Here’s Why Shares of Biogen and Alexion Tanked On Tuesday

Shares of Biogen (BIIB) - Get Report and Alexion Pharmaceuticals (ALXN) - Get Report took a hit Tuesday after their promising new products failed clinical trials. Biogen's experimental drug aimed at treating multiple sclerosis failed a mid-staged trial, prompted investors to sell shares. Biogen stock is a holding of Jim Cramer's Action Alerts PLUS charitable trust. Our Jim Cramer says the so-called 'novel' therapy turned out to be yet another 'disaster in Biogen's history of overpromising and under- delivering.' And, Alexion Pharmaceuticals also said that a medication it was developing aimed to treat muscle weakness, produced lackluster results. Alexion said in a statement the study also missed its 'primary endpoint' and that cases of successful responses to the drug 'missed statistical significance.'

This article was written by a staff member of TheStreet.