Biotech stocks hit an all time high post Biogen’s drug approval

The Nasdaq Biotech Index rallied 4.3% at 1:52 p.m. in New York, the biggest jump since Nov. 4, as Biogen Inc.’s- American multinational biotechnology company specializing in the discovery, development, and delivery of therapies for the treatment of neurological diseases approved new Alzheimer’s disease treatment spurring broad gains in the sector. Its partner in Japan, Eisai had its biggest gain in U.S. trading jumping as much as 75%.

Shares of Eli Lilly and Co., leading pharmaceutical company that develops depression, endocrinology, oncology, and cardiovascular care medicines umped as much as 16% and touched a record high and even small-cap companies working for the treatments also saw progress-Cassava Sciences Inc. rose 19%, while Annovis Bio Inc. gained 31%.

The Nasdaq’s  Biotech Index witnessed its biggest jump from November, at 1:52 pm when resumed trading and soared as much as 64% to an intraday record of $468.55.