Shares of biotech giant Amgen Inc. slumped as investors reacted to weaker-than-expected first-quarter sales.
Shares of the Thousand Oaks company dropped $7.83, or 7%, to $104.93 in trading Wednesday. The company's stock had posted impressive gains until this week, up 65% in the last year.
Amgen reported first-quarter results after the markets closed Tuesday. Its net income rose 21% to $1.4 billion, or $1.88 a share, from $1.2 billion, or $1.48, a year earlier.
But analysts and investors focused much of their attention on Amgen's revenue growth, which came in lower than Wall Street's expectations.