Which Funds Got the Biggest Biogen Boost?
These funds had the largest holdings of the drugmaker's stock before it soared.
As Biogen shares surged on the news that the U.S. Food and Drug Administration approved Biogen's (BIIB) Aduhelm as a treatment for Alzheimer's disease, some mutual funds were in prime position to benefit from the stock's nearly 40% rally.
Biotechnology-focused strategies were the obvious winners thanks to heavy positions in Biogen. This was welcome news for biotech-heavy strategies, which have lagged amid the stock market’s rotation away from high-growth stocks toward value names.
Jakir Hossain does not own (actual or beneficial) shares in any of the securities mentioned above. Find out about Morningstar’s editorial policies.