On Friday, stocks trended higher after the U.K. reported preliminary data showing Pfizer (PFE) and BioNTech’s (BNTX) vaccine is effective against the latest COVID-19 strain.
According to the U.K. Health Security Agency (UKHSA), recent studies proved that booster shots were 70% to 75% effective in preventing serious disease from the Omicron mutation.
The report fueled a rally across all S&P 500 Index sectors, with technology stocks leading the pack – a much-needed shift after recent volatility among high-growth stocks.
But, more broadly speaking, this should bode well for a biotech name we’ve been tracking, as a recent drop in value could now make it the perfect time to buy…
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One of the larger biotech stocks we’re monitoring is Biogen (BIIB). The company is a multinational company that specializes in developing treatments for neurological diseases.
While Biogen doesn’t operate in the vaccine space, the ongoing pandemic has increased the popularity and interest surrounding the industry. And these tailwinds, combined with the release of several revolutionary drugs, has helped Biogen expand its footprint in recent months.
Even so, shares of Biogen have fallen by more than 42% in the past six months due to controversy over its Alzheimer’s treatment.
Yet, despite this hit in share value, this may not be as much of a concern as headlines may have initially suggested.
Even though many doctors have remained wary of prescribing the U.S. Food and Drug Administration-approved treatment, Aduhelm is still extremely effective at removing beta-amyloid plaque, which contributes to cognitive declines.
And given the fact that it’s the first drug of its kind to receive approval in more than two decades, it means that it will likely remain the only plausible option for many moving forward.
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