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 36 extraordinary options activities for Biogen. This level of activity is out of the ordinary.
The general mood among these heavyweight investors is divided, with 13% leaning bullish and 86% bearish. Among these notable options, 4 are puts, totaling $206,242, and 32 are calls, amounting to $10,097,960.
What's The Price Target?
After evaluating the trading volumes and Open Interest, it's evident that the major market movers are focusing on a price band between $110.0 and $230.0 for Biogen, spanning the last three months.
Insights into Volume & Open Interest
In terms of liquidity and interest, the mean open interest for Biogen options trades today is 266.14 with a total volume of 14,960.00.
In the following chart, we are able to follow the development of volume and open interest of call and put options for Biogen's big money trades within a strike price range of $110.0 to $230.0 over the last 30 days.
Biogen Option Volume And Open Interest Over Last 30 Days
Largest Options Trades Observed:
| Symbol | PUT/CALL | Trade Type | Sentiment | Exp. Date | Ask | Bid | Price | Strike Price | Total Trade Price | Open Interest | Volume |
|---|---|---|---|---|---|---|---|---|---|---|---|
| BIIB | CALL | SWEEP | BULLISH | 01/16/26 | $96.1 | $94.2 | $96.1 | $110.00 | $2.2M | 1.5K | 937 |
| BIIB | CALL | SWEEP | BEARISH | 01/16/26 | $96.0 | $95.9 | $95.9 | $110.00 | $1.4M | 1.5K | 772 |
| BIIB | CALL | SWEEP | BEARISH | 01/16/26 | $96.1 | $96.0 | $96.0 | $110.00 | $768.0K | 1.5K | 692 |
| BIIB | CALL | SWEEP | BEARISH | 01/16/26 | $96.9 | $96.0 | $96.0 | $110.00 | $595.2K | 1.5K | 370 |
| BIIB | CALL | SWEEP | BEARISH | 01/16/26 | $100.0 | $96.0 | $96.0 | $110.00 | $576.0K | 1.5K | 522 |
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.
After a thorough review of the options trading surrounding Biogen, we move to examine the company in more detail. This includes an assessment of its current market status and performance.
Biogen's Current Market Status
- Trading volume stands at 891,533, with BIIB's price down by -0.75%, positioned at $190.72.
- RSI indicators show the stock to be may be oversold.
- Earnings announcement expected in 6 days.
What The Experts Say On Biogen
5 market experts have recently issued ratings for this stock, with a consensus target price of $253.4.
- Maintaining their stance, an analyst from Wedbush continues to hold a Neutral rating for Biogen, targeting a price of $213.
- An analyst from UBS persists with their Neutral rating on Biogen, maintaining a target price of $214.
- Reflecting concerns, an analyst from Truist Securities lowers its rating to Buy with a new price target of $340.
- An analyst from JP Morgan persists with their Neutral rating on Biogen, maintaining a target price of $240.
- An analyst from B of A Securities persists with their Neutral rating on Biogen, maintaining a target price of $260.
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.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Date of Trade | ticker | Put/Call | Strike Price | DTE | Sentiment |
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