Market Whales and Their Recent Bets on AMGN Options
Portfolio Pulse from Benzinga Insights
Whales have shown a bearish stance on Amgen (NASDAQ:AMGN), with 58% of observed options trades being bearish. The trades indicate a target price range of $240.0 to $310.0 for AMGN over the last 3 months. The largest trades include both puts and calls, with a notable bearish sentiment. Amgen, a leader in biotechnology-based therapeutics, is currently trading at $303.07, up by 0.92%, but may be overbought according to RSI readings. Its next earnings release is anticipated in 85 days.
May 08, 2024 | 4:01 pm
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Whales' bearish bets and the current overbought condition suggest potential short-term downside for AMGN, despite its recent price increase.
The bearish sentiment among whales, combined with the RSI indicating a potential overbought state, suggests that AMGN's stock might face downward pressure in the short term. However, the company's strong portfolio and recent acquisitions provide a solid long-term outlook.
CONFIDENCE 80
IMPORTANCE 75
RELEVANCE 100