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AMGEN RAISES FULL-YEAR GUIDANCE, STOCK RISES - Capital Street FX

21-Nov
19:50 IST

In the Premarket trading session on Thursday, Amgen Inc.’s stock was trading at 228.00- higher by 1.10% as compared to its previous close.

The biopharmaceutical company today raised its 2019 profit and revenue guidance ranges, after completing its $13.4 billion acquisition of Celgene Corp’s psoriasis therapy Otezla. Amgen now sees full-year adjusted EPS between $14.50 and $14.70. It was up from its previous estimate of $14.20 and $14.45 and also above the market expectation of $14.42.

The biopharmaceutical company now expects full-year revenue to be $23.1 billion to $23.3 billion, compared with the previous guidance range of $22.8 billion to $23.0 billion. Amgen reported better-than-expected third-quarter adjusted profit and revenue in the last month. Shares of the company have risen 10.6% over the past three months.

On the technical front, the current price is above the MA5 and the MA20. The current price is above the middle line of the Bollinger Bands and is heading upwards. The stock is expected to trade higher today.

 

TRADE SUGGESTION- LIMIT BUY AT 227.70 TAKE PROFIT AT 229.70 STOP LOSS AT 226.70

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