The firm just announced positive results for its Spinraza treatment today
The shares of Biogen Inc (NASDAQ:BIIB) are up 0.9% at $236 after the firm said its spinal muscular atrophy treatment Spinraza was well tolerated in patients with the disease, with many seeing "unprecedented" motor milestones. The study also reported that 100% of children who participated were able to sit without assistance and 88% were able to walk.
BIIB has taken a serious beating on the charts since suffering a massive bear gap in March. The stock hit a two-year bottom of $216.12 on March 25, but has since managed to consolidate atop the $220 level. The equity is still down 21% year-to-date, however.
Analysts have been cautious on the stock, with 17 of the 24 considering it a "hold." Plus, the consensus 12-month target price of $252.81 is only at an 8.1% premium to current levels. Should some of these gains hold, however, a round of upgrades could put even more wind at BIIB's back.
Options bulls, on the other hand, have been slightly more hopeful. BIIB sports a 10-day call/put volume ratio of 2.46 on the International Securities Exchange (ISE), Chicago Options Exchange (CBOE), and NASDAQ OMX PHLX (PHLX). This ratio sits in the 86th percentile of its annual range, which indicates a much healthier appetite for calls over puts of late.