AMGEN is a biotechnology company, which engages in the discovery, development, manufacture and marketing of human therapeutics. The company is headquartered in Thousand Oaks, California and currently employs 24,200 full-time employees. The firm discovers, develops, manufactures and delivers various human therapeutics.
AMGN released its first quarter 2022 results in late April and the results were slightly better than expected. Higher volumes provided a much-needed counterbalance to lower prices. The revenue forecast for 2022 is a bit disappointing but on the other hand, average revenue growth through 2030 is estimated at 5% with earnings growth of 8 to 12%.
The full quarterly report can be accessed on AMGEN's website.
In late November, the price tested the existing long-term support at the level of the blue rising trend line for the 4th consecutive time. Since then the price has risen with a current intermediate top just below the $260-level. The current price level is trading roughly in the middle of the long-term ascending triangle (formed by the blue and red line). Together with the green colored ChartMill Trend Indicator, the long-term trend remains positive for the time being.
Last week, the EMA10 crossed the SMA20 upwards, bringing the short-term trend back to positive. On the daily chart one can recognize a wedge pattern. An upward breakout offers opportunities towards the existing high at $258.5. If the price breaks through the wedge downwards, there is initially room to around $228.
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