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Amgen (AMGN) Rises As Market Takes a Dip: Key Facts
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The latest trading session saw Amgen (AMGN - Free Report) ending at $325.09, denoting a +0.14% adjustment from its last day's close. The stock's change was more than the S&P 500's daily loss of 0.76%. On the other hand, the Dow registered a loss of 0.75%, and the technology-centric Nasdaq decreased by 1.01%.
Shares of the world's largest biotech drugmaker have depreciated by 3.17% over the course of the past month, outperforming the Medical sector's loss of 3.35% and lagging the S&P 500's gain of 4.31%.
The investment community will be closely monitoring the performance of Amgen in its forthcoming earnings report. The company is scheduled to release its earnings on October 30, 2024. In that report, analysts expect Amgen to post earnings of $5.12 per share. This would mark year-over-year growth of 3.23%. Meanwhile, our latest consensus estimate is calling for revenue of $8.51 billion, up 23.24% from the prior-year quarter.
For the full year, the Zacks Consensus Estimates are projecting earnings of $19.48 per share and revenue of $33.21 billion, which would represent changes of +4.45% and +17.81%, respectively, from the prior year.
Furthermore, it would be beneficial for investors to monitor any recent shifts in analyst projections for Amgen. These revisions typically reflect the latest short-term business trends, which can change frequently. As such, positive estimate revisions reflect analyst optimism about the company's business and profitability.
Our research demonstrates that these adjustments in estimates directly associate with imminent stock price performance. We developed the Zacks Rank to capitalize on this phenomenon. Our system takes these estimate changes into account and delivers a clear, actionable rating model.
The Zacks Rank system, which varies between #1 (Strong Buy) and #5 (Strong Sell), carries an impressive track record of exceeding expectations, confirmed by external audits, with stocks at #1 delivering an average annual return of +25% since 1988. Over the past month, there's been a 0.06% fall in the Zacks Consensus EPS estimate. Right now, Amgen possesses a Zacks Rank of #3 (Hold).
Looking at valuation, Amgen is presently trading at a Forward P/E ratio of 16.67. For comparison, its industry has an average Forward P/E of 22.58, which means Amgen is trading at a discount to the group.
Investors should also note that AMGN has a PEG ratio of 2.88 right now. Comparable to the widely accepted P/E ratio, the PEG ratio also accounts for the company's projected earnings growth. As the market closed yesterday, the Medical - Biomedical and Genetics industry was having an average PEG ratio of 2.25.
The Medical - Biomedical and Genetics industry is part of the Medical sector. Currently, this industry holds a Zacks Industry Rank of 88, positioning it in the top 35% of all 250+ industries.
The Zacks Industry Rank is ordered from best to worst in terms of the average Zacks Rank of the individual companies within each of these sectors. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.
Don't forget to use Zacks.com to keep track of all these stock-moving metrics, and others, in the upcoming trading sessions.
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Amgen (AMGN) Rises As Market Takes a Dip: Key Facts
The latest trading session saw Amgen (AMGN - Free Report) ending at $325.09, denoting a +0.14% adjustment from its last day's close. The stock's change was more than the S&P 500's daily loss of 0.76%. On the other hand, the Dow registered a loss of 0.75%, and the technology-centric Nasdaq decreased by 1.01%.
Shares of the world's largest biotech drugmaker have depreciated by 3.17% over the course of the past month, outperforming the Medical sector's loss of 3.35% and lagging the S&P 500's gain of 4.31%.
The investment community will be closely monitoring the performance of Amgen in its forthcoming earnings report. The company is scheduled to release its earnings on October 30, 2024. In that report, analysts expect Amgen to post earnings of $5.12 per share. This would mark year-over-year growth of 3.23%. Meanwhile, our latest consensus estimate is calling for revenue of $8.51 billion, up 23.24% from the prior-year quarter.
For the full year, the Zacks Consensus Estimates are projecting earnings of $19.48 per share and revenue of $33.21 billion, which would represent changes of +4.45% and +17.81%, respectively, from the prior year.
Furthermore, it would be beneficial for investors to monitor any recent shifts in analyst projections for Amgen. These revisions typically reflect the latest short-term business trends, which can change frequently. As such, positive estimate revisions reflect analyst optimism about the company's business and profitability.
Our research demonstrates that these adjustments in estimates directly associate with imminent stock price performance. We developed the Zacks Rank to capitalize on this phenomenon. Our system takes these estimate changes into account and delivers a clear, actionable rating model.
The Zacks Rank system, which varies between #1 (Strong Buy) and #5 (Strong Sell), carries an impressive track record of exceeding expectations, confirmed by external audits, with stocks at #1 delivering an average annual return of +25% since 1988. Over the past month, there's been a 0.06% fall in the Zacks Consensus EPS estimate. Right now, Amgen possesses a Zacks Rank of #3 (Hold).
Looking at valuation, Amgen is presently trading at a Forward P/E ratio of 16.67. For comparison, its industry has an average Forward P/E of 22.58, which means Amgen is trading at a discount to the group.
Investors should also note that AMGN has a PEG ratio of 2.88 right now. Comparable to the widely accepted P/E ratio, the PEG ratio also accounts for the company's projected earnings growth. As the market closed yesterday, the Medical - Biomedical and Genetics industry was having an average PEG ratio of 2.25.
The Medical - Biomedical and Genetics industry is part of the Medical sector. Currently, this industry holds a Zacks Industry Rank of 88, positioning it in the top 35% of all 250+ industries.
The Zacks Industry Rank is ordered from best to worst in terms of the average Zacks Rank of the individual companies within each of these sectors. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.
Don't forget to use Zacks.com to keep track of all these stock-moving metrics, and others, in the upcoming trading sessions.