Big Biotech a Safe Haven? AMGN Moves Higher

Shares of Amgen (Nasdaq: AMGN) are 6% higher, helped by a Wall Street Journal piece suggesting that "big biotech" could be a good place for investors to hide this year.

The article said the perception of biotech, once considered a risky business prone to mood swings among investors, is now changing. The article says large biotech companies depend more on breakthroughs in drug technology and long-term contracts with health-care providers than on the ups and downs of the economy.

Amgen has seen its stock fall 22% over the last year due to set-backs, including studies that showed its anemia drug, Aranesp, can increase the risk of death.

Other big biotechs, Genentech (NYSE: DNA) and Genzyme (Nasdaq: GENZ), were also mentioned in the article.

Link to WSJ Artricle

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