Over the past year, shares of Biogen (NASDAQ: BIIB) have dropped by 13.25% while the S&P 500 has climbed by 23.74%. The biotech's poor performance might come as a bit of a surprise since last year its Alzheimer's disease (AD) drug Aduhelm became the first medicine approved in the U.S. for the illness since 2003. Do the company's recent woes represent a buying opportunity or should investors stay away?
Ionis' (IONS) partner, Roche, is planning a new phase II study to evaluate tominersen for the treatment of Huntington's disease.
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.