Commodity Channel Index
|Bid||279.01 x 1000|
|Ask||280.00 x 1400|
|Day's Range||275.35 - 279.49|
|52 Week Range||215.78 - 374.99|
|Beta (5Y Monthly)||0.51|
|PE Ratio (TTM)||8.61|
|Earnings Date||Jul 22, 2020|
|Forward Dividend & Yield||N/A (N/A)|
|1y Target Est||304.46|
Not all biotechs are highflyers in 2020. Despite some pharma companies’ elevated coronavirus driven valuations, some have had to settle for more pedestrian performances.Take for instance biotech Biogen (BIIB). The large cap has had a middling 2020 so far, with shares down by 6% since the turn of the year.Might that be about to change in the second half of the year, following a recent encouraging development?On Wednesday, Biogen disclosed it had submitted a BLA (biologics license application) to the U.S. Food and Drug Administration (FDA) for its potential Alzheimer treatment, aducanumab.Focus now turns to the FDA’s reaction. The agency has 60 days to approve the filing, following which (if approved), the application will be reviewed. Biogen hopes the drug will be granted priority status due to the disease’s unmet medical need. This means the review could be completed within 6 months instead of the 10 months it normally takes. J.P. Morgan analyst Cory Kasimov is not entirely convinced the treatment will make it through the whole regulatory process. The approval prospects for aducanumab, he notes, are “little better than a coin flip,” and he estimates the possibility of success at 55%. After conducting a poll among 30 US Alzheimer’s physicians, Kasimov argues aducanumab remains a controversial subject among industry professionals.“In short,” said the 5-star analyst, ”The results suggest that the majority of docs don’t believe that aducanumab should be approved… but plan to prescribe the drug to a substantial number of early Alzheimer’s patients if it reaches the market. With safety not being a major sticking point for most of these respondents, we suspect the regulatory debate is likely to come down to whether perceived tolerability + the unmet need win out over a questionable efficacy data + trial conduct/analysis.”All in all, Kasimov reiterated a Hold rating on BIIB shares along with a $293 price target, which implies a modest 5% upside. (To watch Kasimov’s track record, click here)Overall, based on Biogen’s Hold consensus rating, the rest of the Street agrees. The breakdown consists of 8 Buys, 13 Holds and 4 Sells, and is accompanied by a $312.16 price target. There’s upside of 11%, should the figure be met over the following months. (See Biogen stock analysis on TipRanks)To find good ideas for healthcare stocks trading at attractive valuations, visit TipRanks’ Best Stocks to Buy, a newly launched tool that unites all of TipRanks’ equity insights.
If Biogen's (BIIB) aducanumab is approved by the FDA, it will become the first medicine to be approved to reduce the clinical decline associated with Alzheimer's disease.
Biogen submitted its application for approval of Alzheimer's treatment aducanumab in early July. And it's still targeting a coronavirus treatment with Vir. Is Biogen stock a buy now?
Biogen Inc. (BIIB) announced that it has finally submitted the Biologics License Application (BLA) seeking approval by the Food and Drug Administration (FDA) for aducanumab, its investigational treatment for Alzheimer’s disease.If approved, aducanumab would become the first therapy to reduce the clinical decline of Alzheimer’s disease, the company said. The FDA application submission had been delayed since early 2020. Aducanumab is a human monoclonal antibody designed to treat early Alzheimer’s disease.Biogen said that the completed submission followed ongoing collaboration with the FDA and includes clinical data from the Phase 3 studies, as well as the Phase 1b study.“Alzheimer’s disease remains one of the greatest public health challenges of our time,” said Biogen CEO Michel Vounatsos. “The aducanumab BLA is the first filing for FDA approval of a treatment that addresses the clinical decline associated with this devastating condition, as well as the pathology of the disease.”Biogen reported that clinical studies showed that patients who received aducanumab experienced significant slowing of decline on measures of cognition and function such as memory, orientation and language. Patients also experienced slowing of decline on activities of daily living including conducting personal finances, performing household chores, such as cleaning, shopping and doing laundry, and independently traveling out of the home.The FDA now has up to 60 days to decide whether to accept the application for review. As part of the submission, Biogen requested to get priority review.The stock rose 4.4% on the news and closed at $280.19 on Wednesday trimming this year’s decline to 5.6%. Meanwhile some analysts are skeptical about the likelihood of the drug approval. Although, Goldman Sachs analyst Terence Flynn called Biogen's submission “an important first step and incremental positive," he seeks risk to its approval.“The central question is how the FDA will interpret the aducanumab Phase 3 data given a single positive trial, weighed against the unmet need in Alzheimer's”, Flynn wrote in a note to investors adding that he sees a 20% probability of success.The analyst maintained a Hold rating on the stock with a $300 price target (7.1% upside potential).In line with Flynn’s outlook, Wall Street analysts have a Hold consensus on Biogen with a $312.16 average price target (11% upside potential). In the last three months, the stock has received 13 Hold ratings and 4 Sell ratings versus 8 Buy ratings. (See BIIB stock analysis on TipRanks).Related News: Novavax Spikes 42% Pre-Market On $1.6B U.S. Funding For Covid-19 Candidate Corvus Shoots Up 115% On Start Of Novel Immunotherapy Study In Covid-19 Patients GenMark Soaring In Pre-Market On 118% Revenue Explosion More recent articles from Smarter Analyst: * Airbus First-Half Deliveries Drop 49% Amid Covid-19 Aviation Crisis * Google Stops Project For Cloud Services In China * Square (SQ): One Analyst Finally Got off the Fence -- but for What? * Google Vulnerable to Reduced Ad Spend, Says 5-Star Analyst
Japanese shares bounced back on Thursday buoyed by technology-related stocks following a rise in U.S. peers overnight, but gains were limited by a surge in domestic coronavirus cases. The benchmark Nikkei share average rose 0.4% to 22,529.29, clawing back from a 0.78% drop in the previous session. On the Nikkei index, there were 63 advancers against 158 decliners.
Biogen shares were up nearly 5% at $281.34 in afternoon trading on the Nasdaq. The number of people in the United States living with Alzheimer's, the most common form of dementia, is expected to triple to nearly 14 million by 2050 without effective treatments, according to the U.S. Centers for Disease Control and Prevention. If approved, Biogen's aducanumab would be the first treatment designed to delay progression of the fatal, memory-robbing disease.
Japan's Nikkei share average bounced back on Thursday, powered by technology-related stocks following strong gains in U.S. peers overnight. The benchmark Nikkei share average rose 0.21% to 22,486.01 by the midday break, partially clawing back from a 0.78% drop in the previous session. On the Nikkei index, there were 42 advancers against 178 decliners.
U.S stocks rose on Wednesday and the Nasdaq hit a record closing high, supported by technology shares as early signs of an economic rebound offset concern about further lockdowns due to a jump in coronavirus cases across the country. Apple Inc and Microsoft Corp provided the biggest boosts to the Dow and S&P 500, with the S&P 500 technology index up 1.6% and leading sector gains. The Nasdaq outpaced the other two major indexes, ending 1.4% higher, led by Amazon.com, its fourth record closing high this month.
Biogen stock popped Wednesday after the biotech giant asked the Food and Drug Administration to approve its controversial Alzheimer's treatment, aducanumab.
U.S stocks rose on Wednesday and Nasdaq hit a record closing high, supported by technology shares as early signs of an economic rebound offset concern about further lockdowns due to a jump in coronavirus cases across the country. Apple Inc and Microsoft Corp provided the biggest boost to the S&P 500. Investors have been weighing a string of upbeat economic data including record job additions and a rebound in the service sector in June, against the surge in U.S. coronavirus cases recently, but the S&P 500 is still up about 40% from its March closing low.
What happened 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.
The first new drug application for an experimental therapy meant to prevent Alzheimer's disease from worsening finally reached regulators on Wednesday. Biogen (NASDAQ: BIIB) has finally submitted a biologics license application (BLA) for aducanumab, a monthly infusion that prevents amyloid plaques from forming in the brain. The Food and Drug Administration has 60 days to let Biogen know if it will review the aducanumab BLA in any form.
The stock market has gotten back some of its turbulence, but the Nasdaq Composite (NASDAQINDEX: ^IXIC) has maintained its leadership role. The Nasdaq 100 Index of the biggest Nasdaq-listed stocks rose by a similar amount. The biotech industry has received a lot of attention because of the prospects for developing treatments or vaccines for the coronavirus.
U.S stocks were slightly higher in choppy trading on Wednesday, supported by technology shares as early signs of an economic rebound offset concern about further lockdowns due to a jump in coronavirus cases across the country. Apple Inc and Microsoft Corp provided the biggest boost to all three indexes. Investors have been weighing a string of upbeat economic data including record job additions and a rebound in the service sector in June, against the surge in U.S. coronavirus cases recently, but the S&P 500 is still up about 40% from its March closing low.
Wall Street's major indexes edged higher in choppy trading on Wednesday, supported by technology shares as early signs of an economic rebound overrode fears of another lockdown due to a jump in coronavirus cases across the country. Apple Inc and Microsoft Corp provided the biggest boost to all three indexes.
Nine months after reviving trials of a key Alzheimer's treatment, Biogen has submitted an application for a 'priority review' to the Food & Drug Administration.
Technology shares boosted Wall Street's main indexes on Wednesday as early signs of an economic rebound offset fears of another lockdown due to a jump in coronavirus cases across the country. "We expect the tug of war between better economic data and concerns over rising COVID-19 cases to continue through the month unless we get better daily virus numbers, and/or news on a vaccine," said Art Hogan, chief market strategist at National Securities in New York. The Nasdaq notched an intraday record high on Tuesday but all the three main stock indexes finished lower as investors booked profits following a strong run on the back of upbeat economic data over the last few days.
Stocks gained with Biogen and Alibaba up Wednesday, and Apple leading the Dow Jones after another price target hike.
Biogen has finished submitting its application for approval for aducanumab to the Food and Drug Administration. That submission was originally expected to be completed in early 2020.
Biogen Inc. announced it has completed the submission of its U.S. marketing application seeking approval of aducanumab for Alzheimer's disease. Let's see what Biogen's charts look like Wednesday morning. In the daily bar chart of BIIB, below, we can see that the shares have been in a large sideways trading range from late October.
Shares of Biogen jumped 7.4% in premarket trading on Wednesday after the drugmaker and Eisai Co. Ltd. [: j:4523] said they completed the submission to the Food and Drug Administration for their experimental Alzheimer's disease drug. The therapy, aducanumab, has had a somewhat complicated path to this point; more than a year ago, Biogen scrapped development plans for the investigational drug after an analysis indicated that the drug wouldn't meet the endpoints in a late-stage clinical trial. Then in the fall, to the surprise of investors, Biogen announced that it would seek FDA approval. However, some analysts have remained skeptical about whether the regulator will approve the therapy. Biogen's stock is down 9.5% year-to-date. The S&P 500 has declined 2.6%.
Wall Street's main indexes were set to open slightly higher in choppy trade on Wednesday as investors' faith in an economic recovery wobbled on the back of the surge in coronavirus caseloads across the country. "The market probably is going to have a sideways trading affair today ... investors are beginning to pay more attention to the rising numbers of new cases and the potential problems that could cause for the recovery," said Peter Cardillo, chief market economist at Spartan Capital Securities in New York. The Nasdaq notched an intraday record high on Tuesday but all the three main stock indexes finished lower as investors booked profits following a strong run after a batch of upbeat data strengthened the case for a bounce back in economy.
Biogen (BIIB) and Eisai Co., Ltd. (Tokyo, Japan) today announced that Biogen has completed the submission of a Biologics License Application (BLA) to the U.S. Food and Drug Administration (FDA) for the approval of aducanumab, an investigational treatment for Alzheimer’s disease. The completed submission followed ongoing collaboration with the FDA and includes clinical data from the Phase 3 EMERGE and ENGAGE studies, as well as the Phase 1b PRIME study.