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Biogen Inc. Retreats From High After FDA Approval Of Spinraza

Biogen Inc BIIB 1.53% shares are trading higher by $4.30 at $291.83 in Tuesday's session. The catalyst for the rally is the announcement that the FDA has approved Spinraza to treat spinal muscular atrophy. Its partner for the drug, Ionis Pharmaceuticals Inc IONS 2.77% is also in the green by $1.74 at $55.15.

After a higher open, Biogen continued in that direction until it peaked at $296.38 at 10:10 a.m. EST. That marked the highest level for the issue since it peaked on December 9 at $306.98. Since reaching that level, it has been drifting lower and has continued to make new lows for the session.

In order to fill the void in price action from Friday's session, the issue would need to fall to $288.38.

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