Since getting clearance from the U.S. Food and Drug Administration (FDA) for its Alzheimer's drug, Aduhelm, on June 7, Biogen (NASDAQ: BIIB) has continued to face an ever-intensifying whirlwind of controversy. Two weeks ago, I sold my shares after holding them since early November, booking a small gain.
The decision was several weeks in the making, and there wasn't any single development that convinced me to sell. Instead, I slowly realized that my initial investment thesis was incorrect. In my view, the company's future prospects of making winning drugs for intractable neurological illnesses had become tainted to the point where holding it was a liability. Given the exceptional circumstances of Biogen's saga with Aduhelm and its rapidly weakening stock performance, I thought it was time to hit the road.
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