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Amgen’s Bottom Appears To Be In – Buy Now

AMGN flashed multiple buy signals last week


Amgen (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 a number of the world’s best-selling biotech drugs.

Analysts expect earnings to increase to $8.09 per share in 2014 from $7.60 in 2013, and they anticipate $8.78 in 2015. The 12-month consensus median price target is $31.

AMGN broke from a cup-and-handle formation and advanced from $110 to $128.96 before succumbing to the sell-off in biotech stocks, which took it 14% off its high. But last week, it appeared to pick up buyers as MACD flashed a buy signal, and the second buy signal from my proprietary Collins-Bollinger Reversal (CBR ) indicator in two weeks was triggered on Friday.

Buy AMGN with a trading target of $120. Long-term investors could be rewarded with much higher returns from this leading biotech company.

AMGN Chart
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