Biogen Stock Hits Fresh High on Eli Lilly Buzz

Wed., May 3, 2023 | Schaeffers Investment Research

The shares of Biogen Inc (NASDAQ:BIIB) are enjoying tailwinds from positive news surrounding sector peer Eli Lilly's (LLY) Alzheimer's drug donanemab. Biogen last week reported first-quarter earnings and revenue that beat Wall Street's expectations, and recently received U.S. Food and Drug Administration (FDA) authorization for its ALS treatment drug Qalsody.

The stock was last seen 1.8% higher to trade at $314.96, and earlier touched a nearly two-year high of $316.69. BIIB's post-earnings pullback was saved by the $275 level and the 50-day moving average, and it's now up 51.9% over the last 12 months with a 12.8% year-to-date gain to boot.

Options traders are chiming in at triple the volume that's normally seen at this point. So far, 893 calls and 330 puts have crossed the tape. The most popular is the weekly 5/5 310-strike call.

Mizuho is also bullish, raising its price target to $340 from $315. Coming into today, 20 of 27 covering brokerages rated Biogen stock a "buy" or better, while the 12-month average target price of $328.93 is a 5.2% premium to its current perch.

Where should you invest $1,000 right now?

Before you make your next trade, you'll want to hear this.

MarketBeat keeps track of Wall Street's top-rated and best performing research analysts and the stocks they recommend to their clients on a daily basis.

Our team has identified the five stocks that top analysts are quietly whispering to their clients to buy now before the broader market catches on... and none of the big name stocks were on the list.

They believe these five stocks are the five best companies for investors to buy now...

See The Five Stocks Here

Metaverse Stocks And Why You Can't Ignore Them

Thinking about investing in Meta, Roblox, or Unity? Click the link to learn what streetwise investors need to know about the metaverse and public markets before making an investment.

Get This Free Report