What Happened?
Shares of biotech company Amgen (NASDAQ:AMGN) jumped 5.3% in the afternoon session after the company reported strong fourth-quarter results. Amgen exceeded analysts' revenue expectations this quarter, and its full-year revenue guidance came in slightly higher than Wall Street's estimates. On the other hand, its full-year EPS guidance slightly missed, and its EPS was in line with Wall Street's estimates. Overall, this quarter was mixed with better-than-anticipated sales but mediocre profitability. The market seemed to focus on the sales, and the stock traded up as a result.
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What The Market Is Telling Us
Amgen’s shares are not very volatile and have only had 5 moves greater than 5% over the last year. In that context, today’s move indicates the market considers this news meaningful, although it might not be something that would fundamentally change its perception of the business.
Amgen is up 17.5% since the beginning of the year, but at $304.75 per share, it is still trading 9.7% below its 52-week high of $337.38 from September 2024. Investors who bought $1,000 worth of Amgen’s shares 5 years ago would now be looking at an investment worth $1,314.
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