Amgen, Inc. AMGN shares could gain 3 percent following the release of its first quarter earnings report Tuesday, JJ Kinahan, chief strategist of TD Ameritrade told Benzinga.
Kinahan noted recent options trading activity that included the sale of May 160 calls and the purchase of May 170 calls.
"They used that money to buy the May 170s," Kinahan said. "It makes sense looking at what the stock has done in the last couple of weeks."
Amgen changed hands recently at $167.93, up 1.1 percent. Shares are up roughly 7 percent in the past two weeks.
"They've rallied pretty good since mid-April," Kinahan said.
Wall Street on average expects Amgen to post adjusted first quarter earnings of $2.10 a share on revenue of $4.91 billion.
Brianna Valleskey contributed to this report.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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