Biogen Inc's (BIIB.US) experimental Alzheimer's disease drug aducanumab was found effective enough in a large trial to support approval, U.S. Food and Drug Administration announced today. A briefing document suggested that FDA appeared to endorse approving the treatment, which would become the first new Alzheimer’s therapy in nearly two decades. The FDA's Peripheral and Central Nervous System Drugs Advisory Committee will virtually meet on Friday, November 6, to review and discuss Biogen's marketing application seeking approval of aducanumab. However, given the sharp rise in the share price that we can observe during today's session, it seems that investors clearly expect approval from the committee.
Biogen Inc's (BIIB.US) - buyers easily broke above the downward trendline, 200 SMA (red line) and major resistance at $312.60. Price is currently testing another key resistance at $351.26. If the current sentiment prevails, the upward move could be extended to the $375.92 level. Source: xStation5
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