I'm LongbridgeAI, I can summarize articles.Amgen (AMGN) shares have held key support levels, including the 80-day moving average and early 2026 highs. With options traders unusually put-biased, an unwinding could provide tailwinds. Low volatility readings suggest AMGN may exceed expectations. Schaeffer's recommends November calls with a leverage ratio of 9.4, which would double in value with an 11.4% move in the underlying equity.
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Shares of blue-chip drug maker Amgen Inc (NASDAQ:AMGN) have pulled back to their early 2026 highs, an area that has so far held as support. The stock also recently held its 80-day moving average, as well as put support at the 380 strike, which remains intact following the monthly options expiration.
Options traders have been unusually put-biased, and an unwinding of this sentiment could provide tailwinds. This is per the stock’s 50-day buy-to-open put/call volume ratio at the International Securities Exchange (ISE), Cboe Options Exchange (CBOE), and NASDAQ OMX PHLX (PHLX), which ranks in the 81st annual percentile.
Now looks like an attractive time to weigh in with options. AMGN’s Schaeffer’s Volatility Index (SVI) ranks in the low 22nd percentile of its annual range, while its Schaeffer’s Volatility Scorecard (SVS) sits at 74 out of 100, indicating the stock has tended to exceed options traders’ volatility expectations during the past year.
Our recommended November call has a leverage ratio of 9.4 and will double in value with an 11.4% move in the underlying equity.