The second half of August is usually a desert for business news, but the FDA schedule is year-round. Several important drugs are up for approval decisions this month, which could provide some upside for three biotech stocks that have recently been suffering. Getting the most attention will likely be Repatha, Amgen’s (AMGN) cholesterol drug. It’s expected to be approved by Aug. 27. Repatha is a PCSK9 inhibitor similar to Praluent, the drug from
Big biotech Amgen (AMGN) hit a new high in early trading Friday and got several price-target increases from analysts after its strong Q2 and guidance increase late Thursday. Cowen analyst Eric Schmidt raised his price target to 193 from 189 based not only on Thursday’s numbers, but also on the clinical trial data for blood-cancer drug Kyprolis that was used in an FDA filing for an expanded label last week. “In particular, we believe data from ENDEAVOR
A day after Teva Pharmaceuticals (TEVA) broke out of a base, fellow drugmaker Amgen (AMGN) is clearing a buy point. Amgen reports second quarter results after the close on Thursday. Earnings are projected to rise 3%, a slowdown from the first quarter’s 33% growth. The stock climbed in big volume in the stock market today, clearing an early buy point of 165.50. Amgen is also nearing a conventional buy point of 173.70. It’s currently trading about