On Monday, Biogen's stock dropped after the company's experimental medicine to treat the neurodegenerative disease ALS failed to meet its primary target.

The announcement comes as Needham maintained its buy recommendation on the company, with a $400 price target. That price is 47% higher than the current stock price of $272.

Biogen - Wikipedia

The business stated that other metrics of progress toward treating the lethal condition showed positive trends, and that it will communicate with all stakeholders to decide potential next actions.

Amyotrophic lateral sclerosis, or ALS, is always deadly, with a three- to five-year survival rate. Respiratory failure is the leading cause of death.