10 Oversold Large Cap Stocks To Buy Now

2. Biogen Inc. (NASDAQ:BIIB)

Market Cap: $27.6 billion

FWD PE Ratio: 11.70

YTD Share Price Decline: ~29%

Number of Hedge Fund Holders: 46

Biogen Inc. (NASDAQ:BIIB) is a global biopharmaceutical company focused on developing therapies for serious diseases, especially in neurology, specialized immunology, and rare diseases. Its portfolio includes treatments for conditions like multiple sclerosis (MS), spinal muscular atrophy (SMA), Alzheimer’s, and amyotrophic lateral sclerosis (ALS).

Biogen (NASDAQ:BIIB) has recently announced several milestones in its research. The company, along with the pharma company UCB, recently reported positive results from the Phase 3 PHOENYCS GO trial of dapirolizumab pegol, which showed improved outcomes in treating moderate-to-severe systemic lupus erythematosus (SLE). The drug met its primary goal and key secondary outcomes and demonstrated reduced disease activity and flares. With a favorable safety profile, the companies plan to launch a second Phase 3 trial in 2024 with an aim to address the unmet medical needs of SLE patients.

On October 8, Biogen (NASDAQ:BIIB) shared detailed results from Parts B and C of the Phase 2/3 DEVOTE study on a higher dose regimen of nusinersen for treating SMA. The investigational regimen (50/28 mg) showed clinical benefits in both previously treated and treatment-naive individuals. It more rapidly reduced neurofilament levels and indicated a slowdown in neurodegeneration. Improvements in motor function were observed across SMA types, with a safety profile consistent with the standard 12 mg dose. The company plans to seek global regulatory approval for this higher-dose regimen.

Finally, on October 9, Biogen (NASDAQ:BIIB) announced that its investigational drug, felzartamab, has received FDA Breakthrough Therapy Designation for treating late antibody-mediated rejection (AMR) in kidney transplant patients. The designation is granted to drugs showing potential for significant improvement over existing treatments for serious conditions. Felzartamab, an anti-CD38 monoclonal antibody, is being developed to address the unmet need in AMR, which is a major cause of kidney transplant failure. The drug is also being explored for other rare immune-mediated diseases like primary membranous nephropathy and IgA nephropathy. Phase 3 trials for these indications are planned for 2025.