Amgen Options Trading: A Deep Dive into Market Sentiment
Portfolio Pulse from Benzinga Insights
Options trading analysis for Amgen (NASDAQ:AMGN) shows a bearish sentiment with 72% of traders leaning bearish and 27% bullish. Unusual trading activity includes 18 trades, with 5 puts worth $623,205 and 13 calls worth $701,852. Price targets are between $250 and $330. The largest trades are bearish puts for January 2025 at a $320 strike price. Amgen, a biotech leader, recently acquired Horizon. AMGN's stock is slightly down with a potential overbought RSI. Analysts from BMO Capital and Daiwa Capital have upgraded Amgen to Outperform and Buy, with price targets of $326 and $320, respectively. Amgen's next earnings report is due in 20 days.
January 17, 2024 | 7:30 pm
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Bearish options sentiment and large put trades suggest short-term downside risk for AMGN, despite analyst upgrades. Stock is slightly down with overbought RSI, and earnings report is upcoming.
The bearish options sentiment, indicated by the large put trades, suggests that traders anticipate a potential decline in AMGN's stock price in the short term. This is contrasted by recent analyst upgrades, which could provide some upward momentum. However, the current slight decline in stock price and the overbought RSI may indicate a short-term pullback. The upcoming earnings report could be a significant catalyst for the stock, and the market will be watching closely for its impact.
CONFIDENCE 80
IMPORTANCE 75
RELEVANCE 100