Amgen (AMGN - commentary - Cramer's Take) is finally catching up, and all I can say is it's about time. What the heck was this, one of the highest-quality health care stocks, doing selling at 18 times earnings? This is one of those companies that could come out tomorrow and cure a disease and double. You can't find that with any stock save Genentech (DNA - commentary - Cramer's Take).
The product portfolio, the balance sheet, the management are all top notch. I know that there are patent and litigation worries, but I think they are overblown. This stock, which has been stuck in the mud for months, is now unstuck. Once they get unstuck, they don't stop here. They keep rolling up higher.
This one has at least, with the 10-year hitting these highs (low yields), 2 more multiple points that it could put on before it stalls out again.
At the time of publication, Cramer had no positions in stocks mentioned.
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Pharmaceuticals Amgen Cancer Drug Approved 9/27/2006 5:02 PM EDT The FDA clears the colorectal cancer drug Vectibix.
Biotech Amgen Offers Financial Help 9/28/2006 12:18 PM EDT The company will cap out-of-pocket copayments for cancer patients taking Vectibix.
Biotech Amgen Buys Biopharma Firm 9/29/2006 10:05 AM EDT The biotech will pay $290 million for Avidia.
Jim Cramer is a director and co-founder of TheStreet.com. He contributes daily market commentary for TheStreet.com's sites and serves as an adviser to the company's CEO. Outside contributing columnists for TheStreet.com and RealMoney.com, including Cramer, may, from time to time, write about stocks in which they have a position. In such cases, appropriate disclosure is made. To see his personal portfolio and find out what trades Cramer will make before he makes them, sign up for Action Alerts PLUS. Listen to Cramer's RealMoney Radio show on your computer; just click here. Watch Cramer on "Mad Money" at 6 p.m. ET weeknights on CNBC. Click here to order Cramer's latest book, "Real Money: Sane Investing in an Insane World," click here to get his second book, "You Got Screwed!" and click here to order Cramer's autobiography, "Confessions of a Street Addict." While he cannot provide personalized investment advice or recommendations, he invites you to send comments on his column by clicking here. TheStreet.com has a revenue-sharing relationship with Traders' Library under which it receives a portion of the revenue from Traders' Library purchases by customers directed there from TheStreet.com.
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