RE: Positive sentimentOn Wednesday, Amgen announced that it intends to spend $850-$900 million on research and development this year. Also last week, fellow Biotech heavyweight, Biogen, pre-released good results which should bode well for Amgen's release. Over the past two weeks, there have been several recent upgrades and price target
revisions for Amgen. Paine Webber raised its price target from $60 to $80. Dennis Harp, the analyst at Deutsche Banc Alex Brown termed the company "a bargain" relative to the earnings
multiples of its peers in the industry.