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Amgen Getting Its Groove Back

Amgen (NASDAQ:AMGN) — This independent 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.

The stock jumped on Friday when Goldman Sachs removed it from its “sell” list and moved it to “neutral,” based on the retirement of its CEO and head of research. S&P has a “four-star buy” on Amgen.

Technically Friday’s action broke AMGN from the first-stage, cup-and-handle base. Buy on a breakout of its former high at $61.50 or a pullback to Thursday’s high at $59.06, the bottom of a breakaway gap. The target for AMGN is $68 to $70.

Trade of the Day – Amgen (NASDAQ:AMGN)
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Trade of the Day Chart Key

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