Amgen (AMGN) Increases Yet Falls Behind Market: What Investors Need to Know

Amgen (AMGN) closed at $319.66 in the latest trading session, marking a +0.69% move from the prior day. The stock lagged the S&P 500's daily gain of 0.9%. Elsewhere, the Dow gained 0.81%, while the tech-heavy Nasdaq added 1.22%.The the stock of world's largest biotech drugmaker has fallen by 2.12% in the past month, leading the Medical sector's loss of 4.05% and undershooting the S&P 500's gain of 3.15%.The investment community will be paying close attention to the earnings performance of Amgen in its upcoming release. The company is slated to reveal its earnings on October 30, 2024. The company's earnings per share (EPS) are projected to be $5.13, reflecting a 3.43% increase from the same quarter last year. At the same time, our most recent consensus estimate is projecting a revenue of $8.51 billion, reflecting a 23.24% rise from the equivalent quarter last year.For the annual period, the Zacks Consensus Estimates anticipate earnings of $19.49 per share and a revenue of $33.21 billion, signifying shifts of +4.5% and +17.82%, respectively, from the last year.Investors should also take note of any recent adjustments to analyst estimates for Amgen. These revisions typically reflect the latest short-term business trends, which can change frequently. With this in mind, we can consider positive estimate revisions a sign of optimism about the company's business outlook.Research indicates that these estimate revisions are directly correlated with near-term share price momentum. To utilize this, we have created the Zacks Rank, a proprietary model that integrates these estimate changes and provides a functional 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. Over the last 30 days, the Zacks Consensus EPS estimate has witnessed a 0.01% decrease. Amgen is currently a Zacks Rank #3 (Hold).From a valuation perspective, Amgen is currently exchanging hands at a Forward P/E ratio of 16.29. This signifies a discount in comparison to the average Forward P/E of 22.61 for its industry.We can additionally observe that AMGN currently boasts a PEG ratio of 2.82. Comparable to the widely accepted P/E ratio, the PEG ratio also accounts for the company's projected earnings growth. The Medical - Biomedical and Genetics was holding an average PEG ratio of 2.31 at yesterday's closing price.The Medical - Biomedical and Genetics industry is part of the Medical sector. This industry currently has a Zacks Industry Rank of 73, which puts it in the top 29% of all 250+ industries.The Zacks Industry Rank gauges the strength of our individual 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.You can find more information on all of these metrics, and much more, on Zacks.com.Zacks' Research Chief Names "Stock Most Likely to Double"Our team of experts has just released the 5 stocks with the greatest probability of gaining +100% or more in the coming months. Of those 5, Director of Research Sheraz Mian highlights the one stock set to climb highest.This top pick is among the most innovative financial firms. With a fast-growing customer base (already 50+ million) and a diverse set of cutting edge solutions, this stock is poised for big gains. Of course, all our elite picks aren’t winners but this one could far surpass earlier Zacks’ Stocks Set to Double like Nano-X Imaging which shot up +129.6% in little more than 9 months.Free: See Our Top Stock And 4 Runners UpWant the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Amgen Inc. (AMGN): Free Stock Analysis ReportTo read this article on Zacks.com click here.Zacks Investment ResearchWeiter zum vollständigen Artikel bei Zacks Weiter zum vollständigen Artikel bei Zacks