Why Biogen Stock Is Sinking This Week
Shares of Biogen (NASDAQ: BIIB) were sinking 10% this week as of the market close on Thursday. The slide came after the company's CEO stated on Thursday that the launch of Alzheimer's disease drug Aduhelm has been slower than expected.
Biogen CEO Michel Vounatsos spoke at the Morgan Stanley 19th Annual Global Healthcare Conference on Thursday. He said that only around 50 centers in the U.S. have given at least one dose of Aduhelm so far. That's a dismal rollout, considering that the U.S. Food and Drug Administration approved the Alzheimer's disease drug more than two months ago.
Vounatsos attributed the slow start to "confusion, misinformation, and controversy" surrounding Aduhelm and its FDA approval. The FDA's own advisory committee voted overwhelmingly against recommending approval for the drug. Many in the scientific community have spoken out in opposition of the U.S. approval as well.
Source Fool.com
