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Why Biogen Stock Is Tanking Today

TheMotleyFool

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Biotech heavyweight Biogen (NASDAQ: BIIB) saw its shares sink by as much as 32% in pre-market trading Monday. The biotech's stock is under serious pressure today following a negative advisory committee vote for its experimental Alzheimer's disease drug aducanumab last Friday.

Despite what appeared to be an overall favorable view of the drug in the Food and Drug Administration's briefing documents released last week, the outside panel of experts overwhelmingly voted "no" on the key question of the drug's effectiveness. Multiple Wall Street analysts, in turn, significantly lowered their price targets on Biogen's stock over the weekend.

Image source: Getty Images.

Source Fool.com

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