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Amgen (AMGN) Stock Moves -0.52%: What You Should Know

Zacks Equity Research
·3-min read

Amgen (AMGN) closed at $227.72 in the latest trading session, marking a -0.52% move from the prior day. This change was narrower than the S&P 500's 1.89% loss on the day. Elsewhere, the Dow lost 1.3%, while the tech-heavy Nasdaq lost 0.17%.

Coming into today, shares of the world's largest biotech drugmaker had gained 2.28% in the past month. In that same time, the Medical sector lost 7.68%, while the S&P 500 lost 1.79%.

Investors will be hoping for strength from Amgen as it approaches its next earnings release. On that day, Amgen is projected to report earnings of $4.12 per share, which would represent year-over-year growth of 8.14%. Meanwhile, the Zacks Consensus Estimate for revenue is projecting net sales of $6.91 billion, up 4.13% from the year-ago period.

It is also important to note the recent changes to analyst estimates for Amgen. Recent revisions tend to reflect the latest near-term business trends. With this in mind, we can consider positive estimate revisions a sign of optimism about the company's business outlook.

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Research indicates that these estimate revisions are directly correlated with near-term share price momentum. To benefit from this, we have developed the Zacks Rank, a proprietary model which takes these estimate changes into account and provides an actionable rating system.

The Zacks Rank system ranges from #1 (Strong Buy) to #5 (Strong Sell). It has a remarkable, outside-audited track record of success, with #1 stocks delivering an average annual return of +25% since 1988. The Zacks Consensus EPS estimate has moved 0.65% lower within the past month. Amgen is currently a Zacks Rank #3 (Hold).

Investors should also note Amgen's current valuation metrics, including its Forward P/E ratio of 12.78. This valuation marks a discount compared to its industry's average Forward P/E of 18.19.

We can also see that AMGN currently has a PEG ratio of 1.52. This metric is used similarly to the famous P/E ratio, but the PEG ratio also takes into account the stock's expected earnings growth rate. The Medical - Biomedical and Genetics was holding an average PEG ratio of 1.08 at yesterday's closing price.

The Medical - Biomedical and Genetics industry is part of the Medical sector. This group has a Zacks Industry Rank of 151, putting it in the bottom 41% of all 250+ industries.

The Zacks Industry Rank includes is listed in order 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.

To follow AMGN in the coming trading sessions, be sure to utilize Zacks.com.


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