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
facebook X logo linkedin

Biogen Inc (NASDAQ:BIIB) is under pressure this morning, in the wake of a research paper published on 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 The paper cited unpublished case reports, and so far neither Biogen or Eisai have not responded to the report.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.



Target Effortless Triple-Digit Gains Every Sunday Evening For Life!

This is your chance to triple your profit potential on Sunday evenings, without spending all your free time watching the market.

On Sundays, as a Weekend Plus subscriber, you’ll get up to 6 trades every Sunday, each targeting gains of 200% or more.

Start targeting gains like the ones our subscribers have seen recently, including:

213.3% GAIN on AutoNation calls
100.0% GAIN on Monster Beverage calls
100.4% GAIN on Walgreens Boots Alliance puts
100.4% GAIN on ON Semiconductor calls
257.7% GAIN on Dell calls

101.0% GAIN on Apollo Global Management calls
103.6% GAIN on JP Morgan  Chase calls
105.3% GAIN on DraftKings calls
101.3% GAIN on Airbnb calls
203.0% GAIN on Shopify calls
102.0% GAIN on Cboe Global Markets calls
100.9% GAIN on Boeing calls
102.1% GAIN on Microsoft puts
102.3% GAIN on First Solar calls
101.5% GAIN on PulteGroup calls
101.0% GAIN on Apple calls
209.4% GAIN on NXP Semiconductors calls
100.8% GAIN on Uber Technologies calls
100.4% GAIN on Academy Sports and Outdoors puts
102.2% GAIN on Trade Desk calls
100.8% GAIN on DoorDash calls
100.0% GAIN on Camping World Holdings puts
100.0% GAIN on Cboe Global Markets calls
100.2% GAIN on calls
238.5% GAIN on Oracle calls



Rainmaker Ads CGI