Posts Tagged ‘Amgen’

Amgen vs. Cuomo

Amgen: Cuomo’s Full Of It (AMGN)

pills drugs perscription healthcare health doctors sick medicine - tbiCourtesy of Lawrence Delevingne at Clusterstock

Amgen has responded to the charges of corruption and fraud related to its big anemia drug, Aranesp, made by New York Attorney General Andrew Cuomo today along with 14 other states.

Amgen spokesman David Polk told us "We believe that the allegations are without merit, and we look forward to the opportunity to examine these matters with the states before the Court."

Polk adds: "Because this lawsuit is now in litigation, we are limited in our remarks," and that "Amgen has a solid compliance program and Code of Conduct called “Do The Right Thing,” and we expect that all of our employees follow it at all times."

AMGN was down 0.56  today, or -1.03%.

See also Lawrence Delevingne’s earlier entry:

Amgen Down As Cuomo Alleges Massive Corruption, Kickbacks, And Fraud (AMGN)

Breaking from the New York Attorney General’s Office:

CuomoNEW YORK, NY (October 30, 2009) – Attorney General Andrew M. Cuomo today announced that New York and 14 other states are filing a lawsuit against Biotech giant Amgen following an investigation spearheaded by
his office into a nationwide kickback scheme to boost drug sales.

In a lawsuit filed today in federal court the states charge drug manufacturer Amgen, International Nephrology Network (INN), a specialty group purchasing organization, and ASD Healthcare, a wholesaler, with offering kickbacks to medical providers to increase sales of Amgen’s anemia drug, Aranesp.

“Drugs should be prescribed to patients on the basis of need, effectiveness, and safety, not on a corporate giant’s promise of an all-expense paid vacation,” said Attorney General Cuomo. “In an egregious violation of the law, Amgen allegedly bribed medical providers and left taxpayers footing the bill for free drug samples. My office’s Medicaid Fraud Control Unit will continue to work with our partners in other states to uncover these kinds of abuses.”

According to the multi-state complaint, the companies would encourage medical providers to bill third party payers such as Medicaid for free Aranesp that were provided at no cost. Amgen is further alleged to have conspired with INN and ASD Healthcare to offer illegal kickbacks to medical providers, such as sham consultancy agreements, weekend retreats, or other services to induce them to purchase and prescribe Aranesp with the intention and effect of increasing sales of Aranesp and converting new providers from competitor drugs to Aranesp.

As a result…
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Zero Hedge

Citigroup Shutters Retail Options Market-Making After Losing War Against HFTs

Courtesy of ZeroHedge View original post here.

Anyone following market dynamics in recent months would have been left with the impression that whereas other securities may have had a rather somnolent third quarter, option market makers would be printing cash hand over fist, thanks mostly to the recent boom in retail call option buying, which as shown in the chart below, has seen nearly a doubling in option trading volumes in the past few months and hitting a record 18.4 million in August.

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Phil's Favorites

SPACs are still bulls***

 

SPACs are still bulls***

Courtesy of 

I almost slipped and bought into the SPAC Renaissance. Almost.

Draftkings looks legit. But Draftkings could have been a true IPO. The SPAC wrapper was beside the point. Chamath and Ackman will probably do something legit, those guys usually find a way to win. Maybe a few others. The rest are / will be garbage. My first impression was right.

Nikola’s stock has now fallen from near 100 down into the 20’s as the guy’s whole story has unraveled. Then the guy stepped down and ran away. None of this had to happen. But Nikola arrived on the markets as the quarry of a Special Purpose Acquisit...



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ValueWalk

FDA's New Moves Can't Allay Coronavirus Vaccine Fears

By JOHN F. BANZHAF. Originally published at ValueWalk.

FDA’s New Moves Can’t Allay Vaccine Fears; Weaker Standards and Political Pressures Worry Many Experts

Q2 2020 hedge fund letters, conferences and more

FDA's New Standards On Coronavirus Vaccine

WASHINGTON, D.C. (September 23, 2020) -  In an effort to repair its badly damaged reputation, and convince the public that they should take any vaccine it authorizes, the FDA is issuing new standards, but they probably will not convince either experts nor the public that it will be safe and effective, says public interest law professor ...



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Kimble Charting Solutions

Is Gold/US Dollar Ratio Sending Bearish Signal To Precious Metals?

Courtesy of Chris Kimble

Last month, I featured this Gold / US Dollar ratio chart in an article warning of the potential for a trend reversal.

While the broader bullish trend is still intact (higher lows since 2015), it could be time for Gold to take a breather.

Looking at today’s “updated” chart, we can see that the ratio formed a “doji star” candle last month with momentum running at peak levels (concerning). And this month we are seeing follow through to the downside (in the form of a red candle).

As well, this bearish reversal pa...



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Politics

'Colossal Backdoor Bailout': Outrage as Pentagon Funnels Hundreds of Millions Meant for Covid Supplies to Private Defense Contractors

 

'Colossal Backdoor Bailout': Outrage as Pentagon Funnels Hundreds of Millions Meant for Covid Supplies to Private Defense Contractors

"If you can't get a Covid test or find an N95, it’s because these contractors stole from the American people to make faster jets and fancy uniforms."

By Jake Johnson

Secretary of Defense Mark Esper and Chairman of the Joint Chiefs of Staff Army Gen. Mark Milley hold an end of year press conference at the Pentagon on December 20, 2019 in Arlington, Virginia. (Photo: Drew Angerer/Getty Images)

Instead of adhering to congressional inten...



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Biotech/COVID-19

How and when will we know that a COVID-19 vaccine is safe and effective?

 

How and when will we know that a COVID-19 vaccine is safe and effective?

How much longer must society wait for a vaccine? ANDRZEJ WOJCICKI/Getty Images

By William Petri, University of Virginia

With COVID-19 vaccines currently in the final phase of study, you’ve probably been wondering how the FDA will decide if a vaccine is safe and effective.

Based on the status of the Phase 3 trials currently underway, it i...



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Chart School

Stocks are not done yet - Update

Courtesy of Read the Ticker

There are a few times in history when a third party said this US paper (stocks, funds or bonds) is worthless.

Here is two.

1) 1965 Nixon Shock - The French said to US we do not want your paper dollars please pay us in gold. This of course led to the US going off the gold standard.

2) 2007 Bear Stern Fund Collapse - Investors said their funds collateral was worth much less than stated. This of course was the beginning of the great america housing bust of 2008.


In both cases it was stated .."look the Emperor is naked!"... (The Empe...

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Digital Currencies

Cryptocurrencies Rarely Used To Launder Money, Fiat Preferred

Courtesy of ZeroHedge View original post here.

Authored by Shaurya Malwa via Decrypt.io,

Traditional channels continue to dominate the estimated $2 trillion global money laundering racket instead of cryptocurrencies, a report says.

In brief
  • Money laundering via cryptocurrencies is not a preferred tool for criminals, a report said...



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The Technical Traders

Adaptive Fibonacci Price Modeling System Suggests Market Peak May Be Near

Courtesy of Technical Traders

Our Adaptive Fibonacci Price Modeling system is suggesting a moderate price peak may be already setting up in the NASDAQ while the Dow Jones, S&P500, and Transportation Index continue to rally beyond the projected Fibonacci Price Expansion Levels.  This indicates that capital may be shifting away from the already lofty Technology sector and into Basic Materials, Financials, Energy, Consumer Staples, Utilities, as well as other sectors.

This type of a structural market shift indicates a move away from speculation and towards Blue Chip returns. It suggests traders and investors are expecting the US consumer to come back strong (or at least hold up the market at...



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Lee's Free Thinking

Texas, Florida, Arizona, Georgia - The Branch COVIDIANS Are Still Burning Down the House

 

Texas, Florida, Arizona, Georgia – The Branch COVIDIANS Are Still Burning Down the House

Courtesy of Lee Adler, WallStreetExaminer 

The numbers of new cases in some of the hardest hit COVID19 states have started to plateau, or even decline, over the past few days. A few pundits have noted it and concluded that it was a hopeful sign. 

Is it real or is something else going on? Like a restriction in the numbers of tests, or simply the inability to test enough, or are some people simply giving up on getting tested? Because as we all know from our dear leader, the less testing, the less...



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Insider Scoop

Economic Data Scheduled For Friday

Courtesy of Benzinga

  • Data on nonfarm payrolls and unemployment rate for March will be released at 8:30 a.m. ET.
  • US Services Purchasing Managers' Index for March is scheduled for release at 9:45 a.m. ET.
  • The ISM's non-manufacturing index for March will be released at 10:00 a.m. ET.
  • The Baker Hughes North American rig count report for the latest week is scheduled for release at 1:00 p.m. ET.
...

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Mapping The Market

How IPOs Are Priced

Via Jean Luc 

Funny but probably true:

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Philip R. Davis is a founder Phil's Stock World, a stock and options trading site that teaches the art of options trading to newcomers and devises advanced strategies for expert traders...

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