Biogen is a biotech company that develops, manufactures, and sells therapies for treating neurological and neurodegenerative diseases. The company is the market leader in multiple sclerosis drugs and launched the first approved treatments for spinal muscular atrophy and Alzheimer's disease. The company also sells products that treat plaque psoriasis, non-Hodgkin's lymphoma, lymphocytic leukemia, and rheumatoid arthritis. Current research continues on multiple sclerosis and has expanded to include neuro-immunology, ophthalmology, lupus, and other neuromuscular and movement disorders. Founded in 1978, the company is located in Cambridge, Massachusetts, employs 7,570 people, and is a component of the S&P 500.

Monday Tee Up: A Busy, Busy Week

Biogen and Idec merged in 2003, combining forces to market Biogen's multiple sclerosis drug Avonex and Idec's cancer drug Rituxan. Today, Rituxan and next-generation antibody Gazyva are marketed via a collaboration with Roche. Biogen also markets novel multiple sclerosis drugs Plegridy, Tysabri, Tecfidera, and Vumerity. In Japan, Biogen's MS portfolio is copromoted by Eisai. Hemophilia therapies Eloctate and Alprolix (partnered with Sobi) were spun off as part of Bioverativ in 2017. Biogen's newer products include Spinraza (SMA, with partner Ionis), Leqembi (Alzheimers, with partner Eisai), Skyclarys (Friedreich's Ataxia, Reata), Zurzuvae (post-partum depression, Sage), and Qalsody (ALS, Ionis). Biogen has several drug candidates in phase 3 trials in neurology-related fields.

With many of the elite stocks technically overbought after huge moves in late 2023 and early 2024, we've done a search for stocks that might provide some 'alpha' if the red-hot AI stocks finally take a break. We examined how much the actual return of an investment might exceed its expected return based on its risk level. We asked our Certified Market Technician Mark Arbeter to study charts for technical signals that favor individual stocks and predict their alpha. Mark reported that it is difficult to find strong technical setups at this time. Still, he looked for stocks that have been beaten down but show evidence that the worst is over. Technical characteristics for these stocks include an existing intermediate- to long-term downtrend, capitulatory volume during weakness followed by an upside reversal, bullish daily and weekly momentum divergences, and (most importantly) signs that the stock is at least attempting to trace out a bottoming pattern. Mark looks for these bottom formations in certain trading patterns. Here's a list of Argus Research BUY-rated stocks that fit Mark's technical model, signally possibly upside ahead.