Biogen's (NASDAQ: BIIB) stock is taking yet another body blow since the Centers for Medicare and Medicaid Services (CMS) issued a draft ruling on Jan. 12 that the company's troubled new Alzheimer's drug, Aduhelm, wouldn't be covered by the U.S. public insurance plans except in the context of patients enrolled in clinical trials. In my view, there isn't much hope for Aduhelm's fortunes to reverse anytime soon.
Biogen (NASDAQ: BIIB) investors recently received an unwelcome surprise from an important government agency. The phrase "coverage with evidence development" (CED) might not sound too serious, but these words from the Centers for Medicare & Medicaid Services (CMS) were heavy enough to put Biogen's stock price under pressure on Wednesday, Jan. 12, 2022. The CMS decision was tough on Biogen stock price in the short term, but what do the next five years have in store?
Biogen Inc. (BIIB) closed at $239.30 in the latest trading session, marking a +1.11% move from the prior day.