Amgen issued some eagerly awaited late-stage data on its bone drug denosumab, which demonstrated a lower risk of spine and hip fractures among women with osteoporosis. Investors rallied behind the company, raising the value of its battered shares by 15 percent after the data hit following Friday's market close.
Amgen badly needs an approval for denosumab to help alleviate an 18-month sinking spell brought on by worse and worse news regarding its anemia drug franchise. And the fresh spate of data is promising to lead the company back to what TheStreet calls the "biotech growth club." The crucial test, says Dow Jones, will come when the full set of data is released in September and analysts can better determine if the therapy can compete effectively with cheaper drugs already on the market.