By Dhirendra Tripathi
Investing.com – Biogen stock (NASDAQ:) fell 3.3% on Monday as the company’s experimental drug to treat neurodegenerative disease ALS failed to reach its primary goal.
The news comes as Needham reiterated a buy rating for the stock with a target of $400. That price is 47% higher than the stock’s current level of $272.
The company said it saw favorable trends in other measures of progress toward treating the fatal disease, and would engage with all the stakeholders to determine potential next steps.
Amyotrophic lateral sclerosis or ALS is uniformly fatal with an average survival of three to five years. The most common cause of death is respiratory failure.
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