Biogen Stock Surges More Than 50% in Premarket Trading

The equity is set to open at its highest level in a year

Digital Content Manager
Sep 28, 2022 at 9:16 AM
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The shares of Biogen Inc (NASDAQ:BIIB) are seeing an unprecedented surge ahead of the open, last seen up 53.2% at $302.91 after announcing that the experimental Alzheimer's drug it developed in conjunction with Japanese pharmaceutical name Eisai succeeded in late-stage trials. The drug, called lecanemab, successfully slowed cognitive and functional decline in patients showing early signs of the disease, marking an "unequivocal win" for both Biogen and patients suffering with Alzheimer's. 

BMO also raised its rating to "outperform" from "market perform," and lifted its price target to $360 from $217. The analyst is far from the only member of the brokerage bunch to chime in though. No less than six others lifted their price targets, with upgrades from Baird and Mizuho to "outperform" and "buy," respectively. 

More price targets could be on the way, as the 12-month consensus price target of $256.03 now sits a t a 15.5% discount to current levels. Another wave of upgrades could be on the way, too, as 17 of the 34 in coverage still call BIIB a "hold."

Short-term options traders are in luck today, as the security's Schaeffer's put/call open interest ratio (SOIR) of 0.71 stands higher than 24% of readings from the past year. In other words, these traders have been much more call-biased of late. 

BIIB is set to open at its highest level in over a year, and clear pressure at the 200-day moving average, which kept a lid on two of the security's most recent rally attempts. The shares consolidated below here for most of the summer, though they eventually found a floor near the $195 level. Should these gains hold, BIIB could clear its 18% year-to-date deficit. 

 

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