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Biogen has been an active stock. Photo: John Tlumacki/The Boston Globe via Getty Images

A lot of Biogen's value hinges on whether federal scientists and regulators will approve or reject its drug candidate for Alzheimer's.

Driving the news: The drug, called aducanumab, has attracted people like Warren Buffett to invest in Biogen's stock on the assumption the drug will score approval for a patient population that desperately seeks a treatment. But other wealthy investors, like Ray Dalio, have taken a less sanguine view and dumped Biogen completely.

By the numbers: Warren Buffett's Berkshire Hathaway hadn't owned any shares of Biogen until it bought 648,000 new shares in the last quarter of 2019, according to regulatory documents flagged by Meg Tirrell of CNBC.

Yes, but: Ray Dalio of Bridgewater Associates sold off all of its 237,000 Biogen shares, according to regulatory filings.

  • Parnassus Investments and HealthCor Management likewise divested all of their Biogen stakes, while a handful of others significantly dialed back investments.

The big picture: The FDA is expected to review and rule on Biogen's application at some point this year. The recent stock trading around Biogen gives a glimpse at how much is riding on this drug, and how much uncertainty there is around approval.

Go deeper: Why there's skepticism around Biogen's Alzheimer's drug

Go deeper

Colin Powell dies from COVID complications at 84

Photo: Paul Morigi/Getty Images for Capital Concerts

Colin Powell, the first Black U.S. secretary of state, died of complications from COVID-19, his family announced Monday. He was 84.

Driving the news: The Powell family said in a statement that he was fully vaccinated. "We want to thank the medical staff at Walter Reed National Medical Center for their caring treatment."

Mike Allen, author of AM
4 hours ago - Politics & Policy

GOP senator calls for senility test for aging leaders

Photo: "Axios on HBO"

Sen. Bill Cassidy (R-La.), a physician, told me during an "Axios on HBO" interview that he favors cognition tests for aging leaders of all three branches of government.

Why it matters: Wisdom comes with age. But science also shows that we lose something. And much of the world is now run by old people — including President Biden, 78 ... Speaker Pelosi, 81 ...  Senate Majority Leader Chuck Schumer, 70 ... and Senate Minority Leader Mitch McConnell, 79.

Ina Fried, author of Login
4 hours ago - Technology

Intel CEO blames predecessors for manufacturing woes

Axios on HBO

When it comes to Intel's recent manufacturing problems, Intel CEO Pat Gelsinger places the blame squarely on his predecessors — many of whom he notes were not engineers deeply steeped in chip technology, as he is.

Why it matters: Gelsinger has announced a broad plan to reinvigorate Intel by doubling down on manufacturing. However, the strategy depends on the venerable semiconductor giant recovering from recent stumbles.

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