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 drugs Prolia/Xgeva (approved 2010) and Evenity (2019). The acquisition of Onyx Pharmaceuticals 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 brought several rare-disease drugs, including thyroid eye disease drug Tepezza. Amgen also has a growing biosimilar portfolio.

Amgen, based in Thousand Oaks, California, is a leading global biotech company. Its key products include Prolia, Enbrel, Otezla, Repatha, Xgeva, Tepezza, Evenity, Blincyto, Kyprolis, Krystexxa, and Nplate. The shares are a component of the S&P 500.

The S&P 500 (SPX) found technical support at its 50-day average on Wednesday, but that broke early Thursday morning. In addition, the index broke down and completed a bearish-ending diagonal. This is the fourth time since November that the index has undercut the 50-day, although two of the times it was only for a day. We have seen a bearish exponential moving average (EMA) crossover, and the SPX closed right on initial chart support from the most-recent low at 6,797. The next support comes in around 6,755 from the 21-week EMA and then at 6,720 from the December low. The 21-day rate-of-change (ROC) is negative and the daily moving-average convergence/divergence (MACD) is close to cycling into bearish territory. Like the Nasdaq 100 (QQQ) ETF, there have been five distribution days out of the past six days, and we are quite sure that the heavy selling volume is from the liquidation in Information Technology. Everything is on sale, as the selling avalanche moves from one market to another. The pullback started in crypto, moved to the metals, and now, to a much-lesser degree, to the stock market.

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 drugs Prolia/Xgeva (approved 2010) and Evenity (2019). The acquisition of Onyx Pharmaceuticals 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 brought several rare-disease drugs, including thyroid eye disease drug Tepezza. Amgen also has a growing biosimilar portfolio.