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Why Biogen Stock Jumped Today

TheMotleyFool

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Why Biogen Stock Jumped TodayPhoto, wide shot, wide-angle lens, Clinical research organization, Blue hour, twilight, cool, ISO1200, slow shutter speed, photo by David Maisel: https://img.theapi.app/temp/0e9d087d-988e-4397-b7cf-6049e2776769.png

Shares of Biogen (NASDAQ: BIIB) were jumping 4.3% higher as of 3:42 p.m. EDT on Wednesday after rising as much as 9.9% earlier in the day. The gain came after the biotech announced that it had completed the submission of a biologics license application (BLA) to the U.S. Food and Drug Administration (FDA) for aducanumab as a treatment for Alzheimer's disease.

The regulatory filing for aducanumab marked a critical milestone for Biogen. It's not an exaggeration to state that much of the future fortunes for the biotech stock ride on success for the drug.

Image source: Getty Images.

Source Fool.com

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