Biogen’s Technical Breakout Signals Potential Upside to $300, Says Jay Woods

Biogen (BIIB) presents attractive chart patterns, according to Jay Woods. The stock is in a strong uptrend on the daily chart, having broken out of an ascending triangle, with upside targets near $240. Support is expected just above $200, and the RSI continues to rise, offering a favorable risk/reward setup. Using the 50‑day moving average around $190 as a stop‑loss can limit downside.

On the weekly chart, Biogen has surpassed its 200‑week moving average and ended a downtrend that began at its 2021 peak, forming a cup‑and‑handle base. Confirmation above $225 could open the door to longer‑term targets near $300, with the 200‑week breakout serving as support and the current uptrend around $185 as an exit point if the pattern fails.

Overall, the stock remains 52% below its 2021 all‑time high, yet shows signs of a sustainable turnaround. While biotech investing carries inherent risk—often tied to single‑drug outcomes—chart‑based analysis suggests clear entry and exit points. Woods notes that, despite past misses like Sarepta, Biogen’s technical setup looks promising.

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