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UBS Upgrades Amgen

Shares rise.
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Amgen (AMGN) rose 2% early Wednesday after a Food and Drug Administration advisory panel rejected a rule that would have reduced top dosages of the company's anemia drugs.

Amgen rose 90 cents to $54.78 after UBS upgraded the stock to neutral from sell, saying the FDA panel's move lifts a cloud over the company's lucrative Epogen and Aranesp franchises. The decision also offers a lift to

Johnson & Johnson

(JNJ)

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, which sells the anemia drug Procrit.

Sales of the drugs have fallen since concerns about cardiovascular health issues surfaced in March. Both companies have recently set broad restructuring plans in a bid to bring costs down.