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
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 6.28% compared to the current price of 286.05 € for Amgen Inc..
