Amgen (AMGN) Stock is the 'Chart of the Day'
NEW YORK (TheStreet) -- Amgen (AMGN) - Get Report stock is higher by 1.84% to $157.35 in early afternoon trading on Tuesday.
Yesterday, UBS noted that a merger might be in Amgen's future, as the company has the operational and financial capacity for a larger deal, and will remain "opportunistic" about expansion, Barron's reported.
Amgen is a biotechnology company based in Thousand Oaks, CA. The company is engaged in discovering, developing, manufacturing and delivering human therapeutics.
TheStreet's Chris Versace and Bob Lang of Trifecta Stocks have identified Amgen as the "Chart of the Day." Here is what Versace and Lang had to say about the company
Biotechs were hammered mercilessly last week, but may have put in a nice reversal. One of the best patterns in candlestick charting is the morning star, with a red (down) candle followed by a doji, then immediately followed by a green (up) candle.
This is a reliable turn that we have seen time and again with some relief driving stock prices higher (the opposite evening star is quite bearish, and was seen with market pullbacks in August and September this year).
Amgen shows a morning star and decent volume on the reversal doji last Friday. The resistance is still up ahead at $160 or so (downtrend line), and the moving average convergence divergence (MACD) needs some improvement, but this is a good start. Above $156 would be a place to get aggressive.
-Chris Versace and Bob Lang " Chart of the Day: AMGN" originally published on 11/17/15 on Trifecta Stocks.
Want more like this from Chris Versace and Bob Lang BEFORE your stock moves? Learn more about Trifecta Stocks now!
Separately, TheStreet Ratings team rates AMGEN INC as a Buy with a ratings score of A-. TheStreet Ratings Team has this to say about their recommendation:
We rate AMGEN INC (AMGN) a BUY. This is based on the convergence of positive investment measures, which should help this stock outperform the majority of stocks that we rate. The company's strengths can be seen in multiple areas, such as its revenue growth, impressive record of earnings per share growth, compelling growth in net income, reasonable valuation levels and good cash flow from operations. We feel its strengths outweigh the fact that the company has had lackluster performance in the stock itself.
You can view the full analysis from the report here: AMGN
Any reference to TheStreet Ratings and its underlying recommendation does not reflect the opinion of Jim Cramer, TheStreet or any of its contributors.