In June 2021, shares of Biogen (NASDAQ: BIIB) soared to more than $400 after the Food and Drug Administration (FDA) granted accelerated approval to its Alzheimer's treatment Aduhelm. There wasn't the same level of bullishness this month, however, when the same agency granted the same authorization for another treatment, Leqembi (lecanemab). While the stock has risen in value this month, it definitely hasn't been taking off -- but why?

There are a couple of reasons why investors aren't as bullish on the accelerated approval for Leqembi.

For one, Aduhelm has gone nowhere despite obtaining the same type of approval a few years ago. It was a controversial decision where the FDA granted the approval even though its advisory panel suggested not to. In the end, there wasn't much support for the treatment in the medical community, and Biogen opted to "substantially" scale back on its efforts to commercialize Aduhelm, effectively pivoting to lecanemab.

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Source Fool.com