Amgen's Options: A Look at What the Big Money is Thinking

Amgen Inc. +0.05% Pre

Amgen Inc.





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Investors with a lot of money to spend have taken a bullish stance on Amgen (NASDAQ:AMGN).

And retail traders should know.

We noticed this today when the positions showed up on publicly available options history that we track here at Benzinga.

Whether these are institutions or just wealthy individuals, we don't know. But when something this big happens with AMGN, it often means somebody knows something is about to happen.

Today, Benzinga's options scanner spotted 12 options trades for Amgen.

This isn't normal.

The overall sentiment of these big-money traders is split between 50% bullish and 50%, bearish.

Out of all of the options we uncovered, there was 1 put, for a total amount of $51,025, and 11, calls, for a total amount of $618,228.

Projected Price Targets

Taking into account the Volume and Open Interest on these contracts, it appears that whales have been targeting a price range from $260.0 to $330.0 for Amgen over the last 3 months.

Volume & Open Interest Development

Examining the volume and open interest provides crucial insights into stock research. This information is key in gauging liquidity and interest levels for Amgen's options at certain strike prices. Below, we present a snapshot of the trends in volume and open interest for calls and puts across Amgen's significant trades, within a strike price range of $260.0 to $330.0, over the past month.

Amgen Option Activity Analysis: Last 30 Days

Options Call Chart

Biggest Options Spotted:

Symbol PUT/CALL Trade Type Sentiment Exp. Date Strike Price Total Trade Price Open Interest Volume
AMGN CALL TRADE BULLISH 01/19/24 $260.00 $96.9K 2.9K 86
AMGN CALL TRADE BULLISH 01/19/24 $260.00 $73.1K 2.9K 28
AMGN CALL TRADE NEUTRAL 01/19/24 $260.00 $72.6K 2.9K 3
AMGN CALL TRADE NEUTRAL 01/19/24 $260.00 $72.0K 2.9K 110
AMGN CALL SWEEP BEARISH 07/19/24 $320.00 $51.2K 19 112

About Amgen

Amgen is a leader in biotechnology-based human therapeutics. Flagship drugs include red blood cell boosters Epogen and Aranesp, immune system boosters Neupogen and Neulasta, and Enbrel and Otezla for inflammatory diseases. Amgen introduced its first cancer therapeutic, Vectibix, in 2006 and markets bone-strengthening drug Prolia/Xgeva (approved 2010) and Evenity (2019). The acquisition of Onyx bolstered the firm's therapeutic oncology portfolio with Kyprolis. Recent launches include Repatha (cholesterol-lowering), Aimovig (migraine), Lumakras (lung cancer), and Tezspire (asthma). The 2023 Horizon acquisition brings several rare disease drugs, including thyroid eye disease drug Tepezza. Amgen also has a growing biosimilar portfolio.

Current Position of Amgen

  • With a trading volume of 384,512, the price of AMGN is up by 0.35%, reaching $287.53.
  • Current RSI values indicate that the stock is is currently neutral between overbought and oversold.
  • Next earnings report is scheduled for 33 days from now.

Expert Opinions on Amgen

4 market experts have recently issued ratings for this stock, with a consensus target price of $316.5.

  • In a positive move, an analyst from RBC Capital has upgraded their rating to Outperform and adjusted the price target to $300.
  • An analyst from Daiwa Capital has elevated its stance to Buy, setting a new price target at $320.
  • An analyst from Truist Securities has revised its rating downward to Buy, adjusting the price target to $320.
  • Showing optimism, an analyst from BMO Capital upgrades its rating to Outperform with a revised price target of $326.

Trading options involves greater risks but also offers the potential for higher profits. Savvy traders mitigate these risks through ongoing education, strategic trade adjustments, utilizing various indicators, and staying attuned to market dynamics. Keep up with the latest options trades for Amgen with Benzinga Pro for real-time alerts.

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