Analysts who parsed through it, said the lack of any new negatives in the report means that they expect the company will take the data to the Food and Drug Administration.
The data, presented at the Clinical Trials on Alzheimer's Disease conference, offered almost no new results from what the company previously released in October. However, analysts who parsed through it, said the lack of any new negatives in the report means that they expect the company will take the data to the Food and Drug Administration.
Shares of Biogen were up more than 4% after falling 3% immediately on the news. Prior to the announcement, Biogen shares were halted at $286.83. The stock, which had a market value of nearly $52 billion at the time, is down nearly 5% since the start of the year. In March, Biogen pulled the plug on its drug after an analysis from an independent audit revealed the experimental medicine was unlikely to work. The news sent its stock tumbling. However, shares of the Cambridge, Massachusetts-basedon Oct. 22 after the drugmaker shocked investors by announcing it was seeking regulatory approval for the drug afterall.
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