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The FDA has approved Amgen's osteoporosis drug denosumab for use by cancer patients with solid tumors whose disease has metastasized to their bones. The indication to prevent complications such as fractures and bone pain among those patients could boost the drug's sales by billions.

Several biotech stocks were on the move Monday after Deutsche Bank started rating them. The bank's analyst, Robyn Karnauskas, took a generally wary view on the biotech sector, putting buy ratings only on Gilead and Dendreon.

Drugmaker Amgen (AMGN) did not win the Food & Drug Administration's approval on Monday for its experimental osteoporosis treatment denosumab. Amgen, based in Thousand Oaks, Calif., had been banking on the drug's approval for company growth, but the FDA asked for more information before making a...