Bull’s Eye Report: Amgen (AMGN)

AMGN is a great short term buy

   

At StateoftheMarkets.com, we strive to “own the best and ignore the rest” in our equity portfolios. Toward this end, each day we search our database for a “top stock” (a top rated company in terms of earnings strength as well as company and industry performance) that presents a strong technical “set up” and a good entry point.

In short, when our equity team is looking to add a stock to one of our portfolios, the “bull’s eye” stock shown below is generally their first choice.

Company Symbol Industry Stock Rating YTD% Gain S.T. Stop Loss
Amgen AMGN Biotechnology 9.8 +19.44% $103.92

Why We Like The Stock:

Amgen (NASDAQ:AMGN) is our most compelling buy today due to the fact that it is a top rated stock (in terms of earnings strength and company/industry performance) with a positive technical set-up. Biotechnology has been a great performer in 2013, so here on the Bull’s Eye Report, we’ve been trying to feature our favorite biotech charts when they flash decent buy signals. Some that we’ve featured recently include Pharmacyclics (NASDAQ:PCYC) on April 26 and Covance (NYSE:CVD) just this Monday.

AMGN shares a lot of similar qualities of those charts. The stock has been straight up since late February before pulling back in mid-April. With recent highs of nearly $115, AMGN currently sits at $104.81 and has plenty of room to run higher. This biotech stock has been operating well above its 50-day moving average during this intermediate-term move, which is a positive sign. We also like the controlled, basing pattern that AMGN has rounded out on this current pullback. We think AMGN is a great chart at a good price here, and would strongly consider it for a short-term buy.

We Would Be Buyers:

At the current price (~$104.75).

Company Profile:

Amgen Inc. is a global biotechnology pioneer that discovers, develops, manufactures and delivers human therapeutics. Its medicines help millions of patients in the fight against cancer, kidney disease, rheumatoid arthritis (RA), bone disease, and other serious illnesses.

Stock Rating: 9.8

The Stock Rating indicates the combined score of our proprietary Earning Strength and Company Performance models. The rating scale is 0 – 10 with 10 being the highest.

Amgen – Last Three Months

AMGN 1 Bull's Eye Report: Amgen (AMGN)

Amgen – Last 12 Months

AMGN 2 Bull's Eye Report: Amgen (AMGN)

Amgen – Last Five Years

AMGN 3 Bull's Eye Report: Amgen (AMGN)

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At the time of publication the editor and affiliated companies own the following positions: None

Note: Positions may be bought or sold while this publication is in circulation without notice.


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