Shares of Amgen Inc.
leapt 5.2% in morning trading Tuesday, adequate to pace the Dow Jones Industrial Average’s
gainers, after Morgan Stanley turned bullish on the biotechnology enterprise. Amgen’s stock price tag get of $12.04 was adding about 79 factors to the Dow’s price, though the Dow fell 109 factors, or .4%. Analyst Matthew Harrison elevated his score on Amgen to chubby, as his $279 inventory value concentrate on implies TK% upside from latest amounts. Whilst Amgen faces danger from biosimilar publicity around the for a longer time phrase, in the recent financial and unstable current market atmosphere, Harrison is now bullish specified Amgen’s “defensive positioning,” and as its AMG133 drug delivers “an eye-catching get in touch with option” in the being overweight marketplace. The stock has rallied 8.5% year to date, although the iShares Biotechnology ETF
has dropped 23.4% and the Dow has declined 19.9%.