Shares of Biogen, a US biotech company, trade around 50% higher in premarket today. Shares rally following results of an Alzheimer drug (Lecanemab) trial that Biogen developed along with Eisai, Japanese pharmaceutical company. Results showed that the pace of cognitive decline in patients who received Lecanemab dropped by 27% over 18 months compared to patients who received placebo. This is massive as it is the first drug to show effectiveness against Alzheimer in a definitive, large-scale trial. While the company noted that some side effects occurred, it also said that they were rarely severe.
Biogen trades around 50% higher in premarket today. Weekly chart. Source: xStation5
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