Biogen stock is up over 38% after FDA approves its Alzheimer’s drug 🚀
Tuesday, 8th June 2021 by Gotrade
Hey Gotraders,
Biogen (BIIB) received FDA approval for its Alzheimer’s drug, which is marketed under the name Aduhelm.
Is this a big deal? Yes! Alzheimer’s is the sixth-leading cause of death in the United States. To date, there are no drugs that have been cleared by the FDA that can slow the mental decline from Alzheimer’s. The FDA previously approved Alzheimer’s drugs that helped to reduce symptoms, but not actually slow the disease down. This is the first drug to slow cognitive decline in people living with Alzheimer’s!
“It is a new day. This approval allows people living with Alzheimer’s more time to live better. For families, it means being able to hold on to their loved ones longer. It is about reinvigorating scientists and companies in the fight against this scourge of a disease. It is about hope” - Harry Johns, CEO of the Alzheimer’s Association.
The FDA approval was granted on the condition that Biogen conducts another clinical trial.
Why is this important? This is a drug that garnered alot of attention from the press, the Alzheimer’s patient community, elected officials, and other interested stakeholders.
“We are well-aware of the attention surrounding this approval” - Dr. Patrizia Cavazzoni, Director of the FDA’s Center for Drug Evaluation and Research.
This drug will change the lives of so many people, and is a huge step forward in the treatment of Alzheimer’s. This drug will obviously bring in a lot of revenue for Biogen. Biogen’s stock was halted for the announcement. The shares surged more than 60% at one point when trading resumed, and finally closed 38% higher at $395.85.
📈 Stitch Fix is up nearly 15% in extended trading 🎉
Shares of Stitch Fix (SFIX) are up nearly 15% in extended trading after the company beat Wall Street’s expectations on their earnings call. They reported a loss of 18 cents per share on revenue of $536 million. Analysts were expecting a loss of 27 cents per share on revenue of $511 million. They also reported a 20% year-on-year growth in the number of active clients they have! Well done! 👏
Shares of Stitch Fix closed at $57.94 yesterday and are trading around $66.30 in extended trading.
📈 Tesla officially cancels it’s Model S Plaid Plus 🙅♀️
Elon Musk is tweeting again. This time though, he is tweeting about Tesla (TSLA) and not Bitcoin. Musk tweeted that Tesla will cancel the most expensive variant of its flagship sedan - the Model S Plaid Plus. His reason? The Plaid version is “just so good.” Uhhh… Okk..
Shares of Tesla are down 17.08% year-to-date and closed at $65.13 yesterday.
Top movers & shakers 🎢
What else is making headline news 📰
AMC (AMC) stock jumps nearly 15% as retail-fueled rally stretches to another week.
Here’s everything Apple (AAPL) announced at this year’s WWDC.
Amazon (AMZN), Google (GOOG), and Facebook (FB) will be hit hard by the G-7 tax deal. Here’s how they responded.
Goldman Sachs (GS) says disruptions from the chip shortage should diminish in the second half of 2021.
Popular companies releasing earnings this week 💰
Wednesday: Jack Daniel’s (BF.B), GameStop (GME), Campbell Soup (CPB)
Thursday: Adobe (ADBE), Chewy (CHWY), Plug Power (PLUG), FuelCell Energy (FCEL), Manchester United (MANU)
A company’s market value may fluctuate considerably around the time that the earnings report is expected to be published. Stock prices may rise or fall according to analysts' speculative estimates, released prior to the actual earnings announcement.
The earnings season can be a time of great opportunity since better-than-expected figures could cause a company’s stock to greatly increase in value. Worse-than-expected results could have the opposite effect.
That’s all from us for now.
Signing out,
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