Why Amgen Stock Edged Past the Market on Thursday
Key Points
It appears that some investors took a pair of new and bullish pundit takes to heart.
One of the pair was a famous stock picker who appears regularly on TV.
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The stock of pharmaceutical company Amgen (NASDAQ: AMGN) didn't exactly have a banner trading session on Thursday. In closing the day nearly flat, however, to notch a slight beat on the S&P 500 (SNPINDEX: ^GSPC). The benchmark indicator slumped by almost 1.7% on Thursday. Amgen was mentioned positively by two pundits that morning.
Talk is cheap
The first of the two was a well-known name in stock prognostication.
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In Jim Cramer's "Stop Trading" segment on CNBC's Squawk on the Street program, the famous stock picker mentioned Amgen positively. He pointed to the very encouraging results of a recent phase 3 clinical trial of its cholesterol drug Repatha. The medication was shown to significantly reduce the risk of heart attack and stroke in the study.
Separately, on Wednesday shortly after market close, Scotiabank analyst Louis Chen initiated coverage of Amgen stock. Chen rates it a sector outperform (buy, in other words) at a price target of $385 per share.
Justifiable reaction
I feel the Repatha news, exciting though it may be, is now fully priced into its maker's stock. I like Amgen as an investment personally, but I don't think the bullish musings of two analysts should have led to any kind of bull run. The market's Thursday treatment of the shares feels proper and correct.
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Eric Volkman has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends Amgen. The Motley Fool recommends Bank Of Nova Scotia. The Motley Fool has a disclosure policy.
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