Monday, June 7, is the day biotech investors should circle the calendar if they haven’t already. It’s a deadline for the U.S. Food and Drug Administration to decide whether to approve it.
The highly controversial Alzheimer’s disease therapy aducanumab.
Such news will have a huge impact on patients. for Biogen (symbol: BIIB) and for the biotechnology sector.
More than six million Americans have Alzheimer’s disease and such. Barron’s highlighted in February It’s been nearly two decades since a new treatment was approved. But experts have questioned whether aducanumab is good enough. An FDA advisory committee said in November that data collected by Biogen did not prove the drug’s efficacy.
The FDA decision would trigger a big move in Biogen stock. Jefferies analyst Michael Yee wrote May 12 that the stock could climb as much as 70 percent if the drug was approved — and then fall. Up to 40% if rejected
and there will be a ripple effect Biogen shares accounted for 3.6% of the company.
iShares Nasdaq Biotechnology
An exchange-traded fund (IBB), Biogen’s success will boost ETFs and help biotech recover from recent slides.
but for biogen The challenge will not end on June 7, even if aducanumab is approved. But health care payers may not pay. Institute for Clinical and Economic Review which is an influential voice in drug pricing A draft report was released on May 5, which presents prices for adukanumab based on break-even calculations. They are only a fraction of the price Biogen expects to impose if the drug is approved.
Stocks and fixed income The market is closed for the Memorial Day.
organization For economic cooperation and development publish the latest economic trends. In its March interim report, the OECD forecasts global gross domestic product to grow 5.6 percent in 2021, a full percentage increase from its December 2020 forecast.
Bank of Nova Scotia,
growth of the tent,
Hewlett Packard Enterprise,
video communication zoom
Announcement of quarterly results
Institute for Supply Executives release the Manufacturing Purchasing Managers Index for May. Consensus estimates for an estimated 60.8 reading, even with April data.
Census Bureau April construction budget report Expectations are up 0.6% month-on-month to a seasonally adjusted annual rate of $1.52 trillion. Construction spending remains below all-time highs in January of this year.
Advance Auto Parts,
and PVH reported earnings.
Philip Morris International
Host a webcast led by CEO Jacek Olczak to discuss the company’s sustainability strategy.
US Federal Reserve Release the Beige book for the fourth time out of eight this year. The report offers a brief overview of the health of the economy compiled by 12 central bank districts.
ADP Publishes National Employment The May report estimated consensus estimates for private non-farm payrolls to increase by 610,000, following a 742,000 increase in April.
Athletica held a conference call to discuss earnings.
Bureau of Economic Analysis Report of total light car sales in May in April They hit a seasonally adjusted annual rate of 18.5 million, the highest since July 2005.
ISM published The May Services PMI Index estimates consensus for a reading of 63.2, compared to 62.7 in April.
Host a conference call to discuss drug trial data from the oncology pipeline. The data will be presented at the 2021 American Society of Clinical Oncology annual meeting, which runs from June 4 to June 8.
labor office Statistics revealed the job position report for the month of May. Economists forecast non-farm payrolls would increase by 700,000 after a modest increase of 266,000 in April. The unemployment rate is expected to fall to 5.9 percent from 6.1%. The April increase marks a major shortfall, with some economists forecasting a 1 million jump.
write to Josh Nathan-Kazis at firstname.lastname@example.org