Potential Trades for this week - BIIB
Biogen (BIIB) is in the biotechnology & drugs sector, it’s leading sales are of the drugs Avonex, used for MS, Rituxan used for cancer and recently approved for MS and Lupus, and Tysabri used for MS.
The company has decent fundamentals, has been rising in price, recently retraced to its 30d moving average, and investor Carl Icahn has made an offer for the company. Friday the price of the stock rose $2.31 to close at a new high of $69.43, and in doing so, crossed it’s 7 day moving average.
Unfortuneatly, the current bid/ask price is around $84, well above Friday’s close. I can only imagine this is from after hours trading going on?
So this means a pass for me, but I’ll keep an eye on the stock as it remains on my watch list.
Suzanne @ October 15, 2007
Nice blog you got here and thanks for visiting and commenting on my site. I think BIIB is putting itself up for sale, announced it Friday after the close.
Hey there. Looks like you’re off and running trading real dollars. Good luck with it. Especially if you are a fellow trader from the ‘burgh!
Looking forward to seeing how things progress with your trading.
This sounds in a way explosive prior me…can’t wait on this…thank you!