Amgen Inc. led drug stocks higher early Monday, as the biotech giant gained on a report of progress with an osteoporosis drug candidate, denosumab.
Late Friday, Amgen released favorable data for denosumab, a product many investors are hoping can jump-start the biotech group's top line. Amgen's financial performance has been lackluster this year, due largely to weakened sales for its flagship anemia drugs Aranesp and Epogen amid heightened safety concerns.
Late Friday, Amgen released favorable data for denosumab, a product many investors are hoping can jump-start the biotech group's top line. Amgen's financial performance has been lackluster this year, due largely to weakened sales for its flagship anemia drugs Aranesp and Epogen amid heightened safety concerns.
Amgen is slated to release its second-quarter earnings report after the market closes on Monday.
I'll get some info on denosumab (another monoclonal antibody therapy) and get another post up with an explanation. Stay tuned.
AMGN is trading at 60.58, +6.67, +12.4% in afternoon action.
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