Biogen Option Alert: Jan, 2027 $115 Puts at the Bid: 450 vs 30 OI

Biogen Option Alert: Jan, 2027 $115 Puts at the Bid: 450 @ $13.6 vs 30 OI; Ref=$136.2

Biogen Option Alert: Jan, 2027 $115 Puts at the Bid: 1000 vs 30 OI

Biogen Option Alert: Jan, 2027 $115 Puts at the Bid: 1000 @ $13.6 vs 30 OI; Ref=$136.005

Biogen (NASDAQ:BIIB) Bolsa

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.

Biogen Inc

News

Health Care

General

BIIB

Biogen Begins Phase 3 Study Of Felzartamab For The Treatment Of Late Antibody-Mediated Rejection (AMR) In Kidney Transplant Patients

Investors with a lot of money to spend have taken a bullish stance on Biogen (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/BIIB#NASDAQ">BIIB</a>).
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, <a href="https://www.benzinga.com/pro/">Benzinga</a>'s options scanner spotted 32 uncommon options trades for Biogen.
This isn't normal.
The overall sentiment of these big-money traders is split between 37% bullish and 31%, bearish.
Out of all of the special options we uncovered, 25 are puts, for a total amount of $1,440,538, and 7 are calls, for a total amount of $248,991.
<h3>What's The Price Target?</h3>
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 $165.0 for Biogen, spanning the last three months.
<h3>Volume &amp; Open Interest Development</h3>
Examining the volume and open interest provides crucial insights into stock research. This information is key in gauging liquidity and interest levels for Biogen's options at certain strike prices. Below, we present a snapshot of the trends in volume and open interest for calls and puts across Biogen's significant trades, within a strike price range of $110.0 to $165.0, over the past month.
<h3>Biogen Option Volume And Open Interest Over Last 30 Days</h3>
<img src="https://www.benzinga.com/files/images/story/2025/1741635034_0.png" alt="Options Call Chart" />
<h3>Biggest Options Spotted:</h3>

<table>
<thead>
<tr>
<th>Symbol</th>
<th>PUT/CALL</th>
<th>Trade Type</th>
<th>Sentiment</th>
<th>Exp. Date</th>
<th>Ask</th>
<th>Bid</th>
<th>Price</th>
<th>Strike Price</th>
<th>Total Trade Price</th>
<th align="right">Open Interest</th>
<th>Volume</th>
</tr>
</thead>
<tbody>
<tr>
<td>BIIB</td>
<td>PUT</td>
<td>TRADE</td>
<td>BULLISH</td>
<td>07/18/25</td>
<td>$6.3</td>
<td>$2.7</td>
<td>$3.44</td>
<td>$125.00</td>
<td>$68.8K</td>
<td align="right">130</td>
<td>6.7K</td>
</tr>
<tr>
<td>BIIB</td>
<td>PUT</td>
<td>TRADE</td>
<td>BULLISH</td>
<td>07/18/25</td>
<td>$6.3</td>
<td>$2.7</td>
<td>$3.44</td>
<td>$125.00</td>
<td>$68.8K</td>
<td align="right">130</td>
<td>7.2K</td>
</tr>
<tr>
<td>BIIB</td>
<td>PUT</td>
<td>TRADE</td>
<td>BULLISH</td>
<td>07/18/25</td>
<td>$6.3</td>
<td>$2.7</td>
<td>$3.44</td>
<td>$125.00</td>
<td>$68.8K</td>
<td align="right">130</td>
<td>5.2K</td>
</tr>
<tr>
<td>BIIB</td>
<td>PUT</td>
<td>TRADE</td>
<td>BULLISH</td>
<td>07/18/25</td>
<td>$6.3</td>
<td>$2.7</td>
<td>$3.44</td>
<td>$125.00</td>
<td>$68.8K</td>
<td align="right">130</td>
<td>5.2K</td>
</tr>
<tr>
<td>BIIB</td>
<td>PUT</td>
<td>TRADE</td>
<td>BULLISH</td>
<td>07/18/25</td>
<td>$6.3</td>
<td>$2.7</td>
<td>$3.43</td>
<td>$125.00</td>
<td>$68.6K</td>
<td align="right">130</td>
<td>5.6K</td>
</tr>
</tbody>
</table>

<h3>About Biogen</h3>
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.
<h3>Where Is Biogen Standing Right Now?</h3>
<ul>
<li>Trading volume stands at 1,501,013, with BIIB's price up by 0.01%, positioned at $150.39.</li>
<li>RSI indicators show the stock to be is currently neutral between overbought and oversold.</li>
<li>Earnings announcement expected in 44 days.</li>
</ul>
<h3>Expert Opinions on Biogen</h3>
In the last month, 5 experts released ratings on this stock with an average target price of $199.2.
Turn $1000 into $1270 in just 20 days?
20-year pro options trader reveals his one-line chart technique that shows when to buy and sell. Copy his trades, which have had averaged a 27% profit every 20 days. <a href="https://www.benzinga.com/premium/ideas/options-moneyline-2/?t=Moop1arja3be22op14&amp;adType=benzinga-insights&amp;ad=options-activity&amp;campaign=wallstreetadvantage">Click here for access</a>. 
&#x2A; An analyst from RBC Capital has decided to maintain their Outperform rating on Biogen, which currently sits at a price target of $225. 
&#x2A; An analyst from Goldman Sachs has decided to maintain their Buy rating on Biogen, which currently sits at a price target of $245. 
&#x2A; An analyst from Citigroup has decided to maintain their Neutral rating on Biogen, which currently sits at a price target of $145. 
&#x2A; An analyst from Wells Fargo persists with their Equal-Weight rating on Biogen, maintaining a target price of $140. 
&#x2A; Consistent in their evaluation, an analyst from HC Wainwright &amp; Co. keeps a Buy rating on Biogen with a target price of $241. 
Options are a riskier asset compared to just trading the stock, but they have higher profit potential. Serious options traders manage this risk by educating themselves daily, scaling in and out of trades, following more than one indicator, and following the markets closely.
If you want to stay updated on the latest options trades for Biogen, <a href="https://www.benzinga.com/pro/">Benzinga Pro</a> gives you real-time options trades alerts.

Options

Markets

Decoding Biogen's Options Activity: What's the Big Picture?

Biogen's (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BIIB#NYSE">BIIB</a>) short percent of float has risen 3.1% since its last report. The company recently reported that it has 3.88 million shares sold short, which is 2.99% of all regular shares that are available for trading. Based on its trading volume, it would take traders 2.35 days to cover their short positions on average.
<h3>Why Short Interest Matters</h3>
Short interest is the number of shares that have been sold short but have not yet been covered or closed out. <a href="https://www.benzinga.com/money/how-to-short-a-stock?adType=benzinga-insights&amp;ad=short-interest&amp;campaign=wallstreetadvantage">Short selling</a> is when a trader sells shares of a company they do not own, with the hope that the price will fall. Traders make money from short selling if the price of the stock falls and they lose if it rises.
Short interest is important to track because it can act as an indicator of market sentiment towards a particular stock. An increase in short interest can signal that investors have become more bearish, while a decrease in short interest can signal they have become more bullish.
See Also: <a href="https://www.benzinga.com/short-interest?adType=benzinga-insights&amp;ad=short-interest&amp;campaign=wallstreetadvantage">List of the most shorted stocks</a>
<h3>Biogen Short Interest Graph (3 Months)</h3>
<img src="https://www.benzinga.com/files/images/story/2025/1741368622_0.png" alt="short_fig" />
As you can see from the chart above the percentage of shares that are sold short for Biogen has grown since its last report. This does not mean that the stock is going to fall in the near-term but traders should be aware that more shares are being shorted.
<h3>Comparing Biogen's Short Interest Against Its Peers</h3>
Peer comparison is a popular technique amongst analysts and investors for gauging how well a company is performing. A company's peer is another company that has similar characteristics to it, such as industry, size, age, and financial structure. You can find a company's peer group by reading its 10-K, proxy filing, or by doing your own similarity analysis.
According to <a href="https://www.benzinga.com/pro/">Benzinga Pro</a>, Biogen's peer group average for short interest as a percentage of float is 5.55%, which means the company has less short interest than most of its peers.
Did you know that increasing short interest can actually be bullish for a stock? <a href="https://www.benzinga.com/money/how-to-make-money-on-a-short-squeeze?adType=benzinga-insights&amp;ad=short-interest&amp;campaign=wallstreetadvantage">This post by Benzinga Money explains how you can profit from it.</a>
This article was generated by Benzinga's automated content engine and was reviewed by an editor.

Short Sellers

Short Ideas

Trading Ideas

How Is The Market Feeling About Biogen?

The National Institute for Health and Care Excellence (NICE) has reaffirmed its stance against recommending Alzheimer&#8217;s treatments donanemab and lecanemab for NHS use, citing <a target="_blank" href="https://www.benzinga.com/general/health-care" rel="noreferrer noopener">insufficient cost-effectiveness</a>.
Despite additional evidence submitted by manufacturers, the independent appraisal committee <a target="_blank" href="https://www.nice.org.uk/news/articles/second-consultation-launched-on-nhs-funding-for-alzheimer-s-treatments" rel="noreferrer noopener">concluded</a> that the treatments do not provide enough benefit to justify their significant cost.
NICE first raised concerns about these treatments last year, determining that their clinical benefits did not outweigh the financial burden they would place on the NHS.
Read Next: <a target="_blank" href="https://www.benzinga.com/25/03/44171941/denali-therapeutics-ends-als-trial-extension-analyst-stays-optimistic-despite-trial-setback" rel="noreferrer noopener">Denali Therapeutics Ends ALS Trial Extension, Analyst Stays Optimistic Despite Trial Setback</a>
Although the U.K.&#8217;s Medicines and Healthcare Products Regulatory Agency (MHRA) approved Eli Lilly&#8217;s Kisunla (donanemab) in October, NICE <a target="_blank" href="https://www.benzinga.com/top-stories/24/10/41498770/eli-lilly-alzheimers-drug-faces-tough-road-in-uk-price-watchdog-nice-says-donanemab-is-not-cost-effe" rel="noreferrer noopener">refused&nbsp;to cover it</a>.
The agency ruled that the cost of providing donanemab balanced against the relatively small benefit cannot currently be considered good value for the taxpayer.
In August, MHRA approved Biogen Inc&#8217;s (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/BIIB#NASDAQ">BIIB</a>) <a target="_blank" href="https://www.benzinga.com/general/biotech/24/08/40514109/biogens-alzheimers-drug-secures-uk-approval-but-an-independent-agency-does-not-recommend-reimburs" rel="noreferrer noopener">Leqembi (lecanemab)</a>.
Despite the approval, NICE said in its guidance draft,&#8221;&nbsp;benefits of the new Alzheimer&#8217;s drug lecanemab are too small to justify the costs.&#8221;
Following a request for further data, the latest assessment has reinforced that donanemab and lecanemab remain economically unviable for NHS funding.
&#8220;Cost and evidence gaps remain barriers to approving funding in the NHS for donanemab and lecanemab,&#8221; the agency says in its statement.
Stakeholders are encouraged to contribute their perspectives before the consultation period closes on March 27, 2025.
A third committee meeting will review all responses and additional analyses before NICE issues its final recommendations.
Price Action: At the last check on Thursday, BIIB stock was up 1.50% at $145.92, and LLY stock was down 2.82% at $903.84.
Read Next:
<ul>
<li><a href="https://www.benzinga.com/markets/equities/25/03/44170118/meet-magic-apron-home-depot-launches-generative-ai-tool-to-enhance-spring-shopping" target="_blank" rel="noreferrer noopener">Meet Magic Apron: Home Depot Launches Generative AI Tool To Enhance Spring Shopping</a></li>
</ul>
Photo via Shutterstock

Biotech

Government

Large Cap

Alzheimer's Drugs From Eli Lilly And Biogen Still Deemed Too Costly For NHS Funding

High-rolling investors have positioned themselves bullish on Biogen (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/BIIB#NASDAQ">BIIB</a>), and it's important for retail traders to take note. 
\This activity came to our attention today through Benzinga's tracking of publicly available options data. The identities of these investors are uncertain, but such a significant move in BIIB often signals that someone has privileged information.
Today, Benzinga's options scanner spotted 12 options trades for Biogen. This is not a typical pattern.
The sentiment among these major traders is split, with 25% bullish and 25% bearish. Among all the options we identified, there was one put, amounting to $30,042, and 11 calls, totaling $746,086.
<h3>Expected Price Movements</h3>
Taking into account the Volume and Open Interest on these contracts, it appears that whales have been targeting a price range from $100.0 to $180.0 for Biogen over the last 3 months. 
<h3>Volume &amp; Open Interest Development</h3>
Looking at the volume and open interest is a powerful move while trading options. 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 trades within a strike price range from $100.0 to $180.0 in the last 30 days. 
<h3>Biogen Call and Put Volume: 30-Day Overview</h3>
<img src="https://www.benzinga.com/files/images/story/2025/1741111264_0.png" alt="Options Call Chart" />
<h3>Significant Options Trades Detected:</h3>

<table>
<thead>
<tr>
<th>Symbol</th>
<th>PUT/CALL</th>
<th>Trade Type</th>
<th>Sentiment</th>
<th>Exp. Date</th>
<th>Ask</th>
<th>Bid</th>
<th>Price</th>
<th>Strike Price</th>
<th>Total Trade Price</th>
<th align="right">Open Interest</th>
<th align="right">Volume</th>
</tr>
</thead>
<tbody>
<tr>
<td>BIIB</td>
<td>CALL</td>
<td>TRADE</td>
<td>BEARISH</td>
<td>03/21/25</td>
<td>$27.2</td>
<td>$26.0</td>
<td>$26.0</td>
<td>$120.00</td>
<td>$260.0K</td>
<td align="right">872</td>
<td align="right">100</td>
</tr>
<tr>
<td>BIIB</td>
<td>CALL</td>
<td>SWEEP</td>
<td>BEARISH</td>
<td>03/21/25</td>
<td>$51.3</td>
<td>$47.0</td>
<td>$47.0</td>
<td>$100.00</td>
<td>$141.1K</td>
<td align="right">30</td>
<td align="right">30</td>
</tr>
<tr>
<td>BIIB</td>
<td>CALL</td>
<td>TRADE</td>
<td>BEARISH</td>
<td>03/21/25</td>
<td>$27.1</td>
<td>$26.0</td>
<td>$26.0</td>
<td>$120.00</td>
<td>$62.4K</td>
<td align="right">872</td>
<td align="right">124</td>
</tr>
<tr>
<td>BIIB</td>
<td>CALL</td>
<td>SWEEP</td>
<td>NEUTRAL</td>
<td>04/17/25</td>
<td>$10.5</td>
<td>$10.0</td>
<td>$10.22</td>
<td>$140.00</td>
<td>$51.1K</td>
<td align="right">197</td>
<td align="right">118</td>
</tr>
<tr>
<td>BIIB</td>
<td>CALL</td>
<td>SWEEP</td>
<td>BULLISH</td>
<td>03/21/25</td>
<td>$22.1</td>
<td>$17.2</td>
<td>$20.35</td>
<td>$125.00</td>
<td>$40.9K</td>
<td align="right">75</td>
<td align="right">22</td>
</tr>
</tbody>
</table>

<h3>About Biogen</h3>
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.
Following our analysis of the options activities associated with Biogen, we pivot to a closer look at the company's own performance.
<h3>Present Market Standing of Biogen</h3>
<ul>
<li>With a volume of 1,409,926, the price of BIIB is up 1.32% at $143.57. </li>
<li>RSI indicators hint that the underlying stock may be approaching overbought.</li>
<li>Next earnings are expected to be released in 50 days.</li>
</ul>
<h3>What Analysts Are Saying About Biogen</h3>
A total of 5 professional analysts have given their take on this stock in the last 30 days, setting an average price target of $201.0.
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. <a href="https://www.benzinga.com/premium/ideas/benzinga-edge-checkout/?t=Be8be9arja3be22bz20&amp;adType=benzinga-insights&amp;ad=options-activity&amp;campaign=wallstreetadvantage">Click here for access</a>. 
&#x2A; Maintaining their stance, an analyst from Scotiabank continues to hold a Sector Outperform rating for Biogen, targeting a price of $224. 
&#x2A; An analyst from Canaccord Genuity has decided to maintain their Buy rating on Biogen, which currently sits at a price target of $265. 
&#x2A; An analyst from HC Wainwright &amp; Co. has decided to maintain their Buy rating on Biogen, which currently sits at a price target of $241. 
&#x2A; An analyst from Wells Fargo has decided to maintain their Equal-Weight rating on Biogen, which currently sits at a price target of $140. 
&#x2A; Reflecting concerns, an analyst from Piper Sandler lowers its rating to Neutral with a new price target of $135.
Options are a riskier asset compared to just trading the stock, but they have higher profit potential. Serious options traders manage this risk by educating themselves daily, scaling in and out of trades, following more than one indicator, and following the markets closely.
If you want to stay updated on the latest options trades for Biogen, <a href="https://www.benzinga.com/pro/">Benzinga Pro</a> gives you real-time options trades alerts.

What the Options Market Tells Us About Biogen

<a href="https://www.eisai.com/news/2025/pdf/enews202515pdf.pdf">https://www.eisai.com/news/2025/pdf/enews202515pdf.pdf</a>
&nbsp;
– Eisai Co., Ltd. (Headquarters: Tokyo, CEO: Haruo Naito, "Eisai") and Biogen Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/BIIB#NASDAQ">BIIB</a>, Corporate headquarters: Cambridge, Massachusetts, CEO: Christopher A. Viehbacher, "Biogen")) announced today that the Therapeutic Goods Administration (TGA) of Australia has confirmed the initial decision to decline the approval of humanized anti-soluble aggregated amyloid-beta (Aβ) monoclonal antibody lecanemab (generic name) as a treatment for early Alzheimer's disease (AD) (mild cognitive impairment due to AD and mild AD dementia). In October 2024, the TGA made the decision not to register lecanemab in Australia for the treatment of patients with early AD. In December 2024, Eisai requested reconsideration of the decision, proposing to the TGA the same apolipoprotein E4 (ApoE4) noncarrier and heterozygote indication that was agreed by the Medicines and Healthcare products Regulatory Agency (MHRA) and European Medicines Agency (EMA). In the course of the reconsideration of the initial decision, the TGA proposed an alternative narrow therapeutic indication only for ApoE4 noncarriers as an increasing number of ApoE4 alleles is a potential risk factor for ARIA. They did not agree that safety has been established for ApoE4 heterozygotes. Eisai proposed alternative indications, one of which was to maintain the ApoE4 noncarrier and heterozygote indication, but with heterozygotes treated in specialist centers and supervised by physicians with expertise in treatment of AD and monitoring for ARIA; however, the TGA rejected our proposal.

Eisai  and Biogen Announces That The Therapeutic Goods Administration Of Australia Has Confirmed The Initial Decision To Decline The Approval Of Humanized Anti-Soluble Aggregated Amyloid-Beta  Monoclonal Antibody Lecanemab As A Treatment For Early Alzheimer's Disease

<a href="https://investors.biogen.com/news-releases/news-release-details/committee-medicinal-products-human-use-chmp-reaffirms-positive">https://investors.biogen.com/news-releases/news-release-details/committee-medicinal-products-human-use-chmp-reaffirms-positive</a> Eisai Co., Ltd. (Headquarters: Tokyo, CEO: Haruo Naito, "Eisai") and Biogen Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/BIIB#NASDAQ">BIIB</a>, Corporate headquarters: Cambridge, Massachusetts, CEO: Christopher A. Viehbacher, "Biogen")) announced today that the Committee for Medicinal Products for Human Use (CHMP) of the European Medicines Agency has reaffirmed its positive opinion by consensus for the anti-Aβ monoclonal antibody lecanemab, adopted in November 2024.1 Following CHMP's reaffirmation, after having considered the additional information requested by the European Commission (EC), the EC will resume the decision-making process for lecanemab's marketing authorization.
In January 2025, as part of its decision-making process, the EC asked the CHMP to consider information on the safety of lecanemab that became available after the adoption of the CHMP opinion in November 2024 and whether this may require an update of the opinion, and to consider whether the wording of the risk minimization measures in the opinion is clear enough to ensure correct implementation. After reviewing the additional information, the CHMP concluded that its positive opinion for lecanemab does not need to be updated.
Mild cognitive impairment (MCI) due to Alzheimer's disease (AD) and AD dementia currently affects an estimated 15.2 million and 6.9 million people in Europe, respectively.2 AD progresses over time in stages with increasingly severe symptoms that greatly impact not only those who are living with AD, but also their loved ones, care partners and society. There is a significant unmet need for new treatment options that slow down the progression of AD from its early stage.
If the EC approves the lecanemab marketing authorization application, the approval will apply to all 27 European Union member states, as well as Iceland, Liechtenstein, and Norway. Eisai and Biogen will continue to make every effort to deliver lecanemab to patients with early AD in Europe as soon as possible.
Eisai serves as the lead for lecanemab's development and regulatory submissions globally with both Eisai and Biogen co-commercializing and co-promoting the product and Eisai having final decision-making authority.

Global

The CHMP Reaffirms Positive Opinion For Lecanemab In Early Alzheimer's Disease

A cost-saving effort by NHS England to transition multiple sclerosis (MS) patients from Biogen Inc&#8217;s (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/BIIB#NASDAQ">BIIB</a>) Tysabri (natalizumab) to the biosimilar drug Tyruko has led to significant side effects.
At Charing Cross Hospital in London, about 170 multiple sclerosis patients experienced complications, including relapses, mobility issues, fatigue, pain, and weight gain. Some cases were severe enough to require hospitalization.
Also Read: <a target="_blank" href="https://www.benzinga.com/general/biotech/25/02/43792922/biogen-strengthens-pipeline-with-stoke-therapeutics-dravet-syndrome-candidate-via-multi-million-dollar-deal" rel="noreferrer noopener">Biogen Strengthens Pipeline With Stoke Therapeutic&#8217;s Dravet Syndrome Candidate Via Multi-Million Dollar Deal</a>
According to The Guardian report, NHS England has been rolling out biosimilar drugs like Tyruko since April, aiming to cut costs by using alternatives to patented medications. Biosimilars are designed to be as effective and safe as the original drugs but are considerably cheaper—Tyruko costs an average of 72% <a target="_blank" href="https://www.benzinga.com/general/biotech/25/02/43673992/biogen-delivers-q4-beat-analyst-focuses-on-leqembi-expansion-2025-outlook" rel="noreferrer noopener">less than Tysabri</a>.
Sandoz Group AG (OTC:<a class="ticker" href="https://www.benzinga.com/stock/SDZXF#OTC">SDZXF</a>) (OTC:<a class="ticker" href="https://www.benzinga.com/stock/SDZNY#OTC">SDZNY</a>), a generic spin-off of Novartis AG (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/NVS#NYSE">NVS</a>), manufactures Tyruko. As per The Guardian <a target="_blank" href="https://www.theguardian.com/society/2025/feb/24/ms-patients-suffer-side-effects-after-nhs-england-switches-to-cheaper-drug" rel="noreferrer noopener">report</a>, the initiative is part of a broader strategy to save $1.26 billion (1 billion pounds) over five years on medication expenses.
The extent of the issue remains unclear. NHS England has stated that problems have only been observed at Charing Cross, but one patient claims that individuals at 15 other hospitals have also experienced negative effects from the switch.
Approximately half of the NHS hospitals treating MS patients are currently participating in the transition to Tyruko.
Due to growing concerns, NHS England is now discussing with the Department of Health and Social Care and the Medicines and Healthcare products Regulatory Agency to assess the situation and determine potential next steps.
Imperial College Healthcare NHS Trust, which oversees Charing Cross Hospital, initially had 345 patients on Tysabri. When the transition to Tyruko began in May, the trust anticipated mild, short-term side effects but was unprepared for the severity and persistence of complications. About half of the affected patients reported worsening symptoms over several months. In response, all have now been switched back to Tysabri.
Price Action: BIIB stock is up 0.19% at $140.91 at the last check Monday.
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</ul>
Photo by Tada Images via Shutterstock

Topics

SDZNY

SDZXF

NHS England's Transition From Biogen's Drug To Sandoz's Biosimilar Sparks Alarm As Multiple Sclerosis Patients Report Severe Effects

Deep-pocketed investors have adopted a bullish approach towards Biogen (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/BIIB#NASDAQ">BIIB</a>), 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 11 extraordinary options activities for Biogen. This level of activity is out of the ordinary.
The general mood among these heavyweight investors is divided, with 36% leaning bullish and 27% bearish. Among these notable options, 3 are puts, totaling $154,362, and 8 are calls, amounting to $325,022.
<h3>What's The Price Target?</h3>
Based on the trading activity, it appears that the significant investors are aiming for a price territory stretching from $120.0 to $155.0 for Biogen over the recent three months. 
<h3>Volume &amp; Open Interest Development</h3>
Looking at the volume and open interest is a powerful move while trading options. 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 trades within a strike price range from $120.0 to $155.0 in the last 30 days. 
<h3>Biogen Option Activity Analysis: Last 30 Days</h3>
<img src="https://www.benzinga.com/files/images/story/2025/1740159930_0.png" alt="Options Call Chart" />
<h3>Largest Options Trades Observed:</h3>

<table>
<thead>
<tr>
<th>Symbol</th>
<th>PUT/CALL</th>
<th>Trade Type</th>
<th>Sentiment</th>
<th>Exp. Date</th>
<th>Ask</th>
<th>Bid</th>
<th>Price</th>
<th>Strike Price</th>
<th>Total Trade Price</th>
<th>Open Interest</th>
<th align="right">Volume</th>
</tr>
</thead>
<tbody>
<tr>
<td>BIIB</td>
<td>PUT</td>
<td>SWEEP</td>
<td>BEARISH</td>
<td>07/18/25</td>
<td>$9.7</td>
<td>$9.5</td>
<td>$9.7</td>
<td>$135.00</td>
<td>$72.7K</td>
<td>479</td>
<td align="right">1</td>
</tr>
<tr>
<td>BIIB</td>
<td>CALL</td>
<td>SWEEP</td>
<td>NEUTRAL</td>
<td>03/21/25</td>
<td>$5.3</td>
<td>$5.1</td>
<td>$5.2</td>
<td>$140.00</td>
<td>$52.0K</td>
<td>122</td>
<td align="right">113</td>
</tr>
<tr>
<td>BIIB</td>
<td>CALL</td>
<td>TRADE</td>
<td>BULLISH</td>
<td>03/21/25</td>
<td>$20.5</td>
<td>$19.9</td>
<td>$20.5</td>
<td>$120.00</td>
<td>$51.2K</td>
<td>1.0K</td>
<td align="right">115</td>
</tr>
<tr>
<td>BIIB</td>
<td>CALL</td>
<td>SWEEP</td>
<td>BULLISH</td>
<td>07/18/25</td>
<td>$9.7</td>
<td>$9.6</td>
<td>$9.7</td>
<td>$150.00</td>
<td>$49.4K</td>
<td>119</td>
<td align="right">3</td>
</tr>
<tr>
<td>BIIB</td>
<td>CALL</td>
<td>TRADE</td>
<td>NEUTRAL</td>
<td>03/21/25</td>
<td>$12.6</td>
<td>$11.9</td>
<td>$12.3</td>
<td>$130.00</td>
<td>$49.2K</td>
<td>149</td>
<td align="right">0</td>
</tr>
</tbody>
</table>

<h3>About Biogen</h3>
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.
Having examined the options trading patterns of Biogen, our attention now turns directly to the company. This shift allows us to delve into its present market position and performance
<h3>Where Is Biogen Standing Right Now?</h3>
<ul>
<li>Currently trading with a volume of 601,076, the BIIB's price is up by 2.28%, now at $140.21. </li>
<li>RSI readings suggest the stock is currently is currently neutral between overbought and oversold.</li>
<li>Anticipated earnings release is in 61 days.</li>
</ul>
<h3>Professional Analyst Ratings for Biogen</h3>
5 market experts have recently issued ratings for this stock, with a consensus target price of $170.6.
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. <a href="https://www.benzinga.com/premium/ideas/benzinga-edge-checkout/?t=Be8be9arja3be22bz20&amp;utm_source=benzinga-insights&amp;adType=benzinga-insights&amp;ad=options-activity&amp;campaign=wallstreetadvantage">Click here for access</a>. 
&#x2A; Maintaining their stance, an analyst from Scotiabank continues to hold a Sector Outperform rating for Biogen, targeting a price of $224. 
&#x2A; Consistent in their evaluation, an analyst from Citigroup keeps a Neutral rating on Biogen with a target price of $145. 
&#x2A; Consistent in their evaluation, an analyst from Truist Securities keeps a Buy rating on Biogen with a target price of $210. 
&#x2A; An analyst from BMO Capital persists with their Market Perform rating on Biogen, maintaining a target price of $139. 
&#x2A; Reflecting concerns, an analyst from Piper Sandler lowers its rating to Neutral with a new price target of $135.
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 <a href="https://www.benzinga.com/pro/">Benzinga Pro</a>.

Biogen Options Trading: A Deep Dive into Market Sentiment

On Tuesday, Biogen Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/BIIB#NASDAQ">BIIB</a>)&nbsp;and&nbsp;Stoke Therapeutics, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/STOK#NASDAQ">STOK</a>)&nbsp;collaborated to develop and commercialize zorevunersen for Dravet syndrome in all territories outside the <a target="_blank" href="https://www.benzinga.com/pressreleases/25/02/b43778917/biogen-and-stoke-therapeutics-enter-into-collaboration-to-develop-and-commercialize-zorevunersen-f" rel="noreferrer noopener">United States, Canada, and Mexico</a>.
Zorevunersen is an investigational antisense oligonucleotide (ASO) that targets the&nbsp;SCN1A gene, the underlying cause of most cases of Dravet syndrome.
Stoke recently announced plans to initiate a global Phase 3 registrational study of zorevunersen (EMPEROR) following the alignment with regulatory agencies in the <a target="_blank" href="https://www.benzinga.com/pressreleases/25/01/b42840166/stoke-therapeutics-announces-alignment-with-global-regulatory-agencies-and-plans-to-initiate-a-pha" rel="noreferrer noopener">United States, Europe, and Japan</a>.
Also Read: <a target="_blank" href="https://www.benzinga.com/25/02/43708416/leqembi-and-skyclarys-expected-to-drive-biogens-future-growth" rel="noreferrer noopener">Leqembi And Skyclarys Expected To Drive Biogen&#8217;s Future Growth: Analysts</a>
The study is on track to initiate in the second quarter of 2025, with a pivotal data readout expected in the second half of 2027, which is anticipated to support global regulatory filings.
Stoke will continue to lead global development and retain exclusive development and commercialization rights for zorevunersen in the U.S., Canada, and Mexico.
Biogen receives exclusive rights to commercialize zorevunersen in the rest of the world. Stoke will receive an upfront payment of $165 million. The parties will share external clinical development costs for zorevunersen (30% Biogen; 70% Stoke).
Additionally, Stoke may receive up to $385 million in development and commercial milestone payments.
Stoke will also be eligible to receive tiered royalties on potential net sales in the Biogen territory, ranging from low double digits to high teens.
Stoke has also granted Biogen an option to license rights outside of the U.S., Canada, and Mexico to certain future follow-on ASO products targeting&nbsp;SCN1A, in exchange for separate milestone, cost sharing, and royalty considerations.
&#8220;Additionally, this collaboration provides cash flows, that when combined with Stoke&#8217;s financial position, support the company through to mid-2028,&#8221; said Edward Kaye, CEO of Stoke Therapeutics.
Price Action: At last check Tuesday, BIIB was down 0.79% at $136.24, and STOK was down 3.15% at $10.34.
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</ul>

Contracts

STOK

Biogen Strengthens Pipeline With Stoke Therapeutic's Dravet Syndrome Candidate Via Multi-Million Dollar Deal

Piper Sandler analyst Christopher Raymond reiterates Biogen (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/BIIB#NASDAQ">BIIB</a>) with a Neutral and lowers the price target from $138 to $135.

Price Target

Reiteration

Analyst Ratings

Piper Sandler Reiterates Neutral on Biogen, Lowers Price Target to $135

Stoke retains exclusive rights for zorevunersen in the United States, Canada, and Mexico; Biogen receives exclusive rest of world commercialization rights
Collaboration broadens Biogen's rare disease pipeline and leverages global expertise commercializing high-value, disease-modifying medicines for rare genetic diseases
Pivotal Phase 3 EMPEROR study of zorevunersen on track to initiate in Q2 2025 with an anticipated readout in 2H 2027
Stoke to receive $165M upfront, shared development costs and is eligible to receive up to $385M in milestones as well as royalties
CAMBRIDGE, Mass. and BEDFORD, Mass., Feb. 18, 2025 (GLOBE NEWSWIRE) -- <a href="https://www.globenewswire.com/Tracker?data=rXVM9fJMUxzxRp-GexgOx6lwmA0kqoJHB3Ku8rd2wQJYTzKns_jqnkUN2rTj76UbazIktVNfveZf08nTV-eQ6w==">Biogen Inc.</a> (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/BIIB#NASDAQ">BIIB</a>) and <a href="https://www.globenewswire.com/Tracker?data=bQ_24w8H-E2VVXgF2Xw91le8MDxJhIKKX0DvbH1YPsW-vXeoxFIpNwEyhPQm8lHIpVoCRoWrUOEv2LOQQmESSB4rVfC9A-9t2vUK_J4NbZwvtbBsPEZ9dCrFqkkvVTeL">Stoke Therapeutics, Inc.</a> (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/STOK#NASDAQ">STOK</a>) today announced a collaboration for the development and commercialization of zorevunersen, a potential first-in-class disease modifying medicine in development for the treatment of Dravet syndrome, in all territories outside the United States, Canada, and Mexico. Zorevunersen is an investigational antisense oligonucleotide (ASO) that targets the SCN1A gene, the underlying cause of most cases of Dravet syndrome. Stoke recently announced plans to initiate a global Phase 3 registrational study of zorevunersen (EMPEROR) following successful alignment with regulatory agencies in the United States, Europe, and Japan. The study is on track to initiate in the second quarter of 2025, with a pivotal data readout expected in the second half of 2027, which is anticipated to support global regulatory filings.
Significant unmet treatment needs remain for patients with Dravet syndrome, a severe, genetic developmental and epileptic encephalopathy characterized by severe, recurrent seizures as well as significant cognitive and behavioral impairments. There are no approved disease-modifying therapies for Dravet syndrome, which is difficult to treat and has a poor long-term prognosis. Currently, it is estimated that up to 38,000 people are living with Dravet syndrome in the U.S., UK, EU-4 and Japan.1

Biogen And Stoke Therapeutics Enter Into Collaboration To Develop And Commercialize Zorevunersen For The Treatment Of Dravet Syndrome, A Rare Genetic Epilepsy Associated With Refractory Seizures And Neurodevelopmental Impairments; Stoke Retains Zorevunersen Rights In US, Canada, Mexico; Biogen Gains Global Rights; Stoke To Receive $165M Upfront, Up To $385M In Milestones; EMPEROR Phase 3 Study To Begin Q2 2025 With Results In H2 2027

On Wednesday,&nbsp;Biogen Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/BIIB#NASDAQ">BIIB</a>) reported fourth-quarter adjusted EPS of $3.44, up 17%, beating&nbsp;<a target="_blank" href="https://www.benzinga.com/calendars/earnings" rel="noreferrer noopener">the consensus of $3.35</a>.
The company&nbsp;reported&nbsp;sales of&nbsp;$2.46 billion, up 2% year over year on constant currency and 3% on a reported basis, beating the&nbsp;<a target="_blank" href="https://www.benzinga.com/general/biotech/25/02/43673992/biogen-delivers-q4-beat-analyst-focuses-on-leqembi-expansion-2025-outlook" rel="noreferrer noopener">consensus of $2.40 billion</a>.
Needham analyst Ami Fadia expects challenges in the multiple sclerosis segment, as growth from key product launches isn&#8217;t enough to make up for declines.
While Leqembi sales performed well outside the U.S. and Skyclarys is set to grow internationally, Medicare Part D changes will hit its U.S. sales, reducing revenue by about $15–$30 million. The analyst expects it will take time for the business to regain momentum.
As a result, revenue projections for 2025 have been lowered, affecting longer-term estimates. The firm remains cautious, awaiting clearer signs of growth from the company&#8217;s pipeline, existing drugs, or business development. Needham <a href="https://www.benzinga.com/quote/BIIB/analyst-ratings" target="_blank" rel="noreferrer noopener">maintains a Hold rating</a>.
HC Wainwright analyst Ananda Ghosh expects lecanemab&#8217;s growth to gain momentum once blood-based biomarkers, which could be approved in the second half of 2025, help reduce challenges related to MRI scans.
Given the guidance of a year-over-year revenue decline, the HC Wainwright analyst re-evaluates revenue estimates, given the near-term headwinds. Thus, the price target is reduced to $241 from $300, maintaining the Buy rating.
Oppenheimer analyst Jay Olson expects Leqembi and Skyclarys to boost long-term revenue, though it may take time for that growth to materialize. He also sees the Fit-for-Growth initiatives helping improve operating margins over time.
With an Outperform rating and $255 price target, Olson is optimistic about the competitive landscape, noting that evidence favors ongoing treatment rather than a fixed duration. As a result, Oppenheimer anticipates some patients may switch from donanemab to Leqembi, especially with the availability of a subcutaneous (subQ) version.
RBC Capital Markets says Biogen has effectively streamlined its research and development priorities and optimized expenses, as reflected in its fourth-quarter results and 2025 guidance, leading to a stronger core business structure.
Analyst Brian Abrahams believes Biogen&#8217;s stock is undervalued compared to its actual business fundamentals. He suggests that progress with Leqembi&#8217;s subcutaneous version or EU approvals, a pipeline success, or favorable deals could help shift investor sentiment and narrow this gap.
RBC Capital has lowered the price target to $225 from $231 with an Outperform rating.
Truist writes Leqembi&#8217;s growth remains the main focus for both Biogen and investors. While new formulations and blood-based diagnostics may support growth in 2025, they don&#8217;t anticipate significant breakthroughs.
Analyst Srikripa Devarakonda maintains the Buy rating while lowering the price target from $220 to $210.
Price Action: BIIB stock is up 4.06% at $138.85 at last check Thursday.
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</ul>
Photo: Tada Images/Shutterstock.com

Analyst Color

Earnings

Equities

Leqembi And Skyclarys Expected To Drive Biogen's Future Growth: Analysts

Scotiabank analyst George Farmer maintains Biogen (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/BIIB#NASDAQ">BIIB</a>) with a Sector Outperform and lowers the price target from $244 to $224.

Scotiabank Maintains Sector Outperform on Biogen, Lowers Price Target to $224

BMO Capital analyst Evan Seigerman maintains Biogen (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/BIIB#NASDAQ">BIIB</a>) with a Market Perform and lowers the price target from $156 to $139.

BMO Capital Maintains Market Perform on Biogen, Lowers Price Target to $139

Morgan Stanley analyst Matthew Harrison maintains Biogen (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/BIIB#NASDAQ">BIIB</a>) with a Equal-Weight and lowers the price target from $192 to $157.

Morgan Stanley Maintains Equal-Weight on Biogen, Lowers Price Target to $157

Goldman Sachs analyst Salveen Richter maintains Biogen (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/BIIB#NASDAQ">BIIB</a>) with a Buy and lowers the price target from $281 to $245.

Goldman Sachs Maintains Buy on Biogen, Lowers Price Target to $245

RBC Capital analyst Brian Abrahams maintains Biogen (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/BIIB#NASDAQ">BIIB</a>) with a Outperform and lowers the price target from $231 to $225.

RBC Capital Maintains Outperform on Biogen, Lowers Price Target to $225

Citigroup analyst Geoff Meacham maintains Biogen (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/BIIB#NASDAQ">BIIB</a>) with a Neutral and lowers the price target from $160 to $145.

Citigroup Maintains Neutral on Biogen, Lowers Price Target to $145

Wells Fargo analyst Mohit Bansal maintains Biogen (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/BIIB#NASDAQ">BIIB</a>) with a Equal-Weight and lowers the price target from $165 to $140.

Wells Fargo Maintains Equal-Weight on Biogen, Lowers Price Target to $140

Press Releases

FDA and EMA Accept Applications for Higher Dose Regimen of Nusinersen in SMA

FDA Approves LEQEMBI® (lecanemab-irmb) IV Maintenance Dosing for the Treatment of Early Alzheimer's Disease

Sage Therapeutics Board of Directors Initiates Review of Strategic Alternatives and Rejects Biogen's Unsolicited Acquisition Proposal

Update on Regulatory Review of Lecanemab for Early Alzheimer's Disease in the European Union

GeneDx Reports Fourth Quarter and Full Year 2024 Financial Results and Issues Guidance for Full Year 2025

Biogen and Stoke Therapeutics Enter into Collaboration to Develop and Commercialize Zorevunersen for the Treatment of Dravet Syndrome, a Rare Genetic Epilepsy Associated with Refractory Seizures and Neurodevelopmental Impairments

The Committee for Medicinal Products for Human Use (CHMP) Reaffirms Positive Opinion for Lecanemab in Early Alzheimer's Disease

Biogen Initiates Phase 3 Study of Felzartamab for the Treatment of Late Antibody-Mediated Rejection (AMR) in Kidney Transplant Patients

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Date	Put/Call	Strike Price	Exp Date	DTE	Trade Vol	Day Vol	Vol / OI	OI	Trade Type	Sentiment
02:18 PMFeb 19, 2025	PUT	$115.00	Jan 15, 2027	668	1471	450	4903	30	TRADE	BEARISH
02:16 PMFeb 19, 2025	PUT	$115.00	Jan 15, 2027	668	1001	1000	3337	30	TRADE	BEARISH

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