Why Biogen Stock Is Sinking Today
Shares of Biogen (NASDAQ: BIIB) were sinking 10.5% as of 10:59 a.m. EDT on Wednesday. The big drop came after the biotech announced in its first-quarter earnings update that it was delaying the filing for U.S. regulatory approval of aducanumab in treating Alzheimer's disease.
Biogen stated in October 2019 that it planned to file for approval of aducanumab in early 2020. Now, however, the company expects to complete its Food and Drug Administration filing in the third quarter of this year.
Any pipeline or regulatory delay is bad news for a biotech stock. But the postponement of filing for approval of aducanumab is especially concerning for Biogen. Much of the company's potential growth prospects ride on success for the experimental Alzheimer's drug.
Source Fool.com
