JP MORGAN RAISES PRICE TARGET OF AMGEN; STOCK FALLS
Amgen’s stock is currently trading at 206.94-lower by 0.28% as compared to the previous closing price. In the pre-market trading session, the stock was trading higher by 0.88%. The stock has erased all of its earlier gains and turned negative after the opening bell.
JP Morgan raised its price target on the company’s stocks to $198 from $191 on Thursday. The investment bank, however, reiterated a Neutral rating on stocks of Amgen. The investment bank’s price target represents a downside of 4.59% from the share’s previous closing price.
The biopharmaceutical company announced on Monday that it will buy drug Otezla from Celegene for $13.4 billion in cash. Stocks of Amgen have rallied more than 4% since the deal was announced. The biopharmaceutical company said it expects Otzela’s sales to rise at least in the low-double digits over the next five years.
On the technical front, the RSI is currently at 65.15% and suggests that the market can move in the downward direction. The current price is above the MA5. The current price is above the middle line of the Bollinger Bands but is heading downwards.
TRADE SUGGESTION- LIMIT SELL AT 207.40 TAKE PROFIT AT 205.00 STOP LOSS AT 208.60