Biogen - BIIB
BIIB on Wednesday rallied more than 11% on the back of better than expected earnings and an upped sales growth outlook.
While Biotech as a sector/industry had a meaningful correction this spring, many of the bigger stocks in the space have rallied nicely since the April lows.
With Wednesday's breakaway gap rally, that came on a major spike in volume, BIIB is right back in the game and could now stage a move back to the March highs and possibly beyond. As long as the stock doesn't give up more than half of Wednesday's gains in any quick fashion, risk/reward here looks good for a move back toward the high $350s as a next upside target.