Is Amgen Stock Outperforming the Nasdaq?

Headquartered in Thousand Oaks, California, Amgen Inc. (AMGN) is a renowned player in the biotechnology industry. Valued at $179.1 billion by market cap, the company has a strong presence in the oncology/hematology, cardiovascular disease, neuroscience, inflammation, bone health & nephrology, and neuroscience markets.

Companies worth $10 billion or more are generally described as “large-cap stocks,” and AMGN fits right into that category. Amgen is a leader in the biopharmaceutical industry, advancing healthcare through innovative research and a strong portfolio that includes flagship drugs like Epogen, Aranesp, and Enbrel. Besides, the October 2023 acquisition of Horizon Therapeutics for $27.8 billion has enhanced its oncology portfolio with Kyprolis, furthering its commitment to innovative therapies.

Shares of this biotechnology giant have fallen 4.7% from their 52-week high of $346.85, which they hit on July 25. Shares of AMGN are up 7.5% over the past three months, outperforming the broader Nasdaq Composite’s ($NASX) 1.8% gains over the same time frame.

In the longer term, AMGN shares rose 28.8% over the past year, and in 2024, the stock is up 14.8%. By contrast, NASX is up 14.2% on a YTD basis and 22.1% over the past 52 weeks.

To confirm the bullish price trend, AMGN has been trading above its 50-day and 200-day moving averages since early May, with some fluctuations.

Amgen’s bullish price momentum stems from investor enthusiasm for its obesity drug MariTide, which has progressed to Phase III trials, along with its strong and diverse portfolio that reduces risks. However, the stock fell 5% following its Q2 earnings release on August 6, primarily due to slight earnings miss and rising expenses.

In contrast to AMGN's strong performance, top rival Biogen Inc. (BIIB) has underperformed relative to both AMGN and broader equity benchmarks. Over the past 52 weeks, BIIB stock has fallen 23.3%, and it is down 20.8% on a YTD basis.

Despite its recent outperformance compared to the broader market, analysts remain cautiously optimistic about AMGN’s prospects. The stock has a consensus rating of “Moderate Buy” from the 24 analysts in coverage, and the stock currently trades above its mean price target of $324.38.

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On the date of publication, Kritika Sarmah did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes. For more information please view the Barchart Disclosure Policy here.

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