Amgen: Lost in the Biotech Bargain Bin

3/20 - "When markets get crazy you can sometimes pick up world-leading companies at extraordinary prices. I believe that type of opportunity exists right now in Amgen (AMGN)...Not only are (Amgen shares) absolutely low priced but the current P/E is just 10.4x median EPS projections for 2008...Sales and earnings are both likely to hit all-time highs this year so I see no reason for these shares to remain at such a depressed valuation."

"With consensus estimates of $4.00 for this year a return to even 17 times that number would bring Amgen shares back to $68 or up $28.00 [+70%] from today's price."