Amgen (AMGN) Increases Despite Market Slip: Here's What You Need to Know

Amgen (AMGN) closed at $351.93 in the latest trading session, marking a +1.42% move from the prior day. The stock outperformed the S&P 500, which registered a daily loss of 0.1%. Meanwhile, the Dow experienced a rise of 0.35%, and the technology-dominated Nasdaq saw a decrease of 0.43%. Shares of the world's largest biotech drugmaker witnessed a gain of 3.3% over the previous month, beating the performance of the Medical sector with its gain of 1.97%, and the S&P 500's loss of 1.34%.Investors will be eagerly watching for the performance of Amgen in its upcoming earnings disclosure. The company is predicted to post an EPS of $5.55, indicating a 7.81% decline compared to the equivalent quarter last year. Meanwhile, the latest consensus estimate predicts the revenue to be $9.44 billion, indicating a 2.87% increase compared to the same quarter of the previous year. For the entire fiscal year, the Zacks Consensus Estimates are projecting earnings of $22.26 per share and a revenue of $37.82 billion, representing changes of +1.92% and +2.92%, respectively, from the prior year. It's also important for investors to be aware of any recent modifications to analyst estimates for Amgen. These latest adjustments often mirror the shifting dynamics of short-term business patterns. As a result, upbeat changes in estimates indicate analysts' favorable outlook on the business health and profitability. Based on our research, we believe these estimate revisions are directly related to near-term stock moves. 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, ranging from #1 (Strong Buy) to #5 (Strong Sell), possesses a remarkable history of outdoing, externally audited, with #1 stocks returning an average annual gain of +25% since 1988. Over the past month, the Zacks Consensus EPS estimate has shifted 0.01% upward. Currently, Amgen is carrying a Zacks Rank of #3 (Hold). In terms of valuation, Amgen is presently being traded at a Forward P/E ratio of 15.59. This denotes a discount relative to the industry average Forward P/E of 21.67. We can also see that AMGN currently has a PEG ratio of 3.5. The PEG ratio is similar to the widely-used P/E ratio, but this metric also takes the company's expected earnings growth rate into account. The Medical - Biomedical and Genetics was holding an average PEG ratio of 1.52 at yesterday's closing price. The Medical - Biomedical and Genetics industry is part of the Medical sector. This industry currently has a Zacks Industry Rank of 158, which puts it in the bottom 36% of all 250+ industries. The Zacks Industry Rank evaluates the power of our distinct industry groups by determining the average Zacks Rank of the individual stocks forming the groups. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1. Make sure to utilize Zacks.com to follow all of these stock-moving metrics, and more, in the coming trading sessions. Research Chief Names "Single Best Pick to Double"From thousands of stocks, 5 Zacks experts each have chosen their favorite to skyrocket +100% or more in months to come. From those 5, Director of Research Sheraz Mian hand-picks one to have the most explosive upside of all.This company targets millennial and Gen Z audiences, generating nearly $1 billion in revenue last quarter alone. A recent pullback makes now an ideal time to jump aboard. Of course, all our elite picks aren’t winners but this one could far surpass earlier Zacks’ Stocks Set to Double like Nano-X Imaging which shot up +129.6% in little more than 9 months.Free: See Our Top Stock And 4 Runners UpThis article originally published on Zacks Investment Research (zacks.com).Zacks Investment ResearchWeiter zum vollständigen Artikel bei Zacks Weiter zum vollständigen Artikel bei Zacks