9 days ago • Posted by William Ramstein
Biogen drug approval boosts biotech index after underperforming in March
Biogen's new Alzheimer disease treatment drug approval sent the biotech index on an up ramp that drove the Nasdaq Biotech index to a point not seen in the past seven months. This FDA approval is a first for an Alzheimer's Drug in nearly two decades. Shares of Eli Lilly & Co. jumped 10% and closed at a record high, while Biogen’s partner in Japan, Eisai Co., surged 56% in U.S. trading, the biggest gain ever for the stock. Small-cap companies working on treatments for the disease also climbed: Cassava Sciences Inc. rose 5.4%, while Annovis Bio Inc. gained 7.4%.