Biogen Price Jump on Wall Street, Apple Among the Baggers

Biogen Price Jump on Wall Street, Apple Among the Baggers

Pharmaceutical Biogen is worth billions of dollars more on the stock exchange in New York on Wednesday. The stock skyrocketed after the announcement of positive results from a study into an Alzheimer’s drug that the company developed with Japan’s Eisai.

However, the overall mood on Wall Street, as on other trading floors, was negative due to fears of a recession. There was also a lot of attention to the tech group Apple, which lost a lot.

In the first trading minutes, Biogen rose nearly 40 percent. According to the company, a large international study showed that lecanemab significantly slows down the decline in patients with Alzheimer’s. Thanks to these results, it is in line with expectations that the drug will be approved for sale in the foreseeable future. Industry partner Eli Lilly rose nearly 8 percent in Biogen’s wake. This company is also developing an Alzheimer’s drug.

Apple fell 4 percent. According to Bloomberg news agency, the technology group is abandoning previous plans to increase production of its latest model iPhone. Demand for smartphones is lower than expected. Shares of several chip companies also fell. Qualcomm fell 1.5 percent, and Texas Instruments lost 0.3 percent. Other chip companies, such as AMD and Nvidia, did make a profit.

The news about Apple also shook the overall mood in the stock markets. It is a sign that high inflation is hitting the demand for electronics and luxury products. In addition, fears of a global recession are increasing. As a result, the Dow Jones index was virtually flat at 29,126 points. The broad S&P 500 lost 0.1 percent to 3,642 points, and the tech Nasdaq lost 0.4 percent to 10,785 points.

Lyft could also count on interest. The company behind the taxi app of the same name announced that it would no longer hire new staff for the time being because of the worse economic times. The tech company rose 0.4 percent. Entertainment group Walt Disney announced the closure of four Florida theme parks due to Hurricane Ian. However, the share rose 0.6 percent.

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