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Feb. 5, 2020, 3:00 p.m. EST

Biogen's stock jump 19% on Tecfidera patent ruling

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By Jaimy Lee

Shares of Biogen Inc. /zigman2/quotes/201531540/composite BIIB +2.19% rocketed 19% in trading on Wednesday after the Patent Trial and Appeal Board ruled in its favor on a patent challenge brought by Mylan Inc. /zigman2/quotes/209413137/composite MYL -1.04% for its blockbuster multiple sclerosis drug Tecfidera. Mylan's stock is up 2%. Tecfidera is Biogen's top-selling drug, bringing in $4.4 billion in revenue in 2019. The jump in shares on Wednesday "is because of how much of an overhang this news item has been," Mizuho Securities' Salim Syed wrote in a note. "It provides an entry point perhaps for any aducanumab bulls waiting on the sidelines for this event to pass." Aducanumab is Biogen's investigational Alzheimer's disease treatment. Biogen's stock has gained 15% over the past three months, while the Health Care Select Sector SPDR Fund /zigman2/quotes/205918244/composite XLV +1.21% , an exchange-traded fund, is up 7%.

/zigman2/quotes/201531540/composite
US : U.S.: Nasdaq
$ 307.09
+6.59 +2.19%
Volume: 1.92M
May 29, 2020 4:00p
P/E Ratio
9.48
Dividend Yield
N/A
Market Cap
$50.11 billion
Rev. per Employee
$1.55M
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/zigman2/quotes/209413137/composite
US : U.S.: Nasdaq
$ 17.07
-0.18 -1.04%
Volume: 8.15M
May 29, 2020 4:00p
P/E Ratio
145.15
Dividend Yield
N/A
Market Cap
$8.82 billion
Rev. per Employee
$326,506
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/zigman2/quotes/205918244/composite
US : U.S.: NYSE Arca
$ 103.01
+1.23 +1.21%
Volume: 19.06M
May 29, 2020 4:00p
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