Biogen, with a $54.1 billion market cap, 'could be worth twice that if all goes well' with regulators, Jim Cramer says.
Biogen, with a $54.1 billion market cap as of Wednesday's close, "could be worth twice that if all goes well" with the Food and Drug Administration, the "In March, Biogen pulled the plug on its drug and sent its stock tanking after an analysis from an independent audit revealed the experimental medicine was unlikely to work. However, shares of the Cambridge-basedon Oct. 22 after the drugmaker shocked investors by announcing it was seeking regulatory approval for the drug.
Biogen's drug targets a compound in the brain known as beta-amyloid, which was believed by many scientists and drugmakers to play a role in the devastating disease by eroding synapses between nerve cells. The stunning reversal from Biogen was initially met with deep skepticism from investors, but Cramer expects that will change.
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