Biogen's Options Frenzy: What You Need to Know

Investors with a lot of money to spend have taken a bullish stance on Biogen BIIB.

And retail traders should know.

We noticed this today when the trades showed up on publicly available options history that we track here at Benzinga.

Whether these are institutions or just wealthy individuals, we don't know. But when something this big happens with BIIB, it often means somebody knows something is about to happen.

So how do we know what these investors just did?

Today, Benzinga's options scanner spotted 9 uncommon options trades for Biogen.

This isn't normal.

The overall sentiment of these big-money traders is split between 55% bullish and 22%, bearish.

Out of all of the special options we uncovered, 4 are puts, for a total amount of $634,880, and 5 are calls, for a total amount of $219,709.

Projected Price Targets

Analyzing the Volume and Open Interest in these contracts, it seems that the big players have been eyeing a price window from $130.0 to $250.0 for Biogen during the past quarter.

Analyzing Volume & Open Interest

Looking at the volume and open interest is an insightful way to conduct due diligence on a stock.

This data can help you track the liquidity and interest for Biogen's options for a given strike price.

Below, we can observe the evolution of the volume and open interest of calls and puts, respectively, for all of Biogen's whale activity within a strike price range from $130.0 to $250.0 in the last 30 days.

Biogen Option Activity Analysis: Last 30 Days

Biggest Options Spotted:

About Biogen

Biogen and Idec merged in 2003, combining forces to market Biogen's multiple sclerosis drug Avonex and Idec's cancer drug Rituxan. Today, Rituxan and next-generation antibody Gazyva (oncology) and Ocrevus (multiple sclerosis) are marketed via a collaboration with Roche. Biogen markets several multiple sclerosis drugs including Plegridy, Tysabri, Tecfidera, and Vumerity. Biogen's newer products include Spinraza (SMA, with partner Ionis), Leqembi (Alzheimers, with partner Eisai), Skyclarys (Friedreich's Ataxia, Reata), Zurzuvae (postpartum depression, Sage), and Qalsody (ALS, Ionis). Biogen has several drug candidates in phase 3 trials in neurology, immunology, and rare diseases.

In light of the recent options history for Biogen, it's now appropriate to focus on the company itself. We aim to explore its current performance.

Present Market Standing of Biogen

• Trading volume stands at 1,318,628, with BIIB's price down by -2.5%, positioned at $138.97.
• RSI indicators show the stock to be is currently neutral between overbought and oversold.
• Earnings announcement expected in 1 days.

Expert Opinions on Biogen

A total of 1 professional analysts have given their take on this stock in the last 30 days, setting an average price target of $160.0.

Unusual Options Activity Detected: Smart Money on the Move

Benzinga Edge's Unusual Options board spots potential market movers before they happen. See what positions big money is taking on your favorite stocks. Click here for access. * An analyst from Citigroup persists with their Neutral rating on Biogen, maintaining a target price of $160.

Trading options involves greater risks but also offers the potential for higher profits. Savvy traders mitigate these risks through ongoing education, strategic trade adjustments, utilizing various indicators, and staying attuned to market dynamics. Keep up with the latest options trades for Biogen with Benzinga Pro for real-time alerts.