Despite FDA approval for Amgen's new Enrel drug last week we see the bounce as the formation of a bear flag heading into earnings. Sentiment is so poor in the sector we fear that regardless of results the stock will eventually continue to drop. Amgen is very cheap at 14 P/E ratio with an average rating of HOLD among 25 analysts covering the name.
Amgen, Inc. is a biotechnology company, which engages in the discovery, development, manufacture and marketing of human therapeutics. Its products include the following brands: Aranesp, BLINCYTO, Corlanor, ENBREL, EPOGEN, IMLYGIC, KYPROLIS, Neulasta, NEUPOGEN, Nplate and Parsabiv.
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impressive reversal today from hitting bottom of channel short was correct by ended fast