after FDA scientists said data from its aducanumab trials was "exceptionally persuasive."
Biogen cratered as much as 32% in premarket trading on Monday, on pace to erase all of the gains it made over the prior week. The FDA's Peripheral and Central Nervous System Drugs Advisory Committee voted 8-1 that data from Biogen's Phase 3 EMERGE study evaluating aducanumab in patients with mild Alzheimer's disease was not enough to show efficacy.Morgan Stanley says to load up on these 10 stocks featured on the firm's 'buy list,' which has dominated the broader market this year
The AdCom also voted 7-0 that Biogen's Phase 1 PRIME study failed to show supporting evidence of efficacy. It also voted 5-0 that Biogen presented strong evidence of aducanumab's pharmacodynamic effect on Alzheimer's disease. The voting results from Friday's AdCom meeting doesn't mean that aducanumab won't be approved by the FDA, but it significantly reduces its chances of approval.Biogen's aducanumab was jointly developed with Japan's Eisai Co.
The market is only interested in Covid vaccines this morning.