Company Update (NASDAQ:AMGN): Novartis copy of Amgen arthritis drug highly similar -FDA staff

[Reuters] – Novartis AG’s cheaper version of Amgen Inc’s blockbuster rheumatoid arthritis drug Enbrel is “highly similar” to the original, according to a preliminary review by Food and Drug Administration … Read more on this. Amgen Inc. (AMGN) , valued at $120.63B, started the session at $161.36. Today’s price range has been between $160.37 and $162.31 per share with a one year range of $130.09 to $181.81. Priced at 14.41x this year’s forecasted earnings, AMGN shares are relatively expensive compared to the industry’s 5.98x forward p/e ratio. And for dividend hunters, the company pays shareholders $4.00 per share annually in dividends, yielding 2.48%. Consensus earnings for the current quarter by the 20 sell-side analysts covering the stock is an estimate of $2.74 per share, which would be $0.17 better than the year-ago quarter and a $0.01 sequential increase. Investors should also note that the full-year EPS estimate of $11.18 is a $0.80 improvement when compared to the previous year’s annual results. The quarterly earnings estimate is predicated on a consensus revenue forecast of $5.58 Billion. If reported, that would be a 3.91% increase over the year-ago quarter. In terms of ratings, Bernstein Initiated AMGN at Mkt Perform (Jun 29, 2016). Previously, Citigroup Initiated AMGN at to Neutral. The average price target for AMGN shares by the analysts covering it is $183.88, which is 13.96% above where the stock opened. See more in (NASDAQ:AMGN) Similar Articles: Stock Update (NASDAQ:AMGN): Amgen drug appears ‘highly similar’ to Humira -FDA staff Stock Update: Amgen Inc (NASDAQ:AMGN) – UK cost agency rejects Amgen’s virus-based cancer drug Stock Update: Amgen Inc (NASDAQ:AMGN) – Unilife and Amgen Enter Strategic Collaboration for Injectable Drug Delivery Systems