Market recalibrates Biogen’s valuation as aducanumab filing is delayed
Roller-coaster ride for Alzheimer’s therapy continues as investors reassess its chances for success submission.
Biogen’s aducanumab roller-coaster ride continued Wednesday as investors reassessed the risk for the Alzheimer’s therapy following a roughly six-month delay for the company’s BLA submission.
Biogen Inc. (NASDAQ:BIIB) disclosed Wednesday plans to push back an FDA submission date for aducanumab from early this year to 3Q20, triggering a $5.4 billion loss in market cap. The stock fell $31 to $298.01 on the day.
Biogen’s shares are now 37% below their five-year peak of $475.98; it crested on March 20, 2015 after announcing positive interim Phase Ib data for aducanumab.