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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 $218.65 in the latest trading session, marking a -1.94% move from the prior day. This move lagged the S&P 500's daily loss of 0.29%. At the same time, the Dow lost 0.55%, and the tech-heavy Nasdaq gained 1.24%.
Coming into today, shares of the world's largest biotech drugmaker had gained 1.01% in the past month. In that same time, the Medical sector lost 1.06%, while the S&P 500 gained 3.1%.
Investors will be hoping for strength from Amgen as it approaches its next earnings release, which is expected to be August 3, 2023. The company is expected to report EPS of $4.46, down 4.09% from the prior-year quarter. Meanwhile, our latest consensus estimate is calling for revenue of $6.68 billion, up 1.32% from the prior-year quarter.
Looking at the full year, our Zacks Consensus Estimates suggest analysts are expecting earnings of $18.12 per share and revenue of $27.73 billion. These totals would mark changes of +2.43% and +5.35%, respectively, from last year.
Investors might also notice recent changes to analyst estimates for Amgen. These revisions typically reflect the latest short-term business trends, which can change frequently. As a result, we can interpret positive estimate revisions as a good sign for the company's business outlook.
Based on our research, we believe these estimate revisions are directly related to near-team stock moves. Investors can capitalize on this by using the Zacks Rank. This model considers these estimate changes and provides a simple, actionable rating system.
Ranging from #1 (Strong Buy) to #5 (Strong Sell), the Zacks Rank system has a proven, outside-audited track record of outperformance, with #1 stocks returning an average of +25% annually since 1988. Within the past 30 days, our consensus EPS projection remained stagnant. Amgen currently has a Zacks Rank of #3 (Hold).
Investors should also note Amgen's current valuation metrics, including its Forward P/E ratio of 12.31. Its industry sports an average Forward P/E of 18.56, so we one might conclude that Amgen is trading at a discount comparatively.
We can also see that AMGN currently has a PEG ratio of 1.76. This popular metric is similar to the widely-known P/E ratio, with the difference being that the PEG ratio also takes into account the company's expected earnings growth rate. The Medical - Biomedical and Genetics industry currently had an average PEG ratio of 1.81 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 98, putting it in the top 39% 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.
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) Dips More Than Broader Markets: What You Should Know
Amgen (AMGN - Free Report) closed at $218.65 in the latest trading session, marking a -1.94% move from the prior day. This move lagged the S&P 500's daily loss of 0.29%. At the same time, the Dow lost 0.55%, and the tech-heavy Nasdaq gained 1.24%.
Coming into today, shares of the world's largest biotech drugmaker had gained 1.01% in the past month. In that same time, the Medical sector lost 1.06%, while the S&P 500 gained 3.1%.
Investors will be hoping for strength from Amgen as it approaches its next earnings release, which is expected to be August 3, 2023. The company is expected to report EPS of $4.46, down 4.09% from the prior-year quarter. Meanwhile, our latest consensus estimate is calling for revenue of $6.68 billion, up 1.32% from the prior-year quarter.
Looking at the full year, our Zacks Consensus Estimates suggest analysts are expecting earnings of $18.12 per share and revenue of $27.73 billion. These totals would mark changes of +2.43% and +5.35%, respectively, from last year.
Investors might also notice recent changes to analyst estimates for Amgen. These revisions typically reflect the latest short-term business trends, which can change frequently. As a result, we can interpret positive estimate revisions as a good sign for the company's business outlook.
Based on our research, we believe these estimate revisions are directly related to near-team stock moves. Investors can capitalize on this by using the Zacks Rank. This model considers these estimate changes and provides a simple, actionable rating system.
Ranging from #1 (Strong Buy) to #5 (Strong Sell), the Zacks Rank system has a proven, outside-audited track record of outperformance, with #1 stocks returning an average of +25% annually since 1988. Within the past 30 days, our consensus EPS projection remained stagnant. Amgen currently has a Zacks Rank of #3 (Hold).
Investors should also note Amgen's current valuation metrics, including its Forward P/E ratio of 12.31. Its industry sports an average Forward P/E of 18.56, so we one might conclude that Amgen is trading at a discount comparatively.
We can also see that AMGN currently has a PEG ratio of 1.76. This popular metric is similar to the widely-known P/E ratio, with the difference being that the PEG ratio also takes into account the company's expected earnings growth rate. The Medical - Biomedical and Genetics industry currently had an average PEG ratio of 1.81 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 98, putting it in the top 39% 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.
Make sure to utilize Zacks.com to follow all of these stock-moving metrics, and more, in the coming trading sessions.