Friday, January 27, 2006

More Amgen??

Yup, I picked up some more Amgen (AMGN) yesterday @ $71.89. I've been eyeing Amgen all week and yesterday was the perfect opportunity to build a full position in the stock. Now, I'm going to hang onto this for a bit and see what develops. There's definitely lots of uncertainty surrounding the company: 1) earnings were pretty much in line and did not beat, 2) potential generic competition from Roche and 3) delay of the panitumumab (colon cancer) clinical trial results. Now this morning we have the herd mentality in operation, all of the brokerages are downgrading the stock. The brokerage ratings are a lagging indicator. Their downgrades are signaling a potential bottom and to sell here is a big mistake in my opinion.


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