has been coiling as its stayed in this trading range so could see a pop off the but overall MA show weakening of price in what is usually a volatile Biotech market.
Obviously this is Biotech and AMGN has two new drugs coming onto the high cholesterol scene to compete with big boys REGN . Non-effective marketing or final drug study tests could lead to disappointing sales numbers. Wont be reflected on coming up so we wouldn't see an immediate drop yet. Could take til 3Q to start to see results.
If it holds the I would wait to see a retest of highs before going long. If it breaks lower , then Jan 15 2016 puts at $115 are attractive at their current price of 1.68 which would give plenty of time for this to develop more as a way OTM play with a lot of time for lack luster initial sales numbers to present themselves and push the price down farther.
I will be looking in the coming days to make a short position depending on hold or not with an exit time frame of around October hence the OTM puts in Jan. Will put stop loss at 60% of investment and adjust as closer to expiration.