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Jeff Auxier Comments on Biogen

- By Holly LaFon

Biogen (BIIB) dropped sharply on news it was canceling its once-promising Alzheimer's drug, Aducanumab. One of the first Alzheimer's drugs to make it to phase three trials, Aducanumab, had extraordinary potential but was canceled after disappointing trial results led Biogen to determine it was no longer a cost-effective investment. Still, they are the most focused company we can find in researching diseases of the brain like multiple sclerosis, Parkinson's, and ALS. Biogen is now trading at under 11x earnings and has remained flexible with nearly $5 billion in cash and equivalents.

From Jeff Auxier (Trades, Portfolio)'s first-quarter 2019 Auxier Focus Fund shareholder letter.
This article first appeared on GuruFocus.