Amgen (AMGN) Stock Moves -0.11%: What You Should Know
Amgen (AMGN) closed the most recent trading day at $314.26, moving -0.11% from the previous trading session. The stock's performance was ahead of the S&P 500's daily loss of 1.61%. On the other hand, the Dow registered a loss of 0.82%, and the technology-centric Nasdaq decreased by 2.23%.
The the stock of world's largest biotech drugmaker has risen by 5.79% in the past month, leading the Medical sector's gain of 1.5% and the S&P 500's gain of 3.28%.
Market participants will be closely following the financial results of Amgen in its upcoming release. The company plans to announce its earnings on February 6, 2024. The company is expected to report EPS of $4.69, up 14.67% from the prior-year quarter. Simultaneously, our latest consensus estimate expects the revenue to be $8.13 billion, showing a 18.88% escalation compared to the year-ago quarter.
Investors might also notice recent changes to analyst estimates for Amgen. These recent revisions tend to reflect the evolving nature of short-term business trends. With this in mind, we can consider positive estimate revisions a sign of optimism about the company's business outlook.
Research indicates that these estimate revisions are directly correlated with near-term share price momentum. To utilize this, we have created the Zacks Rank, a proprietary model that integrates these estimate changes and provides a functional rating system.
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 last 30 days, the Zacks Consensus EPS estimate has moved 0.01% higher. Currently, Amgen is carrying a Zacks Rank of #3 (Hold).
Looking at valuation, Amgen is presently trading at a Forward P/E ratio of 15.87. This indicates a discount in contrast to its industry's Forward P/E of 22.53.
Investors should also note that AMGN has a PEG ratio of 2.8 right now. 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 industry currently had an average PEG ratio of 1.84 as of yesterday's close.
The Medical - Biomedical and Genetics industry is part of the Medical sector. This group has a Zacks Industry Rank of 99, putting it in the top 40% 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.
Be sure to follow all of these stock-moving metrics, and many more, on Zacks.com.
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Amgen Inc. (AMGN) : Free Stock Analysis Report
