Steady Trader Daily Hot Stock: Biogen readies a move back to all time highs

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.

Posted to Hot Tech Stocks to Watch on Jul 24, 2014 — 7:07 AM
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  • {[comment.author.username]} — Marketfy Staff — Maven — Member
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