Amgen (AMGN - Get Report) is an independent biotechnology medicines company and the world's largest biotechnology company. Amgen discovers, develops, manufactures and markets medicines for grievous illnesses. The stock is trading up 1% at $58.94 in recent trading.
Today's Volume: 13.6 million sharesAverage Volume: 7.2 million shares. Volume % Change: 344% Shares of AMGN moving up today after the company said it plans to buy back around 83.3 million shares at $60 per share in a modified Dutch auction, amounting to around 9.5% of its outstanding stock. From a technical standpoint, AMGN is now quickly approaching a major breakout if it can manage to sustain a high-volume move and close above some past overhead resistance at $58.76. If we see that action soon, then look for AMGN to re-test its May high of $60.90 in the coming days or weeks. The volume today is well above its average action, so look for that close above $58.76. Amgen is also one of the top-yielding drug stocks.