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The latest trading session saw Amgen (AMGN - Free Report) ending at $330.83, denoting a +1.77% adjustment from its last day's close. This move outpaced the S&P 500's daily gain of 0.55%. At the same time, the Dow added 0.62%, and the tech-heavy Nasdaq gained 0.63%.
The the stock of world's largest biotech drugmaker has risen by 8.91% in the past month, leading the Medical sector's gain of 0.19% and the S&P 500's gain of 4.28%.
Analysts and investors alike will be keeping a close eye on the performance of Amgen in its upcoming earnings disclosure. The company's earnings report is set to go public on August 6, 2024. The company is forecasted to report an EPS of $4.86, showcasing a 2.8% downward movement from the corresponding quarter of the prior year. Meanwhile, the Zacks Consensus Estimate for revenue is projecting net sales of $8.27 billion, up 18.34% from the year-ago period.
For the full year, the Zacks Consensus Estimates are projecting earnings of $19.47 per share and revenue of $33 billion, which would represent changes of +4.4% and +17.05%, respectively, from the prior year.
Investors should also pay attention to any latest changes in analyst estimates for Amgen. Such recent modifications usually signify the changing landscape of near-term business trends. As a result, upbeat changes in estimates indicate analysts' favorable outlook on the company's business health and profitability.
Our research reveals that these estimate alterations are directly linked with the stock price performance in the near future. Investors can capitalize on this by using the Zacks Rank. This model considers these estimate changes and provides a simple, actionable rating system.
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 last 30 days, the Zacks Consensus EPS estimate has remained unchanged. Amgen is holding a Zacks Rank of #3 (Hold) right now.
Investors should also note Amgen's current valuation metrics, including its Forward P/E ratio of 16.7. This represents a discount compared to its industry's average Forward P/E of 24.17.
Also, we should mention that AMGN has a PEG ratio of 2.94. Comparable to the widely accepted P/E ratio, the PEG ratio also accounts for the company's projected earnings growth. Medical - Biomedical and Genetics stocks are, on average, holding a PEG ratio of 2.21 based on yesterday's closing prices.
The Medical - Biomedical and Genetics industry is part of the Medical sector. This group has a Zacks Industry Rank of 71, putting it in the top 29% of all 250+ industries.
The Zacks Industry Rank gauges the strength of our industry groups by measuring the average Zacks Rank of the individual stocks within the groups. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.
Ensure to harness Zacks.com to stay updated with all these stock-shifting metrics, among others, in the next trading sessions.
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Amgen (AMGN) Rises Higher Than Market: Key Facts
The latest trading session saw Amgen (AMGN - Free Report) ending at $330.83, denoting a +1.77% adjustment from its last day's close. This move outpaced the S&P 500's daily gain of 0.55%. At the same time, the Dow added 0.62%, and the tech-heavy Nasdaq gained 0.63%.
The the stock of world's largest biotech drugmaker has risen by 8.91% in the past month, leading the Medical sector's gain of 0.19% and the S&P 500's gain of 4.28%.
Analysts and investors alike will be keeping a close eye on the performance of Amgen in its upcoming earnings disclosure. The company's earnings report is set to go public on August 6, 2024. The company is forecasted to report an EPS of $4.86, showcasing a 2.8% downward movement from the corresponding quarter of the prior year. Meanwhile, the Zacks Consensus Estimate for revenue is projecting net sales of $8.27 billion, up 18.34% from the year-ago period.
For the full year, the Zacks Consensus Estimates are projecting earnings of $19.47 per share and revenue of $33 billion, which would represent changes of +4.4% and +17.05%, respectively, from the prior year.
Investors should also pay attention to any latest changes in analyst estimates for Amgen. Such recent modifications usually signify the changing landscape of near-term business trends. As a result, upbeat changes in estimates indicate analysts' favorable outlook on the company's business health and profitability.
Our research reveals that these estimate alterations are directly linked with the stock price performance in the near future. Investors can capitalize on this by using the Zacks Rank. This model considers these estimate changes and provides a simple, actionable rating system.
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 last 30 days, the Zacks Consensus EPS estimate has remained unchanged. Amgen is holding a Zacks Rank of #3 (Hold) right now.
Investors should also note Amgen's current valuation metrics, including its Forward P/E ratio of 16.7. This represents a discount compared to its industry's average Forward P/E of 24.17.
Also, we should mention that AMGN has a PEG ratio of 2.94. Comparable to the widely accepted P/E ratio, the PEG ratio also accounts for the company's projected earnings growth. Medical - Biomedical and Genetics stocks are, on average, holding a PEG ratio of 2.21 based on yesterday's closing prices.
The Medical - Biomedical and Genetics industry is part of the Medical sector. This group has a Zacks Industry Rank of 71, putting it in the top 29% of all 250+ industries.
The Zacks Industry Rank gauges the strength of our industry groups by measuring the average Zacks Rank of the individual stocks within the groups. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.
Ensure to harness Zacks.com to stay updated with all these stock-shifting metrics, among others, in the next trading sessions.