Deep-pocketed investors have adopted a bearish approach towards Amgen AMGN, and it's something market players shouldn't ignore. Our tracking of public options records at Benzinga unveiled this significant move today. The identity of these investors remains unknown, but such a substantial move in AMGN usually suggests something big is about to happen.
We gleaned this information from our observations today when Benzinga's options scanner highlighted 24 extraordinary options activities for Amgen. This level of activity is out of the ordinary.
The general mood among these heavyweight investors is divided, with 45% leaning bullish and 54% bearish. Among these notable options, 4 are puts, totaling $310,164, and 20 are calls, amounting to $1,008,746.
What's The Price Target?
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 $320.0 for Amgen over the last 3 months.
Volume & Open Interest Trends
Looking at the volume and open interest is an insightful way to conduct due diligence on a stock.
This data can help you track the liquidity and interest for Amgen's options for a given strike price.
Below, we can observe the evolution of the volume and open interest of calls and puts, respectively, for all of Amgen's whale activity within a strike price range from $260.0 to $320.0 in the last 30 days.
Amgen Option Activity Analysis: Last 30 Days
Largest Options Trades Observed:
| Symbol | PUT/CALL | Trade Type | Sentiment | Exp. Date | Strike Price | Total Trade Price | Open Interest | Volume |
|---|---|---|---|---|---|---|---|---|
| AMGN | CALL | SWEEP | NEUTRAL | 05/17/24 | $310.00 | $225.9K | 1 | 380 |
| AMGN | PUT | SWEEP | BULLISH | 06/21/24 | $270.00 | $126.0K | 1.6K | 1 |
| AMGN | PUT | SWEEP | BEARISH | 04/19/24 | $285.00 | $103.4K | 374 | 196 |
| AMGN | CALL | SWEEP | NEUTRAL | 02/23/24 | $285.00 | $58.0K | 836 | 258 |
| AMGN | CALL | SWEEP | BEARISH | 06/21/24 | $310.00 | $56.2K | 1.2K | 80 |
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.
Having examined the options trading patterns of Amgen, our attention now turns directly to the company. This shift allows us to delve into its present market position and performance
Amgen's Current Market Status
- Currently trading with a volume of 1,093,665, the AMGN's price is up by 0.12%, now at $285.51.
- RSI readings suggest the stock is currently may be approaching oversold.
- Anticipated earnings release is in 62 days.
Professional Analyst Ratings for Amgen
Over the past month, 5 industry analysts have shared their insights on this stock, proposing an average target price of $324.2.
- An analyst from Morgan Stanley has decided to maintain their Equal-Weight rating on Amgen, which currently sits at a price target of $278.
- An analyst from Oppenheimer has revised its rating downward to Outperform, adjusting the price target to $350.
- An analyst from Goldman Sachs has decided to maintain their Buy rating on Amgen, which currently sits at a price target of $350.
- Maintaining their stance, an analyst from UBS continues to hold a Neutral rating for Amgen, targeting a price of $314.
- Maintaining their stance, an analyst from RBC Capital continues to hold a Outperform rating for Amgen, targeting a price of $329.
Options are a riskier asset compared to just trading the stock, but they have higher profit potential. Serious options traders manage this risk by educating themselves daily, scaling in and out of trades, following more than one indicator, and following the markets closely.
If you want to stay updated on the latest options trades for Amgen, Benzinga Pro gives you real-time options trades alerts.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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