Biogen (NASDAQ:BIIB) stock is a hot topic among traders on Monday as the company’s share resumed trading following a halt that was in effect on Friday.
With that halt coming to an end, investors in BIIB stock are also celebrating a new recommendation from the FDA. The agency’s Peripheral and Central Nervous System Drugs Advisory Committee gave its unanimous support to Biogen’s Alzheimer’s drug.
Investors will keep in mind that the FDA doesn’t have to take the advice of its advisory committees. However, it often does so, which means the group voting in favor of approving Biogen’s Alzheimer’s drug is a win for BIIB stock.
Dr. Tanya Simuni, professor of neurology at Northwestern University Feinberg School of Medicine and a committee member, said the following about the drug to Reuters.
“I believe the benefit versus risk are beneficial, acceptable and in line with this class of therapeutics, especially considering the burden of the disease and the progressive nature of the disease.”
What This Means For BIIB Stock
If the FDA moves forward with approval for the Alzheimer’s treatment, it could result in increased revenue and earnings for the company. That’s something that will likely benefit BIIB stock in the earnings reports following the drug’s commercial release.
As for today’s stock movement, some 612,000 shares of BIIB have changed hands. That’s closing in on its daily average trading volume of about 934,000 shares. BIIB stock is also up 2.1% Monday morning alongside today’s news.
Investors looking for even more of the most recent stock market news will want to keep reading!
We have all of the hottest stock market stories traders need to know about on Monday! A few examples include why shares of Intellia (NASDAQ:NTLA), Nasdaq (NASDAQ:NDAQ), and Cyxtera Technologies (NASDAQ:CYXT) stock are in the news today. All of that info is ready to go for traders at the links below!
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On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
