What about Amgen stock?

For all the troubles surrounding the Thousand Oaks-based biotech company, shares rose 2.3 percent today (on a day when the Dow picked up around half a percent). Actually, Amgen stock has been in rally mode since hitting a 52-week low of $55.13 on March 29. Today it closed at $57.64, which may not sound like such a leap if it weren't for the recent batch of really bad news. That included today's announcement from the National Kidney Foundation about plans to cut its recommended target for hemoglobin levels in kidney disease patients - a move that could hurt sales of Amgen's anemia drugs. And more bad news might be on the way: Amgen will be releasing another much-anticipated study later this month. Earnings will be delayed a few days so that the study comes out at the same time. So what gives? "We are not in a crisis, that's for sure," CEO Kevin Sharer told the NYT's Andrew Pollack. That's apparently the view of some investors who apparently consider this to be one of those good buying opportunities.

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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
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