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Is This Stock a Buy After Soaring by 37%?

TheMotleyFool

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Is This Stock a Buy After Soaring by 37%?: https://g.foolcdn.com/editorial/images/703368/doctor-holding-elderly-patients-hand.jpg

Biotech giant Biogen (NASDAQ: BIIB) was underperforming the market this year -- that is, until the company's shares soared by as much as 37% last week. The drugmaker's major win in the stock market came after it reported positive top-line results from a phase 3 clinical trial for lecanemab, a potential therapy for Alzheimer's disease (AD).

Biogen is developing lecanemab in collaboration with Japan-based Esai. Why were these results such a big deal for Biogen? And is it a good idea to follow the crowd and purchase shares following these recent developments?