Biogen Inc. (NASDAQ: BIIB) has skyrocketed in value by over 40% in recent days.
This article explains why Biogen Inc. is on the up. We dig into the reasons behind its overnight surge, and we also list the best places to buy Biogen shares should you wish to get involved.
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What is Biogen?
Founded in Geneva, Switzerland in 1987, Biogen is now headquartered in Cambridge, Massachusetts.
It is a biotechnology company that claims to specialise in the discovery, development and delivery of therapies for the treatment of neurological diseases for patients all around the globe.
Why is BIIB stock on the rise?
Thanks to the unexpected approval of the company’s controversial Alzheimer’s drug,
surprise Food and Drug Administration approval of its controversial Alzheimer’s disease drug, Aducanumab (brand name: Aduhelm).
The blockbuster drug is the first new Alzheimer’s medication to be approved in 20 years, which is no mean feat.
Should I buy Biogen stock?
If you believe Aducanumab could be commercialised and achieve significant success, Biogen could be a stock to consider closely.
Just be aware that biotechnology companies often carry increased risk due to the fine margins involved in achieving commercial success with a new, sometimes experimental, treatment.
Biogen price prediction
Thanks to this latest surprise, the predictions of most analysts have been blown out of the water. Moreover, following this approval, we would like to see events unfold further before committing to a definitive BIIB price target.