Biogen says experimental drug for rare retinal disease fails in late-stage clinical trial

Shares of Biogen Inc. /zigman2/quotes/201531540/composite BIIB +1.73% were down 0.3% in premarket trading on Tuesday, the day after the company said an experimental gene therapy for choroideremia failed a late-stage clinical trial. Biogen said Monday that the Phase 3 study did not meet its primary endpoint or efficacy on secondary endpoints among study participants who have the rare, hereditary retinal disease. The news is one of several stock-moving announcements for Biogen in the last two weeks, including the Food and Drug Administration approval of its Alzheimer's disease drug last week and Tuesday's disclosure that an experimental treatment for major depressive disorder it's developing with Sage Therapeutics Inc. /zigman2/quotes/200179567/composite SAGE +2.76% met the primary endpoint in a Phase 3 clinical trial. Biogen's stock is up 65.8% so far this year, while the S&P 500 /zigman2/quotes/210599714/realtime SPX +1.46% has gained 13.3%.

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Biogen Inc.

US : U.S.: Nasdaq

$ 290.90

+4.96 +1.73%

Volume: 851,929

Jan. 31, 2023 4:00p

P/E Ratio

14.82

Dividend Yield

N/A

Market Cap

$41.18 billion

Rev. per Employee

$1.00M

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Sage Therapeutics Inc.

US : U.S.: Nasdaq

$ 44.34

+1.19 +2.76%

Volume: 500,947

Jan. 31, 2023 4:00p

P/E Ratio

N/A

Dividend Yield

N/A

Market Cap

$2.57 billion

Rev. per Employee

$13,724

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S&P 500 Index

US : S&P US

4,076.60

+58.83 +1.46%

Volume: 0.00

Jan. 31, 2023 5:00p