Bullish move triggered on the BIIB weekly chartMy custom-coded indicators are pointing to a move higher in BIIB based on the latest weekly candlestick. The signal is weaker but still present and it appears to be bullish over the next few weeks.
0R1B trade ideas
Biogen: Sell opportunity.BIIB closed the week around +25% as news regarding a crucial patent ruling came out in the company's favor. With the company's earnings also higher than the forecast, investors seem upbeat with the stock's dynamics. Even though the 1D chart turned overbought (RSI = 75.219, MACD = 6.690), on the weekly chart there is still a clear Resistance Zone at 370.00 - 389.00 which has been holding since 2016.
The fact that the 1W candle pulled back making a big wick right after it entered the Resistance Zone, indicates that traders looked to book profits first. We see this as a strong sell opportunity towards at least the 267.00 Gap or even the 246.70 Symmetrical Support.
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BIIB looks set for a bounceLong term resistance still in control of BIIB but there is potential for a short term bounce here. Target sits at previous high but this is highly contingent on BIIB's ability to break some of the long term MA's and Gann levels. Its earnings beat might give the bulls enough confidence to push it higher as short term support levels have appeared to hold.
Biogen: Further GrowthAfter the stock price touched new highs in October 2019 ( management confirmed rebooting of aducanumab's development), Biogen started a consolidation phase.
I plotted the Ichimoku Cloud on a daily chart, together with the Bollinger bands, to highlight the volatility and confirm the consolidation phase. Currently, from a technical point of view, we are in an exciting phase, testing the high line of the cloud with a bullish configuration, as also confirmed by the Stochastic.
The upward trend is also confirmed by fundamental analysis. Biogen counts on a strong collaboration with Roche in oncology, and on growing revenues thanks to Ocrevus (Multiple Sclerosis), as well as to a significant pipeline.
Furthermore, the complexity of Biogen's drugs makes the production of Biosimilars difficult.
Disclosure: My articles contain statements and projections based on assumptions on capital markets, and therefore inherently subject to numerous risks and uncertainties.
Before buying or selling any stock you should do your own research and reach your own conclusion or consult a financial advisor. Investing includes risks, including loss of principal.
I am not a financial advisor
BIIB Iron Condor255/260/325/330 credit was $1.48 Exp Dec 20th.
Deltas were pretty high. 0.34 and 0.3 so I plan to exit this trade at 30% of max credit.
I bought a double spread on this. I will exit the trade at $1 to buy back the spread and profit $96 on this trade.
I plan to exit this trade before December 5th as CTAD congress is on that date which will add more risk to my position.
I need to exit on the 4th of December. Max loss will be $148 or $296 on the double spread.
Biogen won't cure Alzheimer's diseaseI have a background in Alzheimer's disease research. The research in Alzheimer's disease is incredibly variable. There is disagreement on the cause of Alzheimer's disease (genetic only accounts for a small minority), and there is even disagreement on the correct animal model to study it on. Based on my experience, the Biogen presentation will not present impressive results. It will likely present data on lower amyloid-beta protein burden on the brain as the drug is a monoclonal antibody designed to target "amyloid-type" targets. I'm guessing they're not going more into detail for proprietary issues, but you should know that there is disagreement whether amyloid is a cause or a result of the disease.
All in all, this recent run of Biogen is short-lived. I would short this, with the next trials bound to fail. We are not at the cure yet. We need better research.
BIIB - Can it hold the line?Massive gap down on March 21 & stock spent the last seven months consolidating before the massive gap up yesterday on positive drug news. Can the stock hold this gap up? I want to see it continue to close above $280 as it consolidates at this new level, then you can get another move up...assuming no bad news comes out about that Alzheimer's drug. If the price pulls back then the $240s may be back in play.
