Biogen’s stock is halted as FDA committee convenes on experimental Alzheimer’s disease treatment

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Shares of Biogen were halted in premarket trading on Friday in advance of a meeting that will have medical experts discuss whether or not the Food and Drug Administration should approve the company’s experimental Alzheimer’s disease drug. The advisory committee is expected to make a recommendation to the FDA at the end of the meeting; the regulator is not required to follow the advice of the committee but often does. The investigational therapy, aducanumab, would be the first treatment to treat the cognitive decline associated with the disease. But some analysts are skeptical about the drug’s effectiveness. Raymond James analyst Steven Seedhouse told investors this week that “we’re not sure how else to put it: FDA could approve a drug that may not work.” Biogen’s stock is up 10.8% so far this year, while the S&P 500 has gained 8.6%.
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