Diamonds and Dogs
Two drug stocks going in opposite directions. Biogen (BIIB) is up 3% after speaking at a conference in San Diego saying their Alzheimer's treatment showed a 30% benefit on cognitive decline for a subgroup of patients. In a second study called Engage, the benefit was 27%. This is key as Biogen previously scrapped both studies, saying they would fail. At least one analyst remains skeptical saying the new drug data is not that impressive and the old questions remain.
A depressing day for Sage Therapeutics (SAGE). The biotech is down 58% to a two year low after their Phase 3 trial for their depression drug SAGE-217 failed to perform better than a placebo in reducing depression after 15 days. Still, the company maintained that the drug still has some promise.