Biogen Inc (NASDAQ: BIIB)
Biogen is having an interesting day in the market today, to say the least. At the opening bell, the stock was trading in the green. From there, it dipped down a bit, but caught itself before going red. Nonetheless, things changed in a big way minutes ago as the stock started to skyrocket following news of a patent decision. Below, we’ll talk about what we’re seeing from BIIB, why, and what we’ll be watching for ahead.
What We’re Seeing From BIIB
As mentioned above, Biogen is having a good day in the market today. After starting the day off in the green, the stock fell a bit. However, just before the stock hit the red, it started to recover. Then, the good day turned great minutes ago as the stock started to climb dramatically. At the moment (10:26), BIIB is trading at $280.81 per share after a gain of $6.01 per share (2.19%) thus far today.
Why The Stock Is Headed Upward
As is nearly always the case, our partners at Trade Ideas were the first to inform us of the gains on BIIB. As soon as we received the alert, the CNA Finance team started digging to see why the stock was making a run for the top. It didn’t take long to dig up the story. Ultimately, the gains are the result of excitement surrounding a patent decision.
Minutes ago, news came down the wire with regard to the ‘514 Tecfidera patent. The patent has been at the center of a patent battle, in which Biogen has been working to protect its intellectual property. That’s why the news that was released was overwhelmingly positive. The US Patent Trial and Appeal Board has made the decision to uphold the patent, maintaining the company’s IP rights. As a result, investor excitement ensued, leading to gains in the stock.
What We’ll Be Watching For Ahead
Moving forward, the CNA Finance team will be keeping a close eye on BIIB. In particular, we’ll be watching as the company continues to innovate, considering its overwhelmingly strong pipeline. We’ll continue to follow the story closely and bring you the news as it breaks!
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