Amgen is forming a base showing a 258.55 buy point with its next quarterly report expected on Aug. 4. The pattern is a first-stage flat base. on a weekly chart from MarketSmith. It is a follow-on to a cup with handle base with the same entry point.
Understand that jumping into a stock right as it gets ready to report means you likely won't have enough time to build a profit cushion before the release. That leaves you exposed to a sudden and perhaps sharp drop if the company disappoints investors with poor numbers and/or weak guidance. You can minimize your risk by waiting to see how the company reports and how the market reacts.
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Earnings Report
Earnings-per-share growth fell in the company's latest report from 26% to 15%, but sales rose from 3% to 6%.
Analysts are looking for EPS growth to be flat for the quarter, and 2% growth for the full year. Annual growth estimates were recently revised lower.
Amgen has a 95 Composite Rating and earns the No. 17 rank among its peers in the Medical-Biomed/Biotech industry group. Amphastar Pharmaceutcls, Dynavax Technologies and Corcept Therapeutics are among the top 5 highly rated stocks within the group.
Note: Dates for earnings reports are subject to change. Check the company's website for any updates.
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