BIIB Stock Gets Boost on Promising Drug Data

88% of children treated with the drug were able to walk unassisted in long-term studies

by Lillian Currens

Published on Jul 1, 2019 at 10:23 AM

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. 


a schaeffer's exclusive

PLAY TRENDS LIKE A PRO!

5 tips to leverage profits in this FREE insider report!


 
 

Partnercenter


NEW! Explore Schaeffer’s Partners' deals and get connected to top online brokerages with deals tailored exclusively for our readers.  Get answers to your questions regarding transfer fees, commission rates, programs and available discounts related to online trading services.

MORE | MARKETstories


The Trend Minting Millionaires -- But Who Is Really Paying?
Porter Stansberry is making a concerning prediction.
Merck Makes Big Move For Cancer Drug Developer
MRK is fresh off a 19-year high from Friday
ATVI Stock Gets Price-Target Bump as it Rides Chart Support
Short interest on Activision Blizzard is at a 3-year high
The Trend Minting Millionaires -- But Who Is Really Paying?
Porter Stansberry is making a concerning prediction.