Diamonds and Dogs
Biogen (BIIB) surges 14% on positive mid-stage results for their Alzheimer's drug. Phase 2 trials showed deterioration slowed significantly in Alzheimer's patients who received Biogen's BAN2401 versus a placebo at 18 months. Patients in the trial were treated with the highest dose of the drug possible. Biogen also has another Alzheimer's treatment drug in its pipeline that is expected to go to Phase 3 trials in 2020.
PriceSmart (PSMT) not so smart. The warehouse club is down 10% after missing quarterly earnings estimates. The company did beat estimates by a penny, but revenue growth of 7.1% year/year to $782.2 million missed estimates. This was the fourth time in the trailing five quarters that this operator of membership warehouse clubs has missed expectations.