Why Amgen Stock Was a Nearly 5% Winner Today
Key Points
An analyst bumped his price target higher on the shares.
He didn't change his recommendation, however.
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On Tuesday, Amgen (NASDAQ: AMGN) stock hit its one-year high, on continued momentum from a far better-than-expected quarterly earnings report. The immediate catalyst was a post-earnings price target raise from an analyst, which helped the stock secure an almost 5% price gain that day; it closed a mere $0.10 down from that one-year peak.
Effective medicine for shareholders
Before market open, Deutsche Bank's James Shin pulled the lever on that hike. The pundit now believes the stock is worth $285 per share, up a tick from his previous fair-value estimation of $280. This move didn't change his recommendation on the stock, as it remains a hold.
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Image source: Getty Images.
The reasoning behind the change wasn't immediately apparent. It doesn't seem coincidental, however, that it was enacted just shy of one week after Amgen published those quarterly figures.
The veteran biotech and pharmaceutical company delivered quite the impressive third quarter. It featured, among other achievements, a double-digit rise in revenue compared to the year-ago frame, and a pair of highly convincing beats on the consensus analyst projections. A confident management team, meanwhile, increased full-year revenue and profitability guidance.
Well placed for future growth
That quarterly performance felt like the result of a business firing on all cylinders; a telling detail was that a clutch of Amgen's top medicines saw higher year-over-year sales. The company's product mix is clearly resonating with the market, and what's more, it has an extensive pipeline of drug candidates.
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Eric Volkman has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends Amgen. The Motley Fool has a disclosure policy.
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