Amgen Rises on Bone-Drug Data (Update)

Amgen(AMGN Quote) appears to have another blockbuster drug in its bag, and shares of the biotech company rose accordingly Tuesday.

Denosumab, a new drug designed to inhibit bone loss, reduced the risk of new spine and hip fractures by 68% and 40%, respectively, compared to placebo, according to results from a highly anticipated clinical study of post-menopausal women with osteoporosis that were presented Tuesday morning at a meeting of bone specialists.

The results were generally in line with investor expectations. Amgen shares were up $1.57, or 2.52%, to $63.76 in recent trading. ...