Biogen Surges 4.6% on FDA Approval Boost—What’s Next for the Biotech Giant?

Summary
• Biogen (BIIB) surges 4.6% to $138.31, breaking above its 52-week high of $204.18
• FDA approves subcutaneous Leqembi, a key Alzheimer’s therapy, sparking buying frenzy
• Options chain sees heavy volume in at-the-money calls, with BIIB20250905C140 leading turnover

Biogen’s intraday rally has captured market attention as the stock surges 4.6% to $138.31, trading near its 52-week high. The move follows the FDA’s nod for Leqembi’s subcutaneous maintenance formulation, a pivotal development for the Alzheimer’s drug. With turnover hitting 535,400 shares and the stock trading between $133.53 and $139.72, investors are scrambling to position for the next phase of this biotech story.

FDA Nod for Leqembi Drives Biogen’s Sharp Rally
The FDA’s approval of Biogen and Eisai’s subcutaneous Leqembi for Alzheimer’s maintenance therapy has ignited a buying frenzy. This formulation simplifies administration, addressing prior concerns about intravenous delivery. The news directly aligns with Biogen’s strategic pivot to streamline Leqembi’s adoption, reducing logistical barriers for patients and providers. With the stock trading near its 52-week high, the approval has rekindled optimism about Leqembi’s commercial potential, overshadowing broader sector volatility.

Biotech Sector Splits as Biogen Outperforms Amgen
While Biogen’s rally is driven by product-specific news, the broader biotech sector remains mixed. Sector leader Amgen (AMGN) trades down 0.08%, reflecting sector-wide caution. This divergence highlights Biogen’s unique catalyst—Leqembi’s regulatory progress—versus Amgen’s reliance on macroeconomic factors. The biotech sector’s lack of a unified narrative underscores the importance of individual stock fundamentals in today’s market.

Options Playbook: BIIB20250905C138 and BIIB20250905C140 Lead the Charge
• RSI: 58.44 (neutral), MACD: 1.28 (bullish), Bollinger Bands: 126.43–142.07 (breakout potential)
• 200-day MA: 137.30 (just above), 30D MA: 132.48 (support)

Biogen’s technicals suggest a breakout scenario, with the stock trading near its upper Bollinger Band. The 58.44 RSI indicates momentum is intact but not overbought. Aggressive bulls should target key levels: a break above $139.72 (intraday high) could trigger a retest of the 52-week high at $204.18. The 200-day MA at $137.30 offers critical support.

Top Options Picks:
• BIIB20250905C138: Call, Strike $138, Expiry 2025-09-05, IV 36.76%, Leverage 58.89%, Delta 0.54, Theta -1.03, Gamma 0.0745, Turnover 12,500
- High leverage and moderate delta position this call to capitalize on continued momentum.
• BIIB20250905C140: Call, Strike $140, Expiry 2025-09-05, IV 34.09%, Leverage 106.45%, Delta 0.38, Theta -0.78, Gamma 0.0773, Turnover 26,101
- High liquidity and leverage make this ideal for a 5% upside scenario (targeting $145.22), yielding a $5.22 payoff per contract.

Hook: Aggressive bulls may consider BIIB20250905C140 into a break above $139.72.

Backtest Biogen Stock Performance

Biogen’s Breakout: Secure Gains or Ride the Momentum?
Biogen’s 4.6% surge is a testament to the power of regulatory milestones in biotech. With Leqembi’s subcutaneous formulation now approved, the stock’s near-term trajectory hinges on execution risks and commercial uptake. Key levels to watch: a retest of the $137.30 200-day MA or a breakout above $139.72. Sector leader Amgen’s -0.08% decline highlights the importance of individual catalysts. Action: Position for a continuation above $139.72 or tighten stops below $133.53 to secure gains.