Why Biogen Stock Is Slipping Today
Shares of the biotech blueblood Biogen (NASDAQ: BIIB) are down by a hefty 7.42% as of 11:55 a.m. EDT on Thursday. That equates to about a $3.6 billion drop in the company's market cap since the opening bell this morning.
Biogen's shares are retreating in response to a commercial update provided by CEO Michel Vounatsos at an investor conference held by the investment bank Morgan Stanley Thursday morning. Specifically, Vounatsos revealed that the company's newly approved Alzheimer's disease drug Aduhelm is off to a slower-than-expected start since its commercial launch roughly three months ago. According to a report by the health news site STAT, he pinned the blame for the drug's tepid launch on "confusion, misinformation, and controversy" over the drug's efficacy and approval process.
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Source Fool.com
