Why Amgen Stock Zoomed Nearly 12% Higher Today
(NASDAQ: AMGN) released its latest set of quarterly results after market hours Thursday, and investors rewarded the pharmaceutical company the following day with a lift to its share price. The stock rose by almost 12% on Friday, but much of that was due to a different factor.
In its first quarter, Amgen managed to grow its revenue by a meaty 22% to $7.4 billion. This was fueled by double-digit sales increases in no fewer than 10 products from the company's portfolio of approved medications. Going in the opposite direction was non-GAAP (adjusted) earnings; this slipped by 1% to slightly over $2.1 billion, or $3.96 per share.
While the company only met the consensus analyst estimate on the top line, it exceeded with adjusted profitability. On average, prognosticators tracking Amgen's fortunes were modeling a per-share figure of $3.89.
Source Fool.com
Amgen Inc. Stock
The stock is one of the favorites of our community with 29 Buy predictions and 1 Sell predictions.
With a target price of 304 € there is a slightly positive potential of 4.4% for Amgen Inc. compared to the current price of 291.2 €.
