CIBC World reiterates buy on Amgen (AMGN ).
Analyst Matt Geller says the completion of the company's Immunex acquisition is ahead of Amgen's second quarter earnings call on July 24, and will give the company an opportunity to report combined guidance.
Meanwhile, Geller says high volume Monday in Amgen's stock most likely involved arbitragers closing positions. He notes weakness may have involved the removal of Immunex from indices, which may have resulted in the sell-off.
Geller thinks Amgen's current share price takes into account much of the downside risk. However, for those unwilling to take risk, he suggests waiting until after the earnings call to buy the stock. Geller sees $1.43 2002 earnings per share.