Biogen Plunges After Cowen Says Alzheimer’s Drug Data Pose Risk
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Biogen Inc. dropped the most since April after Cowen & Co. said the biotechnology company’s stock price faces risk from data coming later this month on a drug to treat Alzheimer’s disease.
Investors are awaiting further insight into BIIB037, an experimental medication that has shown promise. In March, Biogen said that in an early-stage trial of 166 patients, BIIB037 reversed build-up of beta amyloid, a plaque linked to the brain disease, and also reduced cognitive decline. On July 22, Biogen will present data to show how one group of those patients, on a 6-milligram dosage, fared after 12 months on the drug.