A lot has changed for Biogen (NASDAQ: BIIB) in just a year's time. It was June 7, 2021, that the Food and Drug Administration granted accelerated approval for the company's Alzheimer's treatment, Aduhelm. Since then, multiple experts have resigned from an FDA panel that suggested the agency not approve the drug. And even the company itself, Biogen, has effectively given up on the drug due to a lack of a coverage for it under Medicare.
Unsurprisingly, the stock has crashed hard -- down nearly 60% from the high of $468.55 that it hit a year ago when investors learned of the approval. The positive is that the company still posts a profit and has many products in its pipeline. Has Biogen truly become a bust, or is the stock one of the better bargain buys out there today?
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Source Fool.com