Chris Lau
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Chris Lau in Value Stocks,

Biogen and Ionis are Too Hot Biotech Today

Another day and another set of hot biotech stocks are in the green.

Biogen (BIIB) is still rebounding after its second quarter results beat posted on July 21. In the second quarter, Biogen earned $5.21 per share on revenue of $2.89 billion. Though it guided an EPS of $18.10 - $18.40 per share on revenue of $11.2B to $11.4B, today’s spinal muscular atrophy is even better news.

Biogen and Ionis Pharmaceuticals (IONS) announced that it met its primary endpoint as pre-specified for the ENDEAR interim analysis. ENDEAR is the Phase 3 trial evaluating nusinersen in infantile-onset (consistent with Type 1) spinal muscular atrophy.

This is good news for IONS and BIIB. IONS shareholders should rejoice. This effectively erases last quarter’s big drop, when Ionis decided to discount the company’s drug pipeline under development.

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