3 Reasons to Buy Biogen Stock (and 1 to Sell)

(NASDAQ: BIIB) has been a polarizing stock to own over the past few years. Aduhelm's accelerated approval sent the stock soaring a few years ago, but after controversy surrounding its approval, the stock ultimately gave back much of those gains. Nowadays, it has become a bit of a contrarian investment. There are some sound reasons for buying the stock, and also a big reason to avoid it entirely.

Here's a closer look at the healthcare stock and whether it's an investment that is suitable for your portfolio. Below are three reasons to buy it, and one big reason to walk away.

Leqembi is a treatment for Alzheimer's that has been showing progress in clinical trials. In January, the Food and Drug Administration (FDA) granted accelerated approval for the drug, following in the path of Aduhelm, which the agency granted the same approval to back in 2021. Biogen investors will recall that didn't end up going well, and the company even ended up pulling funding for the commercialization of Aduhelm due to doubts about its effectiveness and Medicare saying it wouldn't cover patients unless they were involved in clinical trials.

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Source Fool.com