Ahead of the Bell: Amgen

NEW YORK—Shares of biotechnology Company Amgen Inc. are poised for a higher opening Monday after the company received approval for its rare blood-clotting disorder drug Nplate.

The stock gained 55 cents to reach $64.36 in premarket trading after closing at $64.01 Friday.

On Friday, the company received Food and Drug Administration approval on the drug Nplate, which treats a disorder that causes the body to attack its own platelets, which are tiny components of blood that help with clotting. The condition, which can cause bruising and bleeding after minor injuries, affects about 140,000 people.

Wall Street has been anticipating the drug's approval.

Morgan Joseph analyst Shiv Kapoor raised his price target on Amgen Inc. Monday and expects Nplate to be a blockbuster.

"The drug is far superior to alternatives available currently, which often have serious side-effects, are not proven to treat ITP, and are still very expensive," Kapoor said, in a note to investors.

He raised the price target to $80 from $77, while reaffirming a "Buy" rating and expects sales to reach $1.4 billion by 2016.