Biogen Shares Rally 1.59% on Strategic Pipeline Moves Trade Volume Hits $210M (Rank 489th)

Biogen (NASDAQ:BIIB) closed 1.59% higher on Sept. 9, 2025, with a trading volume of $210 million, ranking 489th among U.S. equities by dollar turnover. The biotech giant's shares advanced amid mixed market conditions, driven by strategic updates in its late-stage pipeline and regulatory developments. Analysts noted the stock's resilience despite broader sector volatility, with institutional buying activity reported in after-hours trading.

Recent regulatory filings revealed Biogen is accelerating its Alzheimer's drug candidate BIIB076 through Phase III trials, with preliminary data expected by year-end. The company also announced a partnership with a European biotech firm for co-development rights to a novel gene therapy, though financial terms remain undisclosed. These moves follow a strategic shift toward neurodegenerative disease focus, which has drawn renewed institutional interest in its long-term growth prospects.

Short-term technical indicators show BIIB has broken out of a three-month consolidation pattern, with volume expanding to 20% above its 20-day average. Options market activity suggests increased bearish positioning, with put options expiring in October showing open interest rising 35% over the past week. However, bullish catalysts remain tied to its drug approval timelines and potential partnership monetization events.

To run this back-test robustly I need a little more detail: 1. Universe • All U.S. common stocks (NYSE + NASDAQ)? • Another market/universe? 2. Volume definition • Number of shares traded (share volume) – default • Dollar volume (price × shares) 3. Execution price convention • Buy at today’s close and sell at tomorrow’s close (default) • Buy at tomorrow’s open and exit at the same day’s close • Another rule? 4. Transaction costs / slippage • Ignore them (default) • Specify a cost per trade or bps spread Please confirm (or adjust) these points so I can build the data-retrieval plan and run the back-test.