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Amgen (AMGN) Advances While Market Declines: Some Information for Investors
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Amgen (AMGN - Free Report) closed the latest trading day at $335.53, indicating a +0.92% change from the previous session's end. The stock's performance was ahead of the S&P 500's daily loss of 1.37%. Meanwhile, the Dow lost 1.21%, and the Nasdaq, a tech-heavy index, lost 2.3%.
Coming into today, shares of the world's largest biotech drugmaker had gained 7.46% in the past month. In that same time, the Medical sector gained 0.74%, while the S&P 500 gained 1.11%.
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 August 6, 2024. The company is predicted to post an EPS of $4.92, indicating a 1.6% decline compared to the equivalent quarter last year. In the meantime, our current consensus estimate forecasts the revenue to be $8.3 billion, indicating a 18.85% growth compared to the corresponding quarter of the prior year.
For the entire fiscal year, the Zacks Consensus Estimates are projecting earnings of $19.50 per share and a revenue of $33.04 billion, representing changes of +4.56% and +17.21%, respectively, from the prior year.
Furthermore, it would be beneficial for investors to monitor any recent shifts in analyst projections for Amgen. Recent revisions tend to reflect the latest near-term business trends. As a result, we can interpret positive estimate revisions as a good sign for the company's business outlook.
Our research suggests that these changes in estimates have a direct relationship with upcoming stock price performance. To exploit this, we've formed the Zacks Rank, a quantitative model that includes these estimate changes and presents a viable rating system.
The Zacks Rank system, stretching from #1 (Strong Buy) to #5 (Strong Sell), has a noteworthy track record of outperforming, validated by third-party audits, with stocks rated #1 producing an average annual return of +25% since the year 1988. Over the past month, the Zacks Consensus EPS estimate has moved 0.17% higher. Amgen is holding a Zacks Rank of #3 (Hold) right now.
Looking at its valuation, Amgen is holding a Forward P/E ratio of 17.05. This expresses a discount compared to the average Forward P/E of 24.58 of its industry.
Meanwhile, AMGN's PEG ratio is currently 2.76. 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 2.06.
The Medical - Biomedical and Genetics industry is part of the Medical sector. This group has a Zacks Industry Rank of 87, putting it in the top 35% 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.
Make sure to utilize Zacks.com to follow all of these stock-moving metrics, and more, in the coming trading sessions.
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Amgen (AMGN) Advances While Market Declines: Some Information for Investors
Amgen (AMGN - Free Report) closed the latest trading day at $335.53, indicating a +0.92% change from the previous session's end. The stock's performance was ahead of the S&P 500's daily loss of 1.37%. Meanwhile, the Dow lost 1.21%, and the Nasdaq, a tech-heavy index, lost 2.3%.
Coming into today, shares of the world's largest biotech drugmaker had gained 7.46% in the past month. In that same time, the Medical sector gained 0.74%, while the S&P 500 gained 1.11%.
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 August 6, 2024. The company is predicted to post an EPS of $4.92, indicating a 1.6% decline compared to the equivalent quarter last year. In the meantime, our current consensus estimate forecasts the revenue to be $8.3 billion, indicating a 18.85% growth compared to the corresponding quarter of the prior year.
For the entire fiscal year, the Zacks Consensus Estimates are projecting earnings of $19.50 per share and a revenue of $33.04 billion, representing changes of +4.56% and +17.21%, respectively, from the prior year.
Furthermore, it would be beneficial for investors to monitor any recent shifts in analyst projections for Amgen. Recent revisions tend to reflect the latest near-term business trends. As a result, we can interpret positive estimate revisions as a good sign for the company's business outlook.
Our research suggests that these changes in estimates have a direct relationship with upcoming stock price performance. To exploit this, we've formed the Zacks Rank, a quantitative model that includes these estimate changes and presents a viable rating system.
The Zacks Rank system, stretching from #1 (Strong Buy) to #5 (Strong Sell), has a noteworthy track record of outperforming, validated by third-party audits, with stocks rated #1 producing an average annual return of +25% since the year 1988. Over the past month, the Zacks Consensus EPS estimate has moved 0.17% higher. Amgen is holding a Zacks Rank of #3 (Hold) right now.
Looking at its valuation, Amgen is holding a Forward P/E ratio of 17.05. This expresses a discount compared to the average Forward P/E of 24.58 of its industry.
Meanwhile, AMGN's PEG ratio is currently 2.76. 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 2.06.
The Medical - Biomedical and Genetics industry is part of the Medical sector. This group has a Zacks Industry Rank of 87, putting it in the top 35% 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.
Make sure to utilize Zacks.com to follow all of these stock-moving metrics, and more, in the coming trading sessions.