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Tuesday, July 7, 2009

Amgen AMGN Stock Soars on Cancer Trial

Amgen Inc. (AMGN) stock popped in after hours tonight as the company came with better then expected data on their Cancer Drug Denosumab. The Amgen news below caused a 12.96% spike in shares to $59.00. Expect the stock to be active in trading on 7/8/09.

Keep an eye on the following resistance levels if you will be trading AMGN tomorrow:

$58.89, $60.15, $62.46, $66.51

Denosumab Demonstrates Superiority Over Zometa(R) in Pivotal Phase 3 Head-to-Head Trial in Breast Cancer Patients With Bone Metastases

- Denosumab Significantly Delayed the Time to the First Skeletal Related Event and Significantly Reduced First and Subsequent Skeletal Related Events Compared to Zometa

- First of Three Pivotal Oncology Trials Comparing Denosumab to Zometa in the Advanced Cancer Setting Meets Primary and Secondary Endpoints

Amgen (Nasdaq: AMGN) today announced that a pivotal, Phase 3, head-to-head trial evaluating denosumab versus Zometa(R) (zoledronic acid) in the treatment of bone metastases in 2,049 patients with advanced breast cancer met its primary and secondary endpoints and demonstrated superior efficacy compared to Zometa. Superiority was demonstrated for both delaying the time to the first on-study Skeletal Related Events (SREs)(fracture, radiation to bone, surgery to bone, or spinal cord compression) (hazard ratio 0.82, 95 percent CI: 0.71, 0.95), and delaying the time to the first-and-subsequent SREs (hazard ratio 0.77, 95 percent CI: 0.66, 0.89). Both results were statistically significant. Full Article Here

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