He said that the stock consistently outperformed iShares NASDAQ Biotechnology Index (ETF) IBB, which is in his opinion a basis for a bullish setup. Worth believes the stock is going to break out on the upside and reach its highs at $181.
Mike Khouw thinks the best way to make a bullish bet is by selling the October 165 put for $6.70. The trades starts to lose money below $158.30 or 4.45 percent lower from the current stock price. If Amgen stays above $165 at the October expiration, Khouw is going to collect 4 percent in three months.
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