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Stocks on the Move: Biogen on FDA approval of Alzheimer's drug; Illumina revenue down 25% due to the pandemic

Yahoo Finance's On the Move panel discuss today's Stocks on the Move; Biogen and Illumina.

Video Transcript

JULIE HYMAN: Well, we're going to go to break. Before we do, I just want to point out a couple more movers that we are watching. We're watching shares of Biogen, the big biotech company on the rise today, and that's after the company said the FDA has accepted its application for its Alzheimer's disease treatment.

Now, there's been some back and forth about this treatment, and it's going to make a decision-- the FDA, that is-- on whether to approve this or not by March 7. It had-- Biogen had shelved this experimental therapy, so now it is bringing it back. You can see the shares are trading higher by 9%.

And also sticking with biotech, we're looking at Illumina, the kind of gene-sequencing company reporting earnings that were below analyst estimates, $0.62. $0.67 is what analysts had been predicting. Revenue down by 25%. The company did blame pandemic-related destruction on our customers' operations. As one might imagine, medical spending has not been as robust outside of coronavirus. The shares there are down 13 and 1/2%.