Investors in (NASDAQ: BIIB) got some great news last week as the Food and Drug Administration (FDA) approved the company's Alzheimer's drug Leqembi. But despite the big win, the stock didn't surge to new heights, and it actually declined. Here's why investors might still be hesitant about buying the stock despite the approval.

The FDA previously approved Leqembi on an accelerated basis. What was always important, however, was the full, traditional approval because that meant that the treatment would obtain coverage from Medicare. Now that Leqembi has obtained traditional approval, that's welcome news for Alzheimer's patients as it means they can gain access to the treatment and won't have to pay the full price for it: $26,500.

The bad news, however, is that it may be a time-consuming process, and there are conditions attached to the approval. Patients need to be enrolled in Medicare and must be diagnosed with mild Alzheimer's disease or cognitive impairment. Plus, doctors need to participate in a registry to help collect data and track side effects.

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Source Fool.com