Amgen ( AMGN) was advancing Thursday after two Wall Street research firms offered positive commentary on the biotech company's stock.

Bear Stearns upgraded Amgen to outperform from peer-perform, and Wachovia issued a report detailing five reasons to own the stock in 2007.

For its part, Wachovia said that among the factors in Amgen's favor are gross margin improvements and a stock buyback that should benefit earnings per share. The firm also said limits on the use of erythropoietin, which covers drugs like Amgen's Epogen and Aranesp, are already reflected in the stock.

Shares of Amgen were gaining 2.8% to $70.29.

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