The S&P 500’s top losers on February 14 were:
Biogen, which is an American multinational biotechnology company, was the S&P 500’s top loser on February 14. After trading with a weakness for two weeks, Biogen started this week on a mixed note. On Wednesday, Biogen opened the day lower and declined to five-month low price levels.
The selling pressure increased on Wednesday amid dented sentiment. Biogen’s announcement about a change in a trail of its drug for Alzheimer’s disease weakened the sentiment. Biogen is studying Aducanumab, which is a human monoclonal antibody, to treat Alzheimer’s. The drug is in the final testing stages. Biogen expects to produce the full results in 2018. However, Biogen announced that it added 500 more patients to study Aducanumab amid increased statistical noise in the studies.
On February 14, Biogen declined 6.6% and closed the day at $296.08. Biogen is part of the S&P 500 healthcare sector, which gained 1.1%.
Next, we’ll discuss how HCP performed on Wednesday.