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BARBARA MURPHY

$31 Million in Shares Sold by Amgen Insiders

November 10, 1998|BARBARA MURPHY

Amgen insiders sold shares valued at about $31 million in September as rising sales of its anemia drug, Epogen, pushed the world's largest biotechnology company's stock to a record high.

Amgen president Kevin Sharer sold the most, getting $20.9 million for 275,865 option-related shares sold at $75.51 each on Sept. 22. Chief executive Gordon Binder sold $3.53 million in shares, and chief financial officer Kathryn Falberg sold $2.16 million in stock, according to filings provided by the Washington Service, which tracks insider trading.

"Stock options are a major part of our compensation," Binder said. "When the stock hits a new high, that's a time you'll see more selling by Amgen officers."

Altogether, 10 Amgen insiders sold some 426,000 shares as the stock rose to a record high of 79 3/4, said Frank Ponticello, a Prudential Securities analyst who studies insider trading. That is the highest one-month total this year, he said.

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