Biogen Shares Surge on FDA Approval and Virgin Galactic Shares Rise After Bezos Announces Space Flight
On Monday, shares of Biogen skyrocketed, closing up 38.34%.
Shares of the American multinational biotechnology company surged after the company received FDA approval for its new Alzheimer’s treatment.
The company announced Aduhelm, Biogen’s newly approved Alzheimer’s treatment, will cost $56,000 a year. Despite the drug’s high cost, insurers usually negotiate discounts to reduce the cost.
The company also said they are partnering with CVS Health to establish a new brain health program that emphasizes the importance of screenings and illness education. Biogen and CVS will offer screenings in major cities in September.
Shares of Biogen have risen over 60% this year.
On Monday, shares of Virgin Galactic jumped, closing up 10.55%.
Shares of the American spaceflight company rose after the company’s competitor, Blue Origin, announced it would be flying its owner Jeff Bezos on its first human trip to space next month. Bezos will ride on the company’s New Shepard spacecraft with his brother Mark Bezos and the winning bidder of an auction to buy the first ticket.
Investors in Virgin Galactic appear to be reacting positively to Blue Origin’s news because the flight next month could boost interest in space tourism across the entire industry.
Shares of Virgin Galactic have risen over 45% this year.
I am not a financial advisor and my comments should never be taken as financial advice. Investments come with risk, so always do your research and analysis beforehand.