Biogen Stock Up On Buyback, Bull Note

BIIB options are affordably priced at the moment

The shares of Biogen Inc (NASDAQ:BIIB) are up 0.9% to trade at $300.18 this morning, after the drugmaker announced a $5 billion share repurchase program. This is the second $5 billion stock buyback Biogen has issued in 2019. Also fueling today's price action is a price-target hike from Jefferies $325 from $310, territory not charted since March.

Despite today's upside move, Biogen stock remains stuck below year-to-date breakeven level. But the shares are still up 28% this quarter, thanks to a huge October bull gap in response to upbeat results from the company's Alzheimer Disease treatment.

The majority of analysts are entrenched in the bearish camp, with 17 of the 25 in coverage doling out "hold" or worse ratings. Plus, the consensus 12-month price target of $303.29 is in line to its current perch. In other words, a shift in analyst attention could provide short-term tailwinds for the equity.

Options arean intriguing vehicle to bet on Biogen. The stock's Schaeffer's Volatility Index (SVI) of 26% sits in the 7th percentile of its annual range. This means the stock's short-term options are pricing in extremely low volatility expectations right now.