by Sam Collins | July 1, 2013 7:31 am
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 five of the world’s best-selling biotech drugs.
Since the Trade of the Day last mentioned the stock on March 22, S&P has increased Amgen’s earnings estimates $0.03 to $7.24 for 2013 and $0.14 cents to $8.14 for 2014.
At that time, a buy at under $95 was suggested with a trading target of $115. The stock reached a high of $114.95 on April 23. AMGN then pulled back under $96, where on June 21, our proprietary internal indicator, the Collins-Bollinger Reversal (CBR), flashed a buy signal.
Buy AMGN at the market for a trade to $115. This stock also is qualified for long-term investors who may benefit from both price appreciation and a dividend. The dividend was started in 2011, and the company now pays $1.88 annually for a 1.9% yield. AMGN is one of the only major biotechnology stocks that pays a dividend.
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