BIIB

Biogen is trading lower in pre-market action as investors continue to digest the company's mixed Phase 2 results for its Alzheimer's drug, diranersen, which were released yesterday. While the drug demonstrated cognitive benefits and robust reductions in tau pathology, the stock faced significant selling pressure yesterday because the trial failed to meet its primary endpoint on the Clinical Dementia Rating scale. Additionally, the company is moving forward with its strategic acquisition of Apellis Pharmaceuticals, a deal that adds two commercialized products to its portfolio and expands its footprint into nephrology.