BUZZ-Preview: Amgen's stock declines ahead of third-quarter earnings release

November 3 - ** Amgen Inc (AMGN.O) shares fell 0.5% to $463.33. The company is set to announce its third-quarter earnings after market close, with the market focusing on sales of its core growth drugs and the latest progress in its research and development pipeline.

** According to LSEG forecasts, the biotechnology company is expected to report quarterly revenue up 5% year-on-year to $10.07 billion, with adjusted earnings per share (EPS) at $5.79, higher than $5.64 in the same period last year.

** Amgen has met or exceeded earnings per share expectations for at least eight consecutive quarters, with the last revenue miss occurring in the third quarter of 2024.

** Investors will pay attention to the latest progress on its experimental weight loss drug MariTide, as well as the sales momentum of its cancer drug Imdelltra—which recently reported strong clinical trial data.

** Of the 36 analysts covering AMGN, 13 rate it a “strong buy” or “buy,” 19 rate it “hold,” and 4 rate it “sell” or “strong sell.”

** The median target price has risen to $407.50 from $400 a month ago and $360 on August 3.

** Since the start of this year, AMGN shares have surged about 42%, compared with an 8% rise in the Dow Jones Industrial Average .DJI

** According to options analytics provider Mercury Alerts, AMGN options indicate the stock could move 4.3% (up or down) by this Friday.

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