|Bid||107.14 x 1000|
|Ask||108.16 x 1200|
|Day's Range||107.25 - 108.13|
|52 Week Range||94.20 - 119.30|
|PE Ratio (TTM)||3.75|
|Expense Ratio (net)||0.47%|
On May 17, Amgen (AMGN) stock rose ~0.5% to the closing price of $174.65 per share following FDA approval of Aimovig. The company’s stock price has risen ~2.3% in the last week following recent drug approvals. Amgen’s stock price has risen ~11.2% over the last 12 months.
The ability to sell new drugs hinges on approvals from government bodies such as the Food and Drug Administration (FDA). As a result, biotech companies, and to some degree, large drug companies, go into business ventures without the certainty of ever earning revenues, let alone profits. Biotech stocks often become some of the most difficult to evaluate.
Teva Pharmaceutical Industries Ltd (ADR) (NYSE:TEVA) stock has been decimated over the years. This morning the stock is rallying on the news that the famed investor Warren Buffett doubled his stake in Teva stock. Wall Street loves to chase Buffett’s investments.
On Friday, stocks digested the big rally over the past week, with many names trading in a rather tight range. That’s something we haven’t seen in a while, with markets more volatile in 2018 vs 2017. In any regard, here are the top stock trades we’re watching for this week.Top Stock Trades for Monday #1: Nvidia (NVDA)
Biotech shares may be nearing a breakout, based on technical analysis, using the iShares Nasdaq Biotech ETF ( IBB ) as a proxy. The ETF has stubbornly stayed above $100 after multiple attempts for sellers break to the critical support level. Stocks like Celgene Corp. ( CELG ), Biogen Inc. ( BIIB) and Amgen Inc. ( AMGN) are among the most significant names in the sector.
Rising levels of market volatility and subsequent selling pressure have started to take hold of the strongest performing market segments such as biotechnology. The sudden shift in sentiment now has some active traders talking about a long-term shift in trend. Traders who want to gain exposure to a broad range of biotechnology companies often look to exchange-traded products such as the iShares Nasdaq Biotechnology ETF.
An analysis of the technical chart of Biogen Inc. ( BIIB) shows the stock could be set to rebound by about 7%, giving shares the chance to rise back towards $282 from its price of roughly $263, a jump of about 7.5%. Biogen shares were up by roughly 1% on April 24, after the company reported better than expected first-quarter earnings per share, and revenue that was in line with estimates. Biogen's stock has been hit hard in 2018, with the stock down by nearly 30%, since late January peaking near $370 per share. Biogen shares fell to an intraday low of $251, a significant technical support level, that goes back to July of 2016.
CNBC saying no bid is likely. Allergan is off its lows – only down $5 now and Shire is back to flat after being up as much as $15 (~10%) earlier.
This week, investors were preoccupied with Russia, as the country’s equities fell dramatically after the relations with countries in the West, including the U.S., deteriorated. First in the list, however, is Barclays Capital, as the asset management arm of the British bank said it would shut down a host of exchange-traded notes (ETNs). Russia is second in the list followed by crude oil, which has been on a tear lately thanks to dropping stockpiles in the U.S. Leveraged ETFs and biotechnology stocks close the list. Check our previous trends edition at Trending: Soybean Prices Whipsaw on Trade War Fears.
EXAS stock is down almost 29% in the same period. Exact is a promising laboratory and research firm in the business of screening patients for colon cancer. Patient compliance for the screening test is at a modest 65% .
The market did kind of decide to shrug off tariffs and hope they were more of a bargaining chip. If we shrug off the tariffs today, that would be a big win for the market. When they move up, the market worries about choking off growth.
Biotech hasn't had a great start to the year: The iShares Nasdaq Biotechnology ETF (IBB) is down 4.4% year-to-date, and while the SPDR S&P Biotech ETF (XBI) has been the better performer of the two, as Barron's predicted, it's fallen 1.4%. However, Oppenheimer's Leah Rush Cann thinks that the group could be poised for a positive reversal, based on valuation--which she believes looks attractive--along with earnings growth expectations. Cann writes that she has long held that the biggest catalyst for biotech stocks is the increase expectations for earnings for 2019, and now that that's finally happened, she's more optimistic about the stocks. The Street now expects biotech's earnings growth will exceed the S&P 500's by 20 basis points, a reversal from the pat two years, when biotechs were expected to lag the index.
Trump's plan to lower drug prices does not call for the one move many experts believe would be most effective: A new law that would allow Medicare to negotiate with pharmaceutical providers.
Kevin Mahn, Hennion and Walsh Asset Management, and Sorin Roibu, Brandywine Global, discuss the IMF's 3 percent growth forecast and what to expect this earnings season.
Chris Zaccarelli, Independent Advisor Alliance, and Dan Wantrobski, Janney Montgomery Scott, discuss whether the market's response to bank earnings is indicative of things to come.