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March 06, 2007

Stock Watch: Amgen

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Amgen is a biotechnology company that attempts to discover, develop, and manufacture therapeutic drugs. Recently it has been hit hard as a result of negative news surrounding their production of an anemia drug named Aranesp. Just today, Medicare plan decided to drop this drug from coverage. The stock has drop from around $75 dollars per share to its closing price of $62.30 today. Some analysts feel that the worst is over for this company and that it could potentially be a prospective buy if it does not incur any other major problems. Other analysts feel that this stock could be a potential acquisition by dominant pharmaceutical companies such as Pfizer. Some major pharmaceutical companies have been trying recently to tap into the Biotech market. Analysts price the stock for buyout at about $90 per share. If a deal is made in the future this stock has the potential to make a big move.

Posted by jcip at March 6, 2007 11:27 PM


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