Amgen Stock Soars on Strong Earnings Report, Analysts Predict Continued Rally

Amgen Inc.'s stock (AMGN) has been on a strong rally after reporting second-quarter revenue growth of 10% to $10.1 billion and a 65% increase in GAAP earnings per share to $4.37.

The company's product sales rose 9%, with 22 medicines posting double-digit gains, and six core drugs delivering nearly 70% of product revenue.

Shares of Amgen are trading above key moving averages, indicating broad technical strength, but the price is also considered overbought, which may lead to short-term pullbacks.