Amgen Gets The Gorilla Off Its Neck (AMGN)
Amgen Inc (NASDAQ: AMGN) came out with its much awaited data after the close and shares are rocking higher on the news. The biotech giant said that its pivotal 3-year trial of experimental osteoporosis drug Denosumab met the target goals by significantly reducing the risk of bone fracture in post-menopausal women.
The patients treated with denosumab showed a statistically significant reduction in the incidence of new vertebral fractures over the arm given the placebo.
Amgen also noted that the group receiving Denosumab also experienced a statistically significant reduction of new non-vertebral and hip fractures.
The groups receiving Denosumab and the placebo also saw similar side effects and at roughly the same frequency, with side effects including serious infections and malignancies.
Shares are up a monster 11% and back over $60.00 for the first time in more than a year.
Jon Ogg
July 25, 2008