Biogen Soars 40% After FDA Approves New Drug

Firm was biggest gainer in S&P 500
By Newser Editors and Wire Services
Posted Jun 7, 2021 3:35 PM CDT
Biogen Soars 40% After FDA Approves New Drug
In this 2019 photo provided by Biogen, a researcher works on the development of the medication aducanumab in Cambridge, Mass. On Monday, June 7, 2021, the Food and Drug Administration?approved aducanumab,.   (Biogen via AP)

Stocks clawed back much of their early losses and ended mixed on Wall Street Monday. The S&P 500 slipped less than 0.1% and the Nasdaq rose 0.5%. The subdued opening to the week follows several choppy weeks as investors continue to gauge the economy’s recovery and the risks of rising inflation. On Thursday investors will get more information on how much consumer prices rose last month. Technology stocks, banks, and industrial companies pulled the broader market lower, the AP reports. Health care companies made solid gains, as did cruise line operators. The S&P 500 fell 3.37 points to 4,226.52. The Dow Jones Industrial Average fell 126.15 points, or 0.4%, to 34,630.24. The Nasdaq rose 67.23 points to 13,881.72.

Biogen soared 40.2% for the biggest gain in the S&P 500 after the Food and Drug Administration said it approved the company's drug for treating Alzheimer's disease. Biogen's drug is the first Alzheimer's disease treatment approved by the FDA in nearly 20 years. Moderna rose 7.9% after it sought a regulatory authorization in Europe to let adolescents receive its COVID-19 vaccine. US Concrete jumped 29.1% after construction materials company Vulcan Materials said it would buy the company. Cruise line operators made some of the strongest gains after several companies announced or confirmed plans to start sailing again this summer. Norwegian Cruise Line rose 2.7% and Carnival rose 0.9%.

(More stock market stories.)

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