Why Biogen, Lilly, and Prothena Stocks Soared This Week
The U.S. Food and Drug Administration (FDA) granted accelerated approval to Biogen's (NASDAQ: BIIB) Alzheimer's disease drug Aduhelm (aducanumab) on Monday. This news caused shares of the biotech to soar 44.9% this week as of the market close on Thursday.
Biogen wasn't the only beneficiary, though. The stocks of other companies developing experimental Alzheimer's disease therapies also jumped on news of the FDA approval of Aduhelm.
Shares of Eli Lilly (NYSE: LLY), which is evaluating two candidates in late-stage clinical studies targeting the neurodegenerative disorder, rose 15.6%. Shares of Prothena (NASDAQ: PRTA) skyrocketed 55.4% after Oppenheimer increased its price target for the biotech stock to $54 on increased optimism about the prospects for the company's two preclinical Alzheimer's disease programs.
Source Fool.com
