Biogen Closes at 3-Year High Ahead of Crucial Alzheimer's Data
- Researchers to present details from trial at Wednesday meeting
- Shares rise 4.1% after posting strong secon-quarter results
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Biogen Inc.’s stock jumped to the highest in three years, a day ahead of the release of results for an Alzheimer’s therapy that can prove key to the drugmaker’s future.
The shares closed up 4.1 percent to $372.84 on Tuesday, the highest since July 2015, giving Biogen a market value of $78.7 billion. The stock was bolstered by strong second-quarter results, as one of the company’s newest treatment, spinal muscular atrophy drug Spinraza, handily beat Wall Street estimates.