biogen at Outperform and raised the price target from $350 to $360.

Related Link: Why Archer Stock Is Surging

Image by Michal Jarmoluk from Pixabay

BIIB Price Action: Shares of BIIB were down 2.82% at $304.59 at the time of publication, according to Benzinga Pro.