Biogen Unusual Options Activity

Deep-pocketed investors have adopted a bearish approach towards Biogen BIIB, and it's something market players shouldn't ignore. Our tracking of public options records at Benzinga unveiled this significant move today. The identity of these investors remains unknown, but such a substantial move in BIIB usually suggests something big is about to happen.

We gleaned this information from our observations today when Benzinga's options scanner highlighted 9 extraordinary options activities for Biogen. This level of activity is out of the ordinary.

The general mood among these heavyweight investors is divided, with 33% leaning bullish and 66% bearish. Among these notable options, 2 are puts, totaling $156,230, and 7 are calls, amounting to $269,720.

Projected Price Targets

Analyzing the Volume and Open Interest in these contracts, it seems that the big players have been eyeing a price window from $220.0 to $260.0 for Biogen during the past quarter.

Volume & Open Interest Development

Assessing the volume and open interest is a strategic step in options trading. These metrics shed light on the liquidity and investor interest in Biogen's options at specified strike prices. The forthcoming data visualizes the fluctuation in volume and open interest for both calls and puts, linked to Biogen's substantial trades, within a strike price spectrum from $220.0 to $260.0 over the preceding 30 days.

Biogen Call and Put Volume: 30-Day Overview

Significant Options Trades Detected:

About Biogen

Biogen and Idec merged in 2003, combining forces to market Biogen's multiple sclerosis drug Avonex and Idec's cancer drug Rituxan. Today, Rituxan and next-generation antibody Gazyva are marketed via a collaboration with Roche. Biogen also markets novel multiple sclerosis drugs Plegridy, Tysabri, Tecfidera, and Vumerity. In Japan, Biogen's MS portfolio is copromoted by Eisai. Hemophilia therapies Eloctate and Alprolix (partnered with Sobi) were spun off as part of Bioverativ in 2017. Biogen's newer products include Spinraza (SMA, with partner Ionis), Leqembi (Alzheimers, with partner Eisai), Skyclarys (Friedreich's Ataxia, Reata), Zurzuvae (post-partum depression, Sage), and Qalsody (ALS, Ionis). Biogen has several drug candidates in phase 3 trials in neurology-related fields.

Current Position of Biogen

• With a trading volume of 479,866, the price of BIIB is up by 0.08%, reaching $221.91.
• Current RSI values indicate that the stock is may be oversold.
• Next earnings report is scheduled for 54 days from now.

What The Experts Say On Biogen

A total of 5 professional analysts have given their take on this stock in the last 30 days, setting an average price target of $286.4.

• An analyst from Mizuho persists with their Buy rating on Biogen, maintaining a target price of $277.
• In a cautious move, an analyst from Needham downgraded its rating to Buy, setting a price target of $305.
• An analyst from Piper Sandler persists with their Overweight rating on Biogen, maintaining a target price of $325.
• Maintaining their stance, an analyst from BMO Capital continues to hold a Outperform rating for Biogen, targeting a price of $285.
• An analyst from Wells Fargo has revised its rating downward to Equal-Weight, adjusting the price target to $240.

Options trading presents higher risks and potential rewards. Astute traders manage these risks by continually educating themselves, adapting their strategies, monitoring multiple indicators, and keeping a close eye on market movements. Stay informed about the latest Biogen options trades with real-time alerts from Benzinga Pro.