A Closer Look at Amgen's Options Market Dynamics
Investors with a lot of money to spend have taken a bullish stance on Amgen (NASDAQ:AMGN).
And retail traders should know.
We noticed this today when the trades showed up on publicly available options history that we track here at Benzinga.
Whether these are institutions or just wealthy individuals, we don't know. But when something this big happens with AMGN, it often means somebody knows something is about to happen.
So how do we know what these investors just did?
Today, Benzinga's options scanner spotted 12 uncommon options trades for Amgen.
This isn't normal.
The overall sentiment of these big-money traders is split between 41% bullish and 41%, bearish.
Out of all of the special options we uncovered, 4 are puts, for a total amount of $381,039, and 8 are calls, for a total amount of $326,791.
Predicted Price Range
Taking into account the Volume and Open Interest on these contracts, it appears that whales have been targeting a price range from $280.0 to $340.0 for Amgen over the last 3 months.
Insights into Volume & Open Interest
Assessing the volume and open interest is a strategic step in options trading. These metrics shed light on the liquidity and investor interest in Amgen's options at specified strike prices. The forthcoming data visualizes the fluctuation in volume and open interest for both calls and puts, linked to Amgen's substantial trades, within a strike price spectrum from $280.0 to $340.0 over the preceding 30 days.
Amgen 30-Day Option Volume & Interest Snapshot
Noteworthy Options Activity:
| Symbol | PUT/CALL | Trade Type | Sentiment | Exp. Date | Ask | Bid | Price | Strike Price | Total Trade Price | Open Interest | Volume |
|---|---|---|---|---|---|---|---|---|---|---|---|
| AMGN | PUT | TRADE | BULLISH | 10/18/24 | $20.75 | $20.25 | $20.2 | $340.00 | $202.0K | 0 | 50 |
| AMGN | PUT | SWEEP | BEARISH | 12/20/24 | $11.4 | $11.35 | $11.4 | $300.00 | $81.9K | 202 | 118 |
| AMGN | CALL | SWEEP | NEUTRAL | 08/16/24 | $23.0 | $22.0 | $22.65 | $315.00 | $70.9K | 1.3K | 33 |
| AMGN | PUT | SWEEP | BULLISH | 07/26/24 | $7.0 | $6.45 | $6.47 | $332.50 | $65.5K | 101 | 4 |
| AMGN | CALL | TRADE | NEUTRAL | 07/19/24 | $27.9 | $27.0 | $27.5 | $305.00 | $49.5K | 890 | 78 |
About Amgen
Amgen is a leader in biotechnology-based human therapeutics. Flagship drugs include red blood cell boosters Epogen and Aranesp, immune system boosters Neupogen and Neulasta, and Enbrel and Otezla for inflammatory diseases. Amgen introduced its first cancer therapeutic, Vectibix, in 2006 and markets bone-strengthening drug Prolia/Xgeva (approved 2010) and Evenity (2019). The acquisition of Onyx bolstered the firm's therapeutic oncology portfolio with Kyprolis. Recent launches include Repatha (cholesterol-lowering), Aimovig (migraine), Lumakras (lung cancer), and Tezspire (asthma). The 2023 Horizon acquisition brings several rare-disease drugs, including thyroid eye disease drug Tepezza. Amgen also has a growing biosimilar portfolio.
Following our analysis of the options activities associated with Amgen, we pivot to a closer look at the company's own performance.
Current Position of Amgen
- Trading volume stands at 1,156,283, with AMGN's price down by -0.04%, positioned at $330.69.
- RSI indicators show the stock to be may be overbought.
- Earnings announcement expected in 17 days.
What Analysts Are Saying About Amgen
A total of 2 professional analysts have given their take on this stock in the last 30 days, setting an average price target of $321.5.
- An analyst from Morgan Stanley persists with their Equal-Weight rating on Amgen, maintaining a target price of $303.
- Maintaining their stance, an analyst from Argus Research continues to hold a Buy rating for Amgen, targeting a price of $340.
Options trading presents higher risks and potential rewards. Astute traders manage these risks by continually educating themselves, adapting their strategies, monitoring multiple indicators, and keeping a close eye on market movements. Stay informed about the latest Amgen options trades with real-time alerts from Benzinga Pro.