Stock Market Trends: Old Favorite Back From Dead
A surprising name has been hitting a string of new 52-week highs in the biotech space and is soaring once again today. This stock was beaten into oblivion earlier this year on fears that its growth prospects were dim and that its drug Aranesp was in trouble. However, fast forward to today and the momentum traders are catching hold of Amgen (AMGN) and bidding it higher.
The catalyst for today’s rise is positive trial data on its osteoporosis candidate denosumab. Last week, the company reported that a large-scale Phase III study showed a lower rate of vertebrate fractures among post-menopausal women who took the drug. Now that the trend is back on the upswing, this stock could have much further to go.
More on this topic
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FDA Strikes Another Blow to Amgen’s Anemic Drug Sales
(The Wikinvest Daily Angle, 7/31/08)
FDA Strikes Another Blow to Amgen’s Anemic Drug Sales
(The Simplified Investor, 7/31/08)
Amgen needs to start paying a dividend.
(Bapcha's Stocks., 8/6/08)
