By Dan Darrow
September 28, 2022
Intraday Update: BIIB
BIIB is a win-win. A successful Phase 3 Alzheimer's outcome was reported late last night, and the unexpected surprise is great for the community in need of a new treatment. It is also great for the stock, with a 45%+ early gap higher. The bull portion of the Oct21 strangle is going to be open well into the money, so the plan will be to close the Oct21 $260 - $275 call spread early. We will wait to see if the put spread has any premium and we will also be watching to see if there is a quick bull setup to open higher contracts for another push.
Trader Author Portfolio Holdings
**As of the date and time of publication