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Amgen (AMGN) Dips More Than Broader Markets: What You Should Know
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Amgen (AMGN - Free Report) closed at $262.03 in the latest trading session, marking a -0.89% move from the prior day. This move lagged the S&P 500's daily loss of 0.76%. Meanwhile, the Dow lost 0.76%, and the Nasdaq, a tech-heavy index, lost 10.92%.
Prior to today's trading, shares of the world's largest biotech drugmaker had lost 0.7% over the past month. This has lagged the Medical sector's loss of 0.24% and the S&P 500's gain of 2.18% in that time.
Wall Street will be looking for positivity from Amgen as it approaches its next earnings report date. This is expected to be January 31, 2023. In that report, analysts expect Amgen to post earnings of $4.02 per share. This would mark a year-over-year decline of 7.8%. Meanwhile, the Zacks Consensus Estimate for revenue is projecting net sales of $6.74 billion, down 1.57% from the year-ago period.
Investors should also note any recent changes to analyst estimates for Amgen. These recent revisions tend to reflect the evolving nature of short-term business trends. As a result, we can interpret positive estimate revisions as a good sign for the company's business outlook.
Our research shows that these estimate changes are directly correlated with near-term stock prices. 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 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. Within the past 30 days, our consensus EPS projection remained stagnant. Amgen currently has a Zacks Rank of #3 (Hold).
Digging into valuation, Amgen currently has a Forward P/E ratio of 14.34. This valuation marks a discount compared to its industry's average Forward P/E of 20.91.
Investors should also note that AMGN has a PEG ratio of 1.87 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. Medical - Biomedical and Genetics stocks are, on average, holding a PEG ratio of 1.61 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 70, putting it in the top 28% 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.
You can find more information on all of these metrics, and much more, on Zacks.com.
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Amgen (AMGN) Dips More Than Broader Markets: What You Should Know
Amgen (AMGN - Free Report) closed at $262.03 in the latest trading session, marking a -0.89% move from the prior day. This move lagged the S&P 500's daily loss of 0.76%. Meanwhile, the Dow lost 0.76%, and the Nasdaq, a tech-heavy index, lost 10.92%.
Prior to today's trading, shares of the world's largest biotech drugmaker had lost 0.7% over the past month. This has lagged the Medical sector's loss of 0.24% and the S&P 500's gain of 2.18% in that time.
Wall Street will be looking for positivity from Amgen as it approaches its next earnings report date. This is expected to be January 31, 2023. In that report, analysts expect Amgen to post earnings of $4.02 per share. This would mark a year-over-year decline of 7.8%. Meanwhile, the Zacks Consensus Estimate for revenue is projecting net sales of $6.74 billion, down 1.57% from the year-ago period.
Investors should also note any recent changes to analyst estimates for Amgen. These recent revisions tend to reflect the evolving nature of short-term business trends. As a result, we can interpret positive estimate revisions as a good sign for the company's business outlook.
Our research shows that these estimate changes are directly correlated with near-term stock prices. 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 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. Within the past 30 days, our consensus EPS projection remained stagnant. Amgen currently has a Zacks Rank of #3 (Hold).
Digging into valuation, Amgen currently has a Forward P/E ratio of 14.34. This valuation marks a discount compared to its industry's average Forward P/E of 20.91.
Investors should also note that AMGN has a PEG ratio of 1.87 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. Medical - Biomedical and Genetics stocks are, on average, holding a PEG ratio of 1.61 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 70, putting it in the top 28% 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.
You can find more information on all of these metrics, and much more, on Zacks.com.