Biogen Inc. (NASDAQ: BIIB)
Shares of Biogen jumped 6.42% in the after market trading session on Thursday July 5th, 2018 when the company announced that a joint venture with a Japanese-based biotech firm, Eisai Co., Ltd. working on a drug for early onset Alzheimer’s disease showed significant slowing in mental clinical decline as well as lowering the amount of an amyloid beta that would accumulate in the brain of patients with the debilitating disease.
Shares have been performing well since they bottomed out near the $249 level in mid April of this year. Shares closed the regular trading session at $298.81 which was up $5.30 on the day. However, the aftermarket session saw the shares rise to and close at $318 which was up $19.19.
Alfred Sandrock, M.D., Ph.D., executive vice president and chief medical officer at Biogen had this to say about the findings:
“The prospect of being able to offer meaningful disease-modifying therapies to individuals suffering from this terrible disease is both exciting and humbling. These BAN2401 18-month data offer important insights in the investigation of potential treatment options for patients with Alzheimer`s disease and underscores that neurodegenerative diseases may not be as intractable as they once seemed.”
Lynn Kramer, M.D., Chief Clinical Officer and Chief Medical Officer, Neurology Business Group, Eisai, offered these statements:
“This is the first late-stage anti-amyloid antibody study to successfully achieve statistically significant results at 18 months, further validating the amyloid hypothesis. We will discuss these very encouraging results with regulatory authorities to determine the best path forward. We continue to work towards the goal of delivering BAN2401 to patients and healthcare professionals as early as possible.”
The above price chart shows Biogen going back to about the middle of March of 2018. It is easy to see how the stock has been trending higher and respecting it’s moving averages.
With today’s news after the closing bell, the upper right region highlighted in green is where shares will likely open for trading on Friday morning.
It will be well above recent resistance, so many eyes will be looking at these shares in the morning to possibly take them long and ride the movement even higher.
Biogen Inc. discovers, develops, manufactures, and delivers therapies for the treatment of neurological and neurodegenerative diseases worldwide.
The company offers TECFIDERA, AVONEX, PLEGRIDY, TYSABRI, ZINBRYTA, and FAMPYRA for the treatment of multiple sclerosis (MS); FUMADERM for the treatment of plaque psoriasis; and SPINRAZA to treat spinal muscular atrophy.
It also provides BENEPALI, an etanercept biosimilar referencing ENBREL; FLIXABI, an infliximab biosimilar referencing REMICADE; RITUXAN for the treatment of non-Hodgkin’s lymphoma, chronic lymphocytic leukemia (CLL), and other conditions; GAZYVA to treat CLL and follicular lymphoma; and OCREVUS for the treatment of primary progressive MS and relapsing MS, and other anti-CD20 therapies.
The company’s Phase II clinical trial products comprise Opicinumab for MS; BAN2401 for Alzheimer’s disease; BIIB092 for PSP; Natalizumab for Acute Ischemic Stroke and Epilepsy; and BG00011 for idiopathic pulmonary fibrosis. Its Phase I/IIa clinical trial products consist of BIIB080 for patients with mild AD. The company’s Phase I clinical trial products comprise Aducanumab for Alzheimer’s disease; BIIB076, an anti-tau monoclonal antibody; and BIIB054 for Parkinson’s disease.
Biogen Inc. offers products through its sales force and marketing groups. It has strategic collaboration with Ionis Pharmaceuticals to develop drug candidates for neurological diseases.
The company was formerly known as Biogen Idec Inc. and changed its name to Biogen Inc. in March 2015. Biogen Inc. was founded in 1978 and is headquartered in Cambridge, Massachusetts.-YahooFinance