Shares of Biogen (NASDAQ: BIIB) were skyrocketing 36% as of 11:10 a.m. ET on Wednesday. The huge gain came after the company and its partner Eisai (OTC: ESALY) announced positive results on Tuesday from their late-stage Clarity AD study evaluating lecanemab in treating Alzheimer's disease.

The news also propelled two stocks of other drugmakers developing Alzheimer's disease drugs significantly higher. Shares of Eli Lilly (NYSE: LLY) and Prothena (NASDAQ: PRTA) were jumping 8.3% and 69.9%, respectively.

Biogen and Eisai stated that lecanemab met the primary endpoint of the study with a 27% reduction in cognitive decline compared with placebo at 18 months. All key secondary endpoints of the study were also met.

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Source Fool.com