Merrill Lynch reiterates Amgen at buy

Amgen, Inc. was reiterated by Merrill Lynch analyst Eric Ende at a buy rating and maintained on the Merrill Lynch Focus 1 List as Merrill Lynch answers the most frequently asked questions about the stock. The bottom line is that the company's stock is inexpensive at 21x estimates of 2006 earnings per share, which is the low end of its five-year historical range. Merrill Lynch said even though the stock could be range-bound in the near term due to concern about impending CERA and panitumumab data, times of concern tend to be the best time for investors to buy. Shares of the Thousand Oaks, Calif.-based biotechnology company were down $0.16, or 0.21%, at $75.62 on volume of 8,503,352 shares versus the three-month running average of 8,459,210 shares.

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