Benzinga | Sep 9, 2021 02:32PM EDT

Why Biogen Shares Are Falling

Biogen Inc (NASDAQ:BIIB) shares are trading lower by 7% at $298.83 following reports the company's CEO highlighted a slower-than-anticipated launch of Aduhelm.

Biogen announced on June 7 that the U.S. Food and Drug Administration granted accelerated approval for Aduhelm as the first and only Alzheimer's disease treatment to address a defining pathology of the disease by reducing amyloid beta plaques in the brain.

Biogen and Idec merged in 2003, combining forces to market Biogen's multiple sclerosis drug Avonex and Idec's cancer drug Rituxan. Biogen has several drug candidates in phase 3 trials in neurology and neurodegenerative diseases and has launched Spinraza with partner Ionis.

Biogen has a 52-week high of $468.55 and a 52-week low of $223.25.