Amgen Surges to New High After Beating Earnings Estimates
Amgen Inc. (NASDAQ:AMGN) has reached a new 52-week high of $420.97 during trading on Tuesday, surpassing its previous closing price of $417.20. The stock's volume was 109529 shares, and it had traded as low as $417.2320.
The company's recent earnings report showed that it beat analysts' estimates with a quarterly EPS of $6.29 compared to the expected $5.62. Revenue for the quarter came in at $10.05 billion, up 9.5% from last year. Amgen has set its FY 2026 guidance at 22.300-23.500 EPS.
Several research analysts have weighed in on the stock, with some upgrading their price targets. Oppenheimer increased its target to $450.00 and gave the company an 'outperform' rating, while Bank of America raised its target to $317.00 but gave a 'underperform' rating. TD Cowen lifted its target to $452.00 and gave the stock a 'buy' rating.
Amgen has also been in the news for its quarterly dividend announcement, which will be paid on September 11th to investors of record on August 21st. The company's payout ratio is 62.65%, and it has a market capitalization of $223.95 billion with a PE ratio of 25.72.