Biogen Inc BIIB shares are trading lower by $37 (12 percent) at $252.84 in Tuesday's session. The catalyst for the sharp decline is the results from a Phase 2 study of Opicinumab that missed both its primary and secondary endpoints.
The slaughter from the pre-market session has spilled over into the regular session. After a sharply lower open, it could only manage a $0.28 bounce to $264.73 before another wave of sellers came into the issue.
So far, it has reached $250.87 and is attempting to rebound. That marks the lowest price for the issue since it bottomed on March 29 at $246.74.
Biogen made its all-time high in March 2015 at $480.18 and traded down to $242.07 in February.
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