$AMGN observationThis is just my observation, not advice.
Technical:
1. Price touched the 200 SMA.
2. Price is corrected to 50% correction and slightly pumped after reaching the supportive zone.
3. Price reached the volume price of FRVP around 270$.
4. The correction nature of the latest candles in the blue box is obvious.
5. In the daily and 4H charts, the stock is almost in the oversold zone.
6. A significant divergence is observable on the daily chart.
Fundamental:
1. P/E ratio: 34.4x (Not undervalued)
2. In November 2024, Amgen's Phase 2 study of MariTide showed a 20% average weight loss over 52 weeks in obese patients without diabetes. While promising, it fell short of analysts' 23–25% expectations, raising concerns about its competitiveness against treatments like Eli Lilly's Zepbound and Novo Nordisk's Wegovy.
3. On November 26th, after MariTide phase 2 announcement, the price was mixed but could be considered to have moved up impulsively.
4. On 5th December, Amgen announced to invest 1B for expansion.
5. NASDAQ:AMGN launched Pavblu as a rival of NASDAQ:REGN 's Eylea.
6. On December 7th, NASDAQ:AMGN out significant result for Blinatumomab.
7. Based on reports, NASDAQ:AMGN raises quarterly dividend 5.8%.
8. Analyst sentiments: 14 buy, 15 hold, 3 sell.
Scenarios:
We are in the correction with two main scenarios:
1. ABC correction has been completed and impulsive waves have been started so we should look for entry.
2. A correction wave has been completed, and we are now in the B wave correction. In this case, we should see another price drop on wave C. After then, we can look for long on around 78% correction and trendline.
