Deep-pocketed investors have adopted a bearish approach towards Biogen BIIB, and it’s something market players shouldn’t ignore. Our tracking of public options records at Benzinga unveiled this significant move today. The identity of these investors remains unknown, but such a substantial move in BIIB usually suggests something big is about to happen.

We gleaned this information from our observations today when Benzinga’s options scanner highlighted 15 extraordinary options activities for Biogen. This level of activity is out of the ordinary.

The general mood among these heavyweight investors is divided, with 26% leaning bullish and 66% bearish. Among these notable options, 2 are puts, totaling $80,703, and 13 are calls, amounting to $4,937,387.

Projected Price Targets

After evaluating the trading volumes and Open Interest, it’s evident that the major market movers are focusing on a price band between $110.0 and $230.0 for Biogen, spanning the last three months.

Volume & Open Interest Trends

In terms of liquidity and interest, the mean open interest for Biogen options trades today is 1866.8 with a total volume of 4,855.00.

In the following chart, we are able to follow the development of volume and open interest of call and put options for Biogen’s big money trades within a strike price range of $110.0 to $230.0 over the last 30 days.

Biogen 30-Day Option Volume & Interest Snapshot

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.

After a thorough review of the options trading surrounding Biogen, we move to examine the company in more detail. This includes an assessment of its current market status and performance.

Current Position of Biogen

• Currently trading with a volume of 610,232, the BIIB’s price is down by -2.38%, now at $160.97.
• RSI readings suggest the stock is currently may be oversold.
• Anticipated earnings release is in 88 days.

What The Experts Say On Biogen

In the last month, 5 experts released ratings on this stock with an average target price of $219.8.

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.
* Maintaining their stance, an analyst from Barclays continues to hold a Equal-Weight rating for Biogen, targeting a price of $180.
* An analyst from Morgan Stanley has revised its rating downward to Equal-Weight, adjusting the price target to $204.
* Reflecting concerns, an analyst from Needham lowers its rating to Buy with a new price target of $270.
* An analyst from Oppenheimer persists with their Outperform rating on Biogen, maintaining a target price of $255.
* Reflecting concerns, an analyst from Citigroup lowers its rating to Neutral with a new price target of $190.

Options trading presents higher risks and potential rewards. Astute traders manage these risks by continually educating themselves, adapting their strategies, monitoring multiple indicators, and keeping a close eye on market movements. Stay informed about the latest Biogen options trades with real-time alerts from Benzinga Pro.