Biogen Slips as Drug for Neurodegenerative Disease ALS Disappoints By Investing.com
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Investing.com – Biogen stock (NASDAQ:) fell 3.3% on Monday as the company’s experimental drug to treat neurodegenerative disease ALS failed to reach its primary goal.
This news is coming as Needham reiterated his buy rating on the stock, with a target price of $400. That price is 47% higher than the stock’s current level of $272.
Company stated that it had seen positive trends in other areas of treatment progress for the deadly disease and will work with all parties to identify possible next steps.
Amyotrophic lateral sclerosis, or ALS, is a common cause of death. The average survival time for ALS patients ranges from three to five years. Respiratory failure is the leading cause of death.
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