| Search by tag or site | Login to my blog ? Start my own blog |
 |
BioHealth InvestorBioHealth Investor (BHI) is a blog and journal focused on providing updated commentary and financial news from the biotech and medical technology industry. BHI's content is featured on Yahoo!Finance, Google Finance, TheStreet.com, SeekingAlpha.com and many other blogs and websites. BHI is also a proud member of The Business of Biotech Network, and the Investors Blog Network. |
Can Amgen Get The Gorilla Off Its Neck?
Posted on 03/24/2007 09:10:15 | Link | Post Comment
by Jon C. Ogg
24/7 Wall St.
Shares of biotech giant Amgen (AMGN) fell another 4% last night after the company announced more negative news. The company is abandoning a clinical trial of Vectibix, its "was-promising" colon cancer treatment. An interim look at the trial found that colon cancer patients treated only with chemotherapy and Avastin from Genentech (DNA) were actually more likely to live longer than patients who also received Vectibix.
Yesterday shares closed at $60.47 and have traded as low as $59.00 this year; unfortunately it looks like shares were at $57.85 in after-hours trading on active volume. Looks like it may be another yearly low.
Shareholders might be taking issue with this proxy filing that showed the CEO pay package: Kevin Sharer received a total pay package of $18.6 million; $1.5 million was his salary, with $4.5 million in bonuses (over meeting short-term and long-term objectives), stock options that are valued somewhere around $11.6 million on the grant date, and $1 million in perks (jet, driver, planning). Amgen fell from $78.86 at the end of 2005 to $68.31 at the end of 2006. We have previously noted that the market is treating this one like a plain jane Big Pharma drug stock more than a biotech stock.
This one has been under fire on capitol hill over its prices charged to Medicare over anemia drugs Epogen and Aranesp, plus new warning labels and FDA reviews over side effects. It also has some patent issues that may come under more attack, and this has analysts trying to figure out how to model 2008 and 2009 earnings.
Source: 247WallSt.com
RELATED READING:
- Johnson & Johnson and Amgen: The Drug Marketing Blues
- Amgen: Large Cap Biotech with Growth Ahead
- Genentech 4th Quarter Report Kickstarts Biotech Rally
____________________
24/7 Wall St.
Shares of biotech giant Amgen (AMGN) fell another 4% last night after the company announced more negative news. The company is abandoning a clinical trial of Vectibix, its "was-promising" colon cancer treatment. An interim look at the trial found that colon cancer patients treated only with chemotherapy and Avastin from Genentech (DNA) were actually more likely to live longer than patients who also received Vectibix.
Yesterday shares closed at $60.47 and have traded as low as $59.00 this year; unfortunately it looks like shares were at $57.85 in after-hours trading on active volume. Looks like it may be another yearly low.
Shareholders might be taking issue with this proxy filing that showed the CEO pay package: Kevin Sharer received a total pay package of $18.6 million; $1.5 million was his salary, with $4.5 million in bonuses (over meeting short-term and long-term objectives), stock options that are valued somewhere around $11.6 million on the grant date, and $1 million in perks (jet, driver, planning). Amgen fell from $78.86 at the end of 2005 to $68.31 at the end of 2006. We have previously noted that the market is treating this one like a plain jane Big Pharma drug stock more than a biotech stock.
This one has been under fire on capitol hill over its prices charged to Medicare over anemia drugs Epogen and Aranesp, plus new warning labels and FDA reviews over side effects. It also has some patent issues that may come under more attack, and this has analysts trying to figure out how to model 2008 and 2009 earnings.
Source: 247WallSt.com
RELATED READING:
- Johnson & Johnson and Amgen: The Drug Marketing Blues
- Amgen: Large Cap Biotech with Growth Ahead
- Genentech 4th Quarter Report Kickstarts Biotech Rally
____________________
- Mri To Lead Growth In Medical-imaging Market
- Malaria And Hiv - Eradication And Treatment
- Dragon’s New Production Process To Cut Costs
- Mrsa Update: Cepheid, Basilea And Nektar
- If Only Us Health Care Could Be More Like The Patriots (or Even The Red Sox) And Less Like The Yankees
- e-techblog
- Wishing Wealth
- Financial Skeptic
- Don't Mess With Taxes
- Millionaire Now! by Larry Nusbaum
- 360 Digest
Examples
Morpheus Trading - Thu Jul 17, 2008 01:15AM
NOTE: Please click on the charts below to enlarge them if th [read more]
NOTE: Please click on the charts below to enlarge them if th [read more]
Morpheus Trading - Mon Jul 21, 2008 08:33AM
NOTE: Please click on the charts below to enlarge them if [read more]
NOTE: Please click on the charts below to enlarge them if [read more]
The Swing of Things - Thu Jul 17, 2008 09:36AM
I used to make a pretty good living sharing hard won [read more]
I used to make a pretty good living sharing hard won [read more]
<< My Home | TheMoneyBlogs Home