You can't blame Biogen (NASDAQ: BIIB) investors if they feel a sense of déjà vu. The company, along with its partner, Japanese drugmaker Eisai (OTC: ESALY), received U.S. Food and Drug Administration (FDA) approval for Alzheimer's disease drug Leqembi (lecanemab-irmb) last week.

Biogen has been in this position before. It won FDA approval for Aduhelm in treating Alzheimer's disease in 2021. However, that story didn't end well. The approval was controversial. Ultimately, the Centers for Medicare and Medicaid Services (CMS) decided against covering the drug.

However, there are reasons to be more optimistic about Leqembi's prospects. Should you buy Biogen stock after its latest Alzheimer's disease drug approval?

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Source Fool.com