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Biogen stock plummets 28% after company halts Alzheimer’s trials

Shares of pharmaceutical giant Biogen Inc. plunged 28% on Thursday morning after the drugmaker said it would discontinue its Phase 3 trials of aducanumab, an investigational drug designed to slow cognitive decline in patients with early Alzheimer’s disease.

The move has put the stock on track for its biggest one-day percentage slide since August of 2008.

Biogen BIIB, -4.48% and drug development partner Eisai Co. Ltd 4523, -16.55%ESALY, +6.19% said the decision was based on the results of an interim analysis conducted by an independent monitoring committee. The analysis concluded the trials were unlikely to slow cognitive and functional impairment in patients on aducanumab compared with those on a placebo.

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