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Amgen (AMGN) Jumps Higher in Shaky Market

Jul 08 2009

Amgen (AMGN) Jumps Higher in Shaky Market

Amgen moved higher today, close to 14%, on news that a bone-related drug trial had a positive outcome. But the company isn’t currently growing and the overall market is looking weak going into earnings season. The Dow Jones Industrial Average, the Russell 2000, and the S&P 500 have recently turned negative with the Nasdaq Composite looking to move into a selling position soon.

Denosumab

Amgen’s osteoporosis drug Denosumab was able to prevent bone injuries for breast-cancer patients in recent trials. The drug could possibly be a blockbuster drug and allow revenue to begin increasing again which has been flat to down in recent quarters for the biotechnology company.

Short Opportunity

The company’s current quarter is estimated to show a small increase in earnings compared to last year while next quarter is expected to show a 5% drop year over year. Revenue is set to decline near 5% for the current quarter, the next quarter, and the full year compared to the same periods in 2008. With the companies price to earnings ratio at 15.35 the jump in share price looks like a near term opportunity to short the stock as the new drug will not benefit revenue or earnings soon.

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