BIIB
Earning season is still in full swing and these next two weeks will be mega as we have many of the Magnificent 7 and a handful of market movers ready to 'show yourself' (Frozen 2 style).
Now why are we talking about BIIB? I wanna hear about META and those glasses. Nah. Moving forward this newsletter will be about quarterly growth and this is the first quarter that we are going to track how we are doing. Exciting right?! Yes. I agree.
Well, with some solids gains from Morgan Stanley and Apple we are ready to add another ticker to our quarterly run - BIIB .
Let's begin!
BIIB - Biogen.
Currently this stock is super interesting to me and is showing us a few signs of opportunity.
First it solidly beat estimates last quarter and not in a revenue type of way but solid EPS type of way. This caused an immediate spike up and many took profit from it. Yet just a few days later the Yen carry caused the markets to crash.
In turn this stock dropped and my guess analysts that had investments here, jumped out and jumped into a market mover on the upswing to carry their portfolio to greater heights. So that left Biogen in the dust for a few months. Let's look at the dust.
The top blue arrow was the day of earnings and that Monday was the day the market got wrecked. It moved over 20pts in that short period. Since then it has drifted off in a solid sell cycle for the last 2.5 months. You can see how dominant the bears were in this run.
Now let's look at a longer view to see other points of interest.
Here we can see that it has dipped below its low that has supported this stock for almost a decade. Yes, the last time it was this low was a decade ago. To me this shows that it is undervalued and if it has a chance to break this low it is next week with earnings coming. AND once it breaks thru that orange line in the 240 range this will have a nice climb as after that range it will be free of resistance.
I see this as a value buy. Earnings on October 30th and currently an easy entry pre-earnings.
"Mark it, Dude." - Donnie
Jamie