The stock of Amgen Inc. (NASDAQ:AMGN) is now priced at $253.12 and the shares are 0.31 points up or 0.12% higher compared to its previous closing price of $252.81. The stock had 12.838 million contracts set over the past session. AMGN shares’ daily volume is compared to its average trading volume at 2.61 million shares. However, it has a float of 585 million and although its performance was 6.51% over the week, it’s one to watch. Analysts have given the AMGN stock a yearly average price target of $262.76 per share. It means the stock’s upside potential is 3.81% with the AMGN share price recently placing at $247.79 to $254.14. However, some brokerage firms have priced the stock below the average, including one that has called $185.
The shorts are running away from the Amgen Inc. stock, with the latest data on short interest released on August 14, 2020, showing that short interest numbers in the AMGN shares have declined. Short interest in the stock represents just 0.75% of its float, but the volume has dropped by -537364. The volume of shorted shares dropped to 4.387 million from 4.924 million shares over the last two weeks. The average intraday trading volume has been 1.604 million shares, which means that days to cover moved to roughly 2.734851.
In the last trading session, Amgen Inc. (NASDAQ:AMGN) raised by $15.48 over the week and gained $8.45 on its 20-day. The stock’s high in the recent session is lower when compared to its 52-week high of $264.97. The stock recorded its established 52-week high on 07/06/20.
Since 03/23/20, the stock has traded to a low of $177.05 at 42.97%, an encouraging piece of data likely to interest most investors out to exploit the stock’s recent surge. The stock has a beta allocation of 0.86. Being above 1 means that the stock’s volatility is higher than the market and traders are keenly watching it.
Looking at current readings, Amgen Inc.’s two-week RSI is 60.37. This suggests that the stock is neutral at the moment and that AMGN shares’ price movement remains stable. The stochastic readings are equally revealing at 86.49% meaning the AMGN share price is currently in oversold territory.
The technical chart shows that the AMGN stock will likely settle at between $255.58 and $258.03 per share. However, if the stock dips below $249.23, then its market would become much weaker. Any downside could see the stock price sliding to levels as low as $245.33.
Currently, the stock is trading in the green of MACD, with a reading of 7.79. Investors always pay attention to any move above or below the zero-line, mainly because the indicator points to the position of the stock’s short-term average relative to its long-term measure. A MACD -a reading above the zero line means that the short-term is above the long-term average. This scenario implies that there is an upward momentum. The opposite is true when the MACD falls below the zero-line.
Analysts at Maxim Group assigned AMGN a rating of Neutral in their resuming review released on April 15. Wolfe Research analysts see the stock as a Peer Perform in a flash note released to investors on March 31 initiating covering the stock. Raymond James seeing the improvements upgraded the stock from Mkt Perform to Outperform on March 30, placing it at $255.
The average rating for the AMGN equity is 2.24 and is currently gathering a bullish momentum. Of 29 analysts tracking Amgen Inc. polled by Reuters, 11 rated AMGN as a hold. The remaining 18 analysts were split evenly. However, the split wasn’t equal as a majority (17) rated it as a buy or strong buy. 1 analyst advised investors against buying the stock or to sell if they own any of the stock.
Elsewhere, the AMGN stock price is 15.03X ahead of its 12-month Consensus earnings per share estimates. The stocks P/S ratio currently stands at 20.7 below the group’s average of 22.5. Amgen Inc. has its P/E ratio at 13.9, which means that the stock is currently trading at a premium relative to the 5.6 industry average.
Zacks Consensus Estimate forecasts that the current-quarter revenues for Amgen Inc. (NASDAQ:AMGN) will increase by about 3.45%, which will see them reach $6.35 billion. The company’s full-year revenues are, however, expected to increase by about 7.12%, up from $23800 million to $25400 million. AMGN’s expected adjusted earnings should surge almost 3.83% to end up at $3.8 per share, while for the fiscal year, analysts project the company’s earnings to grow by about 6.34% to record $15.76/share.