Why Amgen Stock Is Down Today Despite Solid Q2 Results
By no means were 's (NASDAQ: AMGN) second-quarter numbers "bad." Revenue for most of its core drugs was up year over year, and the slight earnings dip is the predictable result of rising expenses. The pharmaceutical company's outlook remains optimistic as well.
Yet, S&P Global Market Intelligence data indicates Amgen shares are down 5.9% as of 12:46 p.m. ET today. The prompt for the sell-off is mostly an earnings miss, but the actual driver of the sizable setback is arguably a trading crowd that's become quick to presume the worst.
Drugmaker Amgen reported revenue of $8.39 billion for the three-month stretch ending in June, up 20% year over year and slightly topping expectations. Not counting the acquisition of Horizon Pharma in October of last year, revenue grew 5% on a 10% uptick in volume led by cholesterol drug Repatha and osteoporosis treatment Prolia.
Source Fool.com
Amgen Inc. Stock
With 28 Buy predictions and not a single Sell prediction Amgen Inc. is an absolute favorite of our community.
As a result the target price of 304 € shows a slightly positive potential of 6.95% compared to the current price of 284.25 € for Amgen Inc..
