AMGN Still Below Our Buy Under, Trading Target Raised

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Amgen (NASDAQ:AMGN) — This biotech company has been a leader in the development of genetically based research and treatment for cancer, anemia, rheumatoid arthritis and a host of other major illnesses. It markets five of the world’s best-selling biotech drugs.

AMGN has a dividend yield of 2.2% and is recognized as a company with a very high cash position, giving it the flexibility for acquisition and further drug developments. On Tuesday, S&P raised their 2013 earnings per share (EPS) estimate $0.03 to $7.21, and their fundamental target $4 to $104.

This week, the stock broke from a bullish consolidation channel on high volume and a breakaway gap. Support is at a three-point line at $82, which intersects with the 200-day moving average. Our trading target for AMGN is raised to $110, but it is also recommended as a long-term investment. The buy under price is $90.

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