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May 14, 2026 12:10 PM

Why Is Biogen Stock Falling Thursday?

Biogen Inc. (NASDAQ:BIIB) on Thursday reported topline Phase 2 results for diranersen (BIIB080), its investigational tau-targeting antisense oligonucleotide therapy for early Alzheimer’s disease, highlighting cognitive benefits and reductions in tau biomarkers despite missing the study’s primary endpoint.

The stock fell following the announcement. Despite the decline, the outcome is viewed as mixed, as Biogen said it still plans to advance diranersen to registrational development after the drug delivered strong reductions in toxic tau biomarkers across all tested dose levels. Separately, the company also confirmed it completed its acquisition of Apellis Pharmaceuticals, Inc. (NASDAQ:APLS) on Thursday.

The company said the CELIA study marked the first randomized Phase 2 trial of a tau-directed therapy to show both biomarker impact and signs of cognitive benefit in patients with early Alzheimer’s disease.

Cognitive Decline Slowed Across Doses

Biogen said pre-specified analyses showed slowing of clinical decline across all tested doses of diranersen.

The effect appeared strongest in patients receiving the lowest dose, 60 mg administered every 24 weeks.

The ...

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