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☆ These stocks were oversold during this week's sell-off and could be due for a bounce
▼ + stars: | 2024-04-05 | by ( Brian Evans | ) www.cnbc.com time to read: +3 min

We used the CNBC Pro Stock Screener Tool to identify companies that are oversold based on their 14-day relative strength index. The stock is slightly oversold with a 14-day RSI reading of 24.52. Biopharmaceutical firm Biogen also made the list, with a 14-day RSI reading of 29.71. BIIB YTD mountain Biogen stock. Other oversold stocks on the list include Starbucks and Nike .

Persons: McDonald's, Krispy Kreme, Biogen, Wall, Baird, Brian P, Skorney Organizations: Dow Jones Industrial, Federal Reserve, CNBC, Israel, Starbucks, Nike Locations: Latin America

☆ Insight: What happens when a $2 million gene therapy is not enough
▼ + stars: | 2023-08-12 | by ( Deena Beasley | ) www.reuters.com time to read: +13 min

Their experience raises broader questions around other high-cost gene therapies coming to market, sometimes after accelerated regulatory approvals, drug pricing experts said. Gene therapies work by replacing genes – the body's blueprint for its development. The gene Zolgensma delivers instructs the body to make a protein vital for muscle control. If gene therapies do fall short, it becomes harder to justify prices that researchers have argued are already poor value. More recently, the first hemophilia gene therapy approved by the U.S. Food and Drug Administration was priced by CSL Behring at $3.5 million; 26 more gene therapies are in late-stage development, according to IQVIA.

Persons: Elizabeth Kutschke, Ben, Zolgensma, Ben Kutschke, neurologists, Sitra Tauscher, Wisniewski, Ben's, Roger Hajjar, Brigham Gene, Kutschke, Vasant Narasimhan, Stacie Dusetzina, Roche's, Biogen, Roche, Maha Radhakrishnan, Steven Pearson, It's, Sree Chaguturu, Amanda Cook, Weston, Jackson, Cook, Elizabeth, Jerry Mendell, Russell Butterfield, –, Biogen's, Mendell, UMR, Spinraza, Eric Cox, Caroline Humer, Sara Ledwith Organizations: Reuters, U.S, Novartis, IQVIA Institute, Human Data, Novartis Gene Therapies, Mass, Cell Therapy, U.S . Food, Drug Administration, CSL Behring, CSL, Nashville's Vanderbilt University School of Medicine, Clinical, Economic, CVS Health, Aetna, SMA, Nationwide Children's Hospital, University of Utah Health, Children's, UnitedHealth, Thomson Locations: Oak Park, Berwyn , Illinois, Swiss, U.S, Lebanon , Virginia, United States, Columbus , Ohio, Russia, Kazakhstan, Chicago

July 28 (Reuters) - Biogen (BIIB.O) agreed to buy rare disease drugmaker Reata Pharmaceuticals (RETA.O) for nearly $6.5 billion, the first large acquisition under new CEO Christopher Viehbacher as he seeks to return the drugmaker to growth. Through the deal, Biogen said it will gain Texas-based Reata's recently approved drug Skyclarys to treat a rare genetic disorder that causes progressive damage to the nervous system. It already makes Spinraza, a treatment for the rare muscle-wasting disorder called spinal muscular atrophy, and a treatment for a rare type of amyotrophic lateral sclerosis. Biogen said it will pay Reata $172.50 per share in cash, which represents a 58.9% premium to the stock's last closing price. Reuters GraphicsShares of Reata surged nearly 52% to $164.76 in early trading, while Biogen's shares fell marginally to $261.14.

Persons: Christopher Viehbacher, Viehbacher, Biogen, Eisai, Baird, Brian Skorney, Manas Mishra, Bhanvi, Shinjini Organizations: Pharmaceuticals, Reuters, Thomson Locations: Texas, United States, Bengaluru

☆ Biogen to cut 1,000 jobs to save costs as Alzheimer's drug launch gathers pace
▼ + stars: | 2023-07-25 | by ( ) www.reuters.com time to read: +2 min

Investors have pinned their hopes on Leqembi as sales of multiple sclerosis drug Tecfidera take a hit from cheaper generic rivals while spinal muscular atrophy drug Spinraza faces rival treatments by Novartis (NOVN.S) and Roche (ROG.S). "Biogen's business is in transition," said CEO Christopher Viehbacher, who was hired in November to help power up growth and put behind a series of setbacks for older Alzheimer's drug Aduhelm. Multiple sclerosis treatments Avonex and Vumerity, as well as SMA therapy Spinraza, beat analyst estimates, while Tecfidera missed expectation as it faced generic rivals. "We see no unexpected surprises in Q2 results, allowing investors to focus on Alzheimer's," said Wells Fargo analyst Mohit Bansal. Reporting by Manas Mishra and Mariam Sunny in Bengaluru; Editing by Sriraj KalluvilaOur Standards: The Thomson Reuters Trust Principles.

Persons: Roche, Christopher Viehbacher, Tecfidera, Wells, Mohit Bansal, Manas Mishra, Mariam Sunny, Sriraj Organizations: Biogen, Novartis, Thomson Locations: Massachusetts, Bengaluru

☆ Biogen CEO bets on Alzheimer's drug, pipeline to return to growth
▼ + stars: | 2023-02-15 | by ( Manas Mishra | ) www.reuters.com time to read: +2 min

Feb 15 (Reuters) - Biogen Inc (BIIB.O) Chief Executive Officer Christopher Viehbacher said on Wednesday he is banking on high-profile launches of Alzheimer's disease treatment Leqembi and depression drug zuranolone, as well as deals, to help the company return to revenue growth. A controversial approval and problematic launch of previous Alzheimer's disease drug Aduhelm, which like Leqembi was developed with Eisai Co Ltd (4523.T), have further dented investor sentiment. Biogen is also hoping to gain U.S. approval of depression treatment zuranolone this year. Biogen forecast full-year adjusted profit of $15 to $16 per share, compared with analysts' estimates of $15.72 per share. The company reported a fourth-quarter adjusted profit of $4.05 per share, beating estimates compiled by Refinitiv IBES by 57 cents.

☆ Biogen sees modest 2023 revenue from Alzheimer's disease drug
▼ + stars: | 2023-02-15 | by ( Manas Mishra | ) www.reuters.com time to read: +2 min

Feb 15 (Reuters) - Biogen Inc (BIIB.O) said on Wednesday that Alzheimer's disease drug Leqembi would bring in modest revenue for the year although it might not be enough to offset costs tied to its launch. Biogen has a 50% share of U.S. profits on Leqembi, which it developed with lead partner Eisai Co Ltd (4523.T). "Over the last couple of years, the company has lost its way somewhat and now it is in a declining revenue," Viehbacher said. Biogen expects full-year adjusted profit of $15 to $16 per share, compared with analysts' estimates of $15.72 per share. The company reported a Q4 adjusted profit of $4.05 per share, above Refinitiv IBES estimates of $3.48 per share.

☆ EMA seeks to issue guidance on liver damage from Novartis' gene therapy
▼ + stars: | 2023-01-13 | by ( ) www.reuters.com time to read: +1 min

Jan 13 (Reuters) - The European Medicines Agency (EMA) said on Friday it plans to issue advice for physicians using Novartis AG's (NOVN.S) Zolgensma, calling on them to monitor patients for any liver injury after treatment. The statement follows two deaths due to liver failure after treatment with the gene therapy against spinal muscular atrophy, reported by Novartis in August. Spinal muscular atrophy is a group of rare genetic disorders which affect the nerve cells and cause muscle wasting and weakness. The advice for healthcare professionals has yet to be approved by further expert panels at EMA, which typically takes a few weeks. In Europe, however, such letters had been the subject of discussions with EMA, but Novartis would soon be cleared to send them in EU member states, it added.

Oct 25 (Reuters) - Biogen Inc (BIIB.O) on Tuesday said the Alzheimer's disease drug it is developing with Japan's Eisai Co Ltd (4523.T) would be used by doctors in a competitive market as investors wait for data from rival therapies made by Eli Lilly and Co (LLY.N) and Roche (ROG.S). The drug, lecanemab was shown to slow the progress of the disease by 27% in a trial last month, and additional data is expected next month. "The data needs to be seen from the other anti-amyloid therapies before we decide what is going to be meaningful," said Biogen interim research chief Priya Singhal. Its costs were about halved as the company significantly cut back on commercial infrastructure around the launch of Aduhelm, its previous Alzheimer's drug that has sputtered amid controversy over efficacy and lack of coverage by health insurers. read moreInvestors have been pinning hopes on the Alzheimer's drug as cheaper generics of Biogen's multiple sclerosis treatment Tecfidera have entered the market, hurting sales.

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