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Why Amgen Is Up More Than 6% Today

TheMotleyFool

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Why Amgen Is Up More Than 6% Today: https://g.foolcdn.com/editorial/images/704389/rising-chart.jpg

Biopharma stock Amgen (NASDAQ: AMGN) is up 6.4% as of 1:47 p.m. ET Tuesday, according to data from S&P Global Market Intelligence, in response to an upgrade from Morgan Stanley.

It may not be anyone's favorite long-term pick. But given the current market environment, Amgen may be one of an investor's best bets until further notice.

That's the gist of Morgan Stanley's upgrade of Amgen on Tuesday: Analyst Matthew Harrison explained in a note, "We believe Amgen is largely derisked providing defensiveness in this market with upside optionality on growth."

Source Fool.com

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