Amgen is hot this morning

Shares are up 3.5 percent, most likely due to a favorable appeals court ruling. The Thousand Oaks-based biotech giant sued Ariad Pharmaceuticals last year, seeking to invalidate a patent that Ariad might be able to use against two of Amgen's arthritis drugs. A motion to dismiss the suit was denied and a federal appeals court has refused to hear an early appeal. Amgen stock is also being helped by positive notices on its collaboration with Cytokinetics Inc. to develop heart failure drugs. That was announced earlier this week. Also: Bear Stearns upgraded Amgen to Outperform from Peer Perform with a $77 target. It's trading at close to $71.

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Mark Lacter
Mark Lacter created the LA Biz Observed blog in 2006. He posted until the day before his death on Nov. 13, 2013.
Mark Lacter, business writer and editor was 59
The multi-talented Mark Lacter
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