Amgen Surges After Hours


After hours shares of Amgen popped as much as 12%. What drove the stock so much higher?

In breaking news CNBC Pharma reporter Mike Huckman explains that late stage trials of Amgen’s cancer drug, denosumab, delivered better results than a drug from Novartis in treating breast-cancer patients whose tumors have spread to the bone.

According to the Wall Street Journal, “the study's results could add billions of dollars in sales to the drug maker and give a boost to its stock, which has struggled relative to its peers.”

What’s the trade?

I think Amgen is a great company and one you want to keep in your portfolio, counsels Joe Terranova. But it’s volatile.

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Trader disclosure: On July 7th, 2009, the following stocks and commodities mentioned or intended to be mentioned on CNBC’s Fast Money were owned by the Fast Money traders: Terranova Owns (MSFT), (XBI), (ABT); Terranova Owns (UNG) Puts; Adami Owns (AGU), (C), (GS), (INTC), (MSFT), (NUE), (BTU); Finerman Owns (TBT), (RIG); Finerman's Firm Owns (FCN), (MSFT), (NOK), (PBR), (RIG), (TBT), (WMT), (FLS); Finerman's Firm Owns (BAC) Preferred; Finerman Owns (BAC) Preferred; Finerman's Firm Is Short (BAC), (IYR), (IJR), (MDY), (SPY), (USO); Seymour Owns (AA), (AAPL), (BAC), (BX), (DRY), (EEM), (FXI), (INFY), (SBUX); Seymour's Firm Is Short (PBR); Seymour's Firm Owns (FCX), (NOK) with wires