New Breakout Target for Top Biotech Amgen

by Sam Collins | March 22, 2013 1:23 am

New Breakout Target for Top Biotech Amgen

Amgen (NASDAQ:AMGN[1]) — 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. S&P estimates 2013 earnings per share (EPS) at $7.21 and recently added a 2014 estimate of $8.

We’ve followed AMGN in the Trade of the Day for over a year, recommending it at various lower prices. The last time was on Feb. 27[2], when it was suggested as a buy under $90.

On Thursday, Amgen presented encouraging results for a new oncology drug for treatment of melanoma, the most aggressive form of skin cancer. This announcement brought in late-afternoon buyers and broke the stock from a small triangle with a top at $94. Support is now at $92.

Buy under $95 for a trading target of $115. AMGN is also recommended for inclusion in a long-term portfolio as a cornerstone biotechnology stock.

03 22 13 amgn 300x199 New Breakout Target for Top Biotech Amgen
Click to Enlarge

chart key 300x84 New Breakout Target for Top Biotech Amgen[3]

Endnotes:
  1. AMGN: http://studio-5.financialcontent.com/investplace/quote?Symbol=AMGN
  2. on Feb. 27: http://investorplace.com/2013/02/trade-of-the-day-amgen-nasdaq-amgn-6/
  3. [Image]: http://investorplace.com/wp-content/uploads/2011/04/chart-key.gif

Source URL: http://investorplace.com/2013/03/trade-of-the-day-amgen-nasdaq-amgn-7/
Short URL: http://invstplc.com/1nydTRM