[PR Newswire] – THOUSAND OAKS, Calif., March 24, 2014 /PRNewswire/ — Amgen (AMGN) today announced that it will present pivotal Phase 3 data from five clinical studies evaluating evolocumab (AMG 145), an investigational fully human monoclonal antibody that inhibits PCSK9, a protein that reduces the liver’s ability to remove low-density lipoprotein cholesterol (LDL-C), or “bad” cholesterol, from the blood.1 The results from the five Phase 3 studies with evolocumab will be presented in three Featured Clinical Research and two Late-Breaking Clinical Trial sessions at the upcoming American College of Cardiology’s 63rd Annual Scientific Session (ACC.14), being held March 29 – 31 in Washington, D.C. “We are eager to share the detailed findings from our Phase 3 cholesterol-lowering studies of evolocumab at ACC,” said Sean E. Harper, M.D., executive vice president of Research and Development at Amgen. “The robust data from these studies in more than 4,000 patients form the basis of our global filing plan and we look forward to potentially providing a new treatment option to improve the lives of patients with high cholesterol, who have increased LDL-C levels despite existing therapies.”
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Amgen Inc. (AMGN), with a current value of $91.57B, began trading this morning at $123.27.
Looking at today’s trading action, the company’s one day range from $118.56 to $123.50 with the price of the stock fluctuating between $94.15 to $128.96 over the last 52 weeks.
AMGN shares are currently priced at 15.06x this year’s forecasted earnings, which makes them relatively expensive compared to the industry’s -5.39x earnings multiple for the same period.
And for dividend hunters, the company pays shareholders $2.44 per share annually in dividends, yielding 2.00%.
According to a consensus of 23 analysts, the earnings estimate of $1.95 per share would be $0.01 worse than the year-ago quarter and a $0.10 sequential increase. What we find to be interesting is that the full-year EPS estimate of $8.16 is a $0.56 better when compared to the previous year’s annual results.
The quarterly earnings estimate is predicated on a consensus revenue forecast of $4.76 Billion. If reported, that would be a 12.26% increase over the year-ago quarter.
In terms of ratings, Argus upgraded AMGN from Hold to Buy (Jan 25, 2013). Previously, Robert W. Baird downgraded AMGN from Outperform to Neutral.
Given all the information above, we should disclose to readers that the average price target is $131.45, which is 6.64% above than it opened this morning.
Summary (NASDAQ:AMGN) : Amgen Inc., a biotechnology company, discovers, develops, manufactures, and delivers human therapeutics in the areas of oncology, hematology, inflammation, bone health, nephrology, cardiovascular, and general medicine worldwide. Its principal products include Neulasta, a pegylated protein for the treatment of chemotherapy-induced febrile neutropenia; NEUPOGEN, a recombinant-methionyl human granulocyte colony-stimulating factor for treating the patients with non-myeloid malignancies; and Enbrel for the treatment of rheumatoid arthritis, plaque psoriasis, and psoriatic arthritis in adult patients. The companys principal products also comprise Aranesp and EPOGEN erythropoiesis-stimulating agents for the treatment of anemia and dialysis; XGEVA and Prolia for the prevention of skeletal-related events and treatment of postmenopausal women with osteoporosis; and Sensipar/Mimpara products for use in the treatment of secondary hyperparathyroidism in CKD patients on dialysis. Its other marketed products include Nplate, a thrombopoietic compound; and Vectibix, a human monoclonal antibody. The companys products in phase 3 clinical trial comprise Evolocumab, a human monoclonal antibody used for the treatment for dyslipidemia; Talimogene Laherparepvec for the treatment of unresected stage IIIB, IIIC, or IV melanoma; and Trebananib for the treatment of ovarian cancer. Its other product in development stage includes Ivabradine, an oral drug for chronic heart failure and stable angina in patients with elevated heart rates. The company markets its products to healthcare providers, including physicians or their clinics, dialysis centers, hospitals, and pharmacies; consumers; and pharmaceutical wholesale distributors. It has collaborative arrangements with Pfizer Inc.; Glaxo Group Limited; AstraZeneca Plc.; Takeda Pharmaceutical Company Limited; UCB; and Bayer HealthCare Pharmaceuticals Inc. Amgen Inc. was founded in 1980 and is headquartered in Thousand Oaks, California.
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