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Why Amgen Soared in April

TheMotleyFool

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Shares of the biotech heavyweight Amgen (NASDAQ: AMGN) gained an astounding 20.9% during the month of April, according to data from S&P Global Market Intelligence. Amgen's stock took flight in April for two underlying reasons.

First, Amgen's double-digit April rally initially got underway when the company announced a collaboration with Adaptive Biotechnologies (NASDAQ: ADPT) to develop an antibody against the COVID-19 respiratory illness. For reasons that aren't altogether clear, every biotech company associated with a COVID-19 treatment or vaccine has been racing higher of late. Amgen, for its part, proved to be no exception to this general trend.

Image source: Getty Images.

Source Fool.com

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