AMGEN STOCKS RISE DESPITE RATING DOWNGRADE
Amgen Inc. is currently trading at 205.75-higher by 0.85% as compared to the previous closing price. In the pre-market trading session, the stock was trading higher by 0.73%. The stock has continued gaining after the opening bell.
Mizuho Securities downgraded the rating of the biopharmaceutical company to neutral from buy. The investment bank said the downgrade was based solely on valuation. Mizuho, however, raised its price target on stocks of Amgen to $212 a share from $208.
Last week, the biopharmaceutical company won a dispute with rival Novartis over its rheumatoid arthritis drug, Enbrel. The stock of Amgen has risen about 10% since the decision was announced. Stocks of the drugmaker have rallied 4% year to date.
On the technical front, the RSI is currently at 70.21% and suggests that the market can move in the upward direction. The current price is above the MA5. The current price is above the middle line of the Bollinger bands and is heading upwards.
TRADE SUGGESTION- LIMIT BUY AT 205.50 TAKE PROFIT AT 207.00 STOP LOSS AT 204.70