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Looking At Biogen’s Recent Unusual Options Activity


High-rolling investors have positioned themselves bullish on Biogen BIIB, and it’s important for retail traders to take note.
This activity came to our attention today through Benzinga’s tracking of publicly available options data. The identities of these investors are uncertain, but such a significant move in BIIB often signals that someone has privileged information.

Today, Benzinga’s options scanner spotted 11 options trades for Biogen. This is not a typical pattern.

The sentiment among these major traders is split, with 81% bullish and 18% bearish. Among all the options we identified, there was one put, amounting to $155,000, and 10 calls, totaling $552,281.

What’s The Price Target?

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 $255.0 for Biogen during the past quarter.

Analyzing Volume & Open Interest

In terms of liquidity and interest, the mean open interest for Biogen options trades today is 197.2 with a total volume of 3,554.00.

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 $220.0 to $255.0 over the last 30 days.

Biogen 30-Day Option Volume & Interest Snapshot


Largest Options Trades Observed:

Symbol PUT/CALL Trade Type Sentiment Exp. Date Strike Price Total Trade Price Open Interest Volume
BIIB PUT TRADE BULLISH 07/19/24 $240.00 $155.0K 6 100
BIIB CALL TRADE BEARISH 02/16/24 $220.00 $117.5K 361 50
BIIB CALL SWEEP BULLISH 07/19/24 $220.00 $94.5K 8 25
BIIB CALL SWEEP BULLISH 02/16/24 $250.00 $59.7K 480 461
BIIB CALL TRADE BULLISH 02/16/24 $250.00 $58.5K 480 945

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.

Following our analysis of the options activities associated with Biogen, we pivot to a closer look at the company’s own performance.

Biogen’s Current Market Status

  • With a volume of 535,441, the price of BIIB is down 0.0% at $240.98.
  • RSI indicators hint that the underlying stock is currently neutral between overbought and oversold.
  • Next earnings are expected to be released in 1 days.

What Analysts Are Saying About Biogen

3 market experts have recently issued ratings for this stock, with a consensus target price of $282.3333333333333.

  • An analyst from UBS has revised its rating downward to Neutral, adjusting the price target to $276.
  • Reflecting concerns, an analyst from UBS lowers its rating to Neutral with a new price target of $276.
  • An analyst from Oppenheimer has revised its rating downward to Outperform, adjusting the price target to $295.

Options are a riskier asset compared to just trading the stock, but they have higher profit potential. Serious options traders manage this risk by educating themselves daily, scaling in and out of trades, following more than one indicator, and following the markets closely.

If you want to stay updated on the latest options trades for Biogen, Benzinga Pro gives you real-time options trades alerts.


This post was originally published on this site

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