Biogen, Eisai cool off after massive run-up following lecanemab Alzheimer's data

Sep. 29, 2022 2:07 PM ETBiogen Inc. (BIIB), LLY, RHHBY, AVXLESALY, ESALF, PRTA, ACIU, ABOSBy: Jonathan Block, SA News Editor6 Comments

Stock Market Rollercoaster

DNY59

  • The juggernaut rise in the stock prices of Biogen (NASDAQ:BIIB) and Eisai (OTCPK:ESALY) following Tuesday evening's release of positive phase 3 data on Alzheimer's candidate lecanemab has come to an end.
  • In early afternoon trading, Biogen (BIIB) is down ~3% and Eisai (OTCPK:ESALF) is down ~7%. On Wednesday, the stocks closed up, respectively, 40% and 58%.
  • Biogen (BIIB) is now up 10% year to date, while Eisai (OTCPK:ESALY) is up 3%.
  • Other pharma and biotech companies focused on Alzheimer's therapies that followed in Biogen (BIIB) and Eisai's (OTCPK:ESALY) footsteps Wednesday higher, are mixed today. Acumen Pharmaceuticals (ABOS), which finished yesterday 104% higher, is off by ~3%, while Prothena Corp. (PRTA), which added 88%, is up another ~4% today.
  • AC Immune (ACIU), which closed up 24% on Wednesday, is up by 1%. Anavex Life Sciences (NASDAQ:AVXL), which added 13% yesterday, is down by ~7% today.
  • Roche (OTCQX:RHHBY) and Eli Lilly (NYSE:LLY), which both have Alzheimner's candidates in phase 3 and closed up higher Wednesday, are both down 2% on Thursday.

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