Biogen Plunges After Alzheimer’s Blow, Analysts Downgrade
- Panel’s findings seen as a ‘disaster’ for drug’s prospects
- Stock fell most since Feb. 2005 after panel panned medicine
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Biogen Inc. shares plunged on Monday and analysts braced for further declines after a U.S. Food and Drug Administration advisory panel harshly judged the efficacy of the company’s experimental Alzheimer’s disease therapy, dimming prospects it will be approved by the agency.
The stock fell 31%, the biggest intraday drop in over 10 years. Biogen’s market value plunged by about $19 billion from last week’s rally.