Let's talk about this Biogen turnaround
Yesterday’s stunning news that Biogen is resurrecting its experimental Alzheimer’s drug aducanumab — and will seek approval with the FDA — left experts at odds over whether to be thrilled, cautious, or just downright confused. (We had experts parse the data here.)
The biotech investor community, though, had a decidedly different reaction: deep skepticism. That might surprise you, seeing as how the company’s stock closed 26% higher than where it started yesterday. But, as STAT’s Adam Feuerstein reports, many investors feel like they don’t have a choice but to buy.
“It’s a 50-50 shot at best, but probably more like 25%, one investor said. As another put it: “Do I believe what Biogen is saying about this drug working? No, not really. Can I rule it out? Not really, which means I’m probably going to own this stock now.”
Meanwhile, as STAT’s Andrew Joseph reports, Alzheimer’s patients who were in Biogen’s late-stage trials had more urgent concerns: The wanted to know how could they get access to aducanumab again, and fast.
Biogen will reveal more aducanumab data in December — in what now looks to be the must-attend biotech investor event of the year.