Amgen Stock Rises After Analyst Praises Pipeline

Call traders are already responding to the bull note

Digital Content Manager
Dec 19, 2023 at 10:31 AM
facebook X logo linkedin

BMO upgraded Amgen, Inc. (NASDAQ:AMGN) to "outperform" from "market perform" earlier, and hiked its price objective to $326 from $286, implying 18.3% upside to its last close. The firm praised the drugmakers' oncology and inflammation pipeline and noted it could compete with peers in the obesity metabolic business.

There's plenty of room for other analysts to join BMO on the bullish bandwagon. Coming into today, 11 of the 20 brokerages in coverage rated AMGN a tepid "hold" or worse, and the 12-month consensus target price of $281 is only a slight premium to current trading levels.

AMGN was last seen up 0.9% to trade at $277.89. The shares are not too far off their Oct. 13, 52-week high of $288.46, with long-term support stemming from the 100-day moving average. Over the past nine months, Amgen stock has amassed a healthy 18.3% lead.

Options bulls are already chiming in, with 1,662 calls exchanged so far today -- triple the average intraday volume -- compared to only 156 puts. Most popular is the weekly 12/29 275-strike call.

This denotes a shift in sentiment, as short-term options traders have been more bearish than usual. This is per Amgen stock's Schaeffer's put/call open interest ratio (SOIR) that ranks higher than 80% annual readings.



Target Effortless Triple-Digit Gains Every Sunday Evening For Life!

This is your chance to triple your profit potential on Sunday evenings, without spending all your free time watching the market.

On Sundays, as a Weekend Plus subscriber, you’ll get up to 6 trades every Sunday, each targeting gains of 200% or more.

Start targeting gains like the ones our subscribers have seen recently, including:

213.3% GAIN on AutoNation calls
100.0% GAIN on Monster Beverage calls
100.4% GAIN on Walgreens Boots Alliance puts
100.4% GAIN on ON Semiconductor calls
257.7% GAIN on Dell calls

101.0% GAIN on Apollo Global Management calls
103.6% GAIN on JP Morgan  Chase calls
105.3% GAIN on DraftKings calls
101.3% GAIN on Airbnb calls
203.0% GAIN on Shopify calls
102.0% GAIN on Cboe Global Markets calls
100.9% GAIN on Boeing calls
102.1% GAIN on Microsoft puts
102.3% GAIN on First Solar calls
101.5% GAIN on PulteGroup calls
101.0% GAIN on Apple calls
209.4% GAIN on NXP Semiconductors calls
100.8% GAIN on Uber Technologies calls
100.4% GAIN on Academy Sports and Outdoors puts
102.2% GAIN on Trade Desk calls
100.8% GAIN on DoorDash calls
100.0% GAIN on Camping World Holdings puts
100.0% GAIN on Cboe Global Markets calls
100.2% GAIN on calls
238.5% GAIN on Oracle calls



Rainmaker Ads CGI