Biogen (NASDAQ: BIIB) has been a volatile investment over the past year. From highs of more than $460 to lows of less than $193, investors have both made and lost a lot of money from the stock. Currently, it's trading a lot closer to its 52-week low than to its high. And at a drastically reduced price, it may be worth taking a second look at the drugmaker's stock to see if it's worth an investment today.
Since the start of the year, shares of Biogen are down around 7%. Although that's not great, it's in line with the S&P 500, which has fallen by around the same amount. The stock also recently received an upgrade from Wells Fargo as there is hope that its shares may have reached a bottom. And what's encouraging is the stock is showing strength even though there have been some negative developments recently.
This month, the Centers for Medicare & Medicaid Services (CMS) announced that it will only cover patients using Aduhelm in approved trials. It was devastating news for Biogen, which said, "This unprecedented CMS decision effectively denies all Medicare beneficiaries access to Aduhelm." Aduhelm is the company's Alzheimer's treatment that the Food and Drug Administration granted accelerated approval for last year, even though the agency's panel was not convinced of its effectiveness.
Source Fool.com