Amgen Looking Anemic
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Updated from 10:07 a.m. EDT
Shares of Amgen (AMGN Quote) sank Tuesday, at one point striking a 52-week low, after the biotech suffered another setback for its multibillion-dollar anemia drugs Epogen and Aranesp.
The latest blow came from the Centers for Medicare and Medicaid Services, which said it may limit payments for the drugs in response to rising reports of safety concerns. The proposal would restrict the types of cancers for which the drugs can be used and put limits on the length of treatment for chemotherapy-induced anemia.
The agency announced its proposal after the previous market session had ended, and investors wasted no time bailing out on Amgen when the new trading day began. Recently, the stock dropped $2.67, or 4.8%, to $53.39 on volume that was nearly triple the daily average for the past three months. ...
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