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Amgen Rocks With D-mab Cancer Data

By Adam Feuerstein
7:28 a.m. EDT

Owning Amgen(AMGN) into the denosumab cancer data released last night was the right call, and I hope readers were there for it.

I added Amgen to my (now-defunct) newsletter's model portfolio in early March with the stock at $46. My thesis was fairly simple: Amgen was trading with a significantly discounted P/E that didn't take into account the growth which would come (hopefully) from positive d-mab cancer data; plus with Roche gobbling up Genentech, biotech investors would be looking for a new big-cap biotech stock in which to park some capital.

The breast cancer data for d-mab were better than expected. Superiority over Novartis' Zometa is a big win for Amgen commercially, which is why analysts are raising their estimates this morning almost across the board.

"Amgen" and "growth" are two words not seen in the same sentence in a long time; thanks to d-mab, they are now.

I like Amgen at least into the mid-$60s.

Positions: None