Down 12.3% at One Point in a Single Trading Session, Is Amgen Stock Still a Buy?

The market didn't appreciate Amgen's (AMGN 1.00%) latest clinical data update, with the biopharma's shares falling more than 12% at one point on Nov. 26 from the previous day's close, though they recovered to close just 4.7% down for the day. And, with shares of certain direct competitors, such as Eli Lilly (LLY 0.91%), rising, the prevailing assumption seems to be that one company's stumble is another's gain. But is the market's reaction appropriate, or is this a good opportunity to buy the dip? Let's take ...