Why Biogen Shares Fell 6.18% in April

Biogen (NASDAQ: BIIB) shares fell 6.18% in April, according to data provided by S&P Global Market Intelligence, as the biotech company said it would submit a key drug to the U.S. Food and Drug Administration later than expected.

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As part of an update in its earnings report, Biogen said it would complete the regulatory filing of its investigational Alzheimer's drug, aducanumab, in the third quarter after meetings with the FDA. The company had originally said it would file for U.S. regulatory approval in early 2020. Also, before the recent earnings call, some analysts thought the next step would be completing the filing and that there wouldn't be a need for further meetings with the regulatory agency.

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Source Fool.com