Market Overview

Amgen Higher After Favorable Court Ruling

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Amgen, Inc. (NASDAQ: AMGN) shares are trading higher by $5.00 (3.4 percent) at $157.98 in Friday's session.

The catalyst for the rally is a court injunction for infringement of Amgen's Repatha patents against Regeneron Pharmaceuticals (NASDAQ: REGN) and Sanofi (NYSE: SNY) Praluent drug.

After a higher open, it continued in that direction until finding resistance at $161.00 and reversing course. The ensuing decline has found support well ahead of the top of Thursday's range ($153.40) at $156.67 and has rebounded back to the $158 area.

The issue hasn't closed over $160.00 since October 27, 2016, when it ended the session at $160.57. The following day it fell to $145.18, when the company posted a Q3 beat but lowered FY 2016 guidance.

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