Research Paper Reports Death in Biogen's Experimental Drug

The stock is coming off its annual highs

Digital Content Manager
Nov 28, 2022 at 9:37 AM
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Biogen Inc (NASDAQ:BIIB) is under pressure this morning, in the wake of a research paper published on Science.org this Sunday. The report indicated a 65-year-old patient receiving the experimental Alzheimer's drug Biogen developed with Eisai died from a brain hemorrhage. The paper cited unpublished case reports, and so far neither Biogen or Eisai have not responded to the report. Nevertheless, BIIB is sinking, last seen down 4.2% to trade at $292.26. 

For most of the year, BIIB has been traveling higher amid upbeat updates on this same experiential drug, and hit an annual high of $307.52 on Friday. The stock is up roughly 27% this year, but today's drop puts BIIB back below its 10-day moving average, which has guided shares upward since their mid-October bull gap. 

It's worth noting that heading into today, BIIB sat firmly in "oversold" territory. This is per the equity's 14-day Relative Strength Index (RSI) of 78, which indicates a short-term breather may have been imminent. 

Despite these recent highs, short-term options traders have been more put-biased than usual. BIIB's Schaeffer's put/call open interest ratio (SOIR) of 0.96 stands in the 71st percentile of its annual range.

 

 

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