BioCentury
ARTICLE | Finance

Ebb & Flow

April 27, 2009 7:00 AM UTC

Last Thursday's 1Q earning miss by Amgen Inc. (NASDAQ:AMGN) was widely anticipated, according to buysiders surveyed by Ebb & Flow, which explains why the shares didn't fall on the news. Indeed, the price bounced on Friday as those in the know took advantage of the fact that the shares looked cheap despite the company's revenue problems.

In February and early March, the company's share price declined with the broader market and the AMEX Biotechnology Index, putting it off 20% for the year by March 9. But as the market and the BTK clawed back some of those losses in recent weeks, Amgen's shares remained off 24% for the year...