Biotech Stock Roundup: Biogen Slips On MS Results, ASCO Data In Focus
Zacks Investment Research | Jun 08, 2016 02:38AM ET
Several biotech companies were present at the annual meeting of the American Society of Clinical Oncology (ASCO) to showcase data on their cancer treatments. While focus was mainly on ASCO data, companies like Biogen (NASDAQ:BIIB) and Sarepta (NASDAQ:SRPT) remained in the limelight on pipeline updates.
Recap of the Week’s Most Important Stories
1. Biogen’s shares plunged 12.8% with the company’s experimental multiple sclerosis (MS) treatment, opicinumab (anti-LINGO-1) missing the primary endpoint in a mid-stage study. The secondary efficacy endpoint was also missed. However, instead of writing off the drug, Biogen intends to analyze the results further to determine the design of the next study. The company said that despite the missed primary endpoint, it found evidence of a clinical effect with a complex, unexpected dose-response (Read more: AbbVie at ASCO: Early-Stage Data on ABT-414 and Rova-T ) on concerns that the company may have paid too much for the Stemcentrx acquisition. Amgen (NASDAQ:AMGN) was also at ASCO with data on Kyprolis.
Performance
Among major biotech stocks, Celgene (NASDAQ:CELG) gained 1.78% over the last five trading days while Biogen declined 12.73%. Over the last six months, Amgen was up 1.74% while Regeneron lost 27.83% during this period.
The NASDAQ Biotechnology Index was down slightly (0.78%) over the last five trading days (See the last biotech stock roundup here: Zacks Investment Research
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