Why Biogen Stock Is on Fire Today
Biotech heavyweight Biogen (NASDAQ: BIIB) saw its shares rise by as much as 43.7% in premarket trading Tuesday morning. The biotech's stock caught fire in early action in response to a pair of catalysts:
1. Biogen shocked the industry this morning by announcing that it plans on pursuing a regulatory application for the Alzheimer's disease candidate aducanumab in the United States. This high-value drug candidate was widely thought to be destined for the scrap pile after flaming out in twin late-stage trials earlier this year.
2. The biotech also released its 2019 third-quarter earnings ahead of the bell this morning. On this front, Biogen handily beat FactSet's consensus estimates for both earnings per share and revenue for the three-month period, giving investors another solid reason to bid up the company's shares.
Source Fool.com
