September 27, 2022
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Amgen stock rises

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Thousand Oaks-based Amgen’s stock price rose the most in four years July 8 after the company reported its lead experimental product, a bone strengthening medicine, worked better than a potential rival in a study, Bloomberg News reported.

 

Shares surged $8.16, or 16 percent, to $60.39 at 9:44 a.m. in Nasdaq Stock Market composite trading. Earlier the shares reached $60.95, the most since July 20, 2005, a day after the company reported a 38 percent jump in quarterly profit.

Study results for the drug, called denosumab, were announced yesterday after the market closed. Denosumab did a better job in the clinical trial than Novartis AG’s Zometa delaying fractures and other complications in breast cancer patients whose illness had spread to their bones, Amgen said yesterday.

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