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Biogen Inc. stock price
Biogen Inc. latest news:
Reps. Cummings, Welch to launch investigation into multiple sclerosis drug prices
Rep. Elijah Cummings (D-Md.) and Rep. Peter Welch (D-Vt.) said Thursday morning that they are launching an investigation into multiple sclerosis drug prices, and have sent letters to seven pharmaceutical companies about their pricing strategies. Letters were sent to Bayer AG , Biogen Inc. , Merck & Co.'s EMD Serono, Novartis AG , Sanofi SA , Teva Pharmaceutical Industries Ltd. and Roche Holding AG . Biogen shares declined 2.9% in heavy midday trade and Teva shares declined 1.1% in moderate trade. The lawmakers asked for information to evaluate multiple sclerosis drugs' "substantial price increases, including information about corporate profits and expenses and documents concerning pricing strategies, patient assistance programs, and drug distribution systems," and requested a response by the end of the month. The average price of a multiple sclerosis disease-modifying therapy rose from $16,000 in 2004 to about $84,000 in 2017, according to the National Multiple Sclerosis Society (the numbers refer to average wholesale price, which does not reflect often-substantial discounts and rebates). Prices for drugs sold by the seven drugmakers have increased by as much as 1,002% since 2012, according to information from the National Multiple Sclerosis Society cited by the two representatives. The lawmakers said that their letter referred to an American Academy of Neurology study that found "some drug companies appear to be increasing their prices and setting new, higher prices in lockstep in competitors," which may reflect a phenomenon called "shadow pricing" in which companies respond to eachothers' price increases. Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.
Goldman Sachs adds Biogen to its Americas Conviction List
Goldman Sachs added Biogen Inc. to its Americas Conviction List on Wednesday. Biogen shares surged as much as 1.4% in premarket trade Wednesday. Biogen was previously upgraded to buy in late July by Goldman. Goldman Sachs analyst Terence Flynn said there could be a 17% upside to his $338 price target, and that Biogen's lead Alzheimer's drug, aducanumab, "could be one of the first disease-modifying drugs to reach the market," with a peak sales projection of $12 billion. "On BIIB's base [multiple sclerosis] franchise, we view investor concerns on competition and pricing as overblown," Flynn said. "Finally, BIIB has a relatively under-leverage balance sheet, and we expect [free cash flow yield] and US cash to grow." Biogen shares have surged 11.8% over the last three months, compared with a 2.7% rise in the S&P 500 .Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.
UPDATE 3-After strong quarter, Biogen rolls out growth strategy
* Spinraza sales of $203 mln smash analyst estimates of $70
Biogen stock surges nearly 6% on Q2 profit, revenue beats
Biogen Inc.(BIIB) shares surged 5.8% in premarket trade Tuesday after the company reported second-quarter profit and revenue beats. Earnings for the latest quarter fell to $863 million, or $4.07 per share, from $1.05 billion, or $4.79 per share in the year-earlier period. Adjusted earnings-per-share were $5.04, compared with the FactSet consensus of$ 4.37.
Biogen's stock jumps after UBS boosts rating, price target
Shares of Biogen Inc. ran up 3.9% in afternoon trade Monday, to turn positive on the year, after UBS backed away from its bearish rating on the belief valuation may have bottomed. Analyst Carter Gould raised his rating to neutral from sell and raised his stock price target to $270, which is 3.2% above current levels, from $262. The stock is now up 0.2% year to date, while the iShares Nasdaq Biotechnology ETF has run up 13.1% and the S&P 500 has gained 9.4%. Gould said concerns over competition to Biogen's Spinraza for spinal muscular atrophy from gene therapy is already priced into the stock price, and sentiment has neared a bottom after the departure of its chief financial officer last week. Gould said he is also "more constructive" on Biogen's aducanumab Alzheimer's treatment. Although he believes intensifying competition will continue to weigh on the company's multiple sclerosis franchise, but he sees that "increasingly balanced by a growing focus on aducanumab."Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.
Biogen and Anadarko slump while H&R Block and Southern rise
Biogen and Anadarko Petroleum fall while H&R Block and Southern trade higher
Alexion names Biogen's Paul Clancy as CFO
Alexion Pharmaceuticals Inc(ALXN) on Tuesday named Biogen Inc's Chief Financial Officer Paul Clancy as its finance head, effective July 31. Clancy will succeed Dave Anderson, who will remain with Alexion until August end, the company said. Alexion shares were up 3.7 percent in extended trading while Biogen shares were down 1.9 percent.
Alexion hires Biogen executive to serve as its CFO
Shares of Alexion Pharmaceuticals Inc. rose more than 2% late Tuesday after the company announced the hiring of the former Biogen Inc. chief financial officer as its CFO. Paul J. Clancy will join Alexion on July 31 after having served as Biogen's CFO for the past 10 years, the company said in a statement. Clancy succeeds Dave Anderson, who will continue to serve as CFO until July 31. "To ensure a smooth transition, (Anderson) will then become a Senior Advisor to the Chief Executive Officer and will remain with Alexion until the end of August," the company said in a statement. Shares of Biogen fell 1.8%. Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.
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