Amgen Stock Analysis: Bullish Momentum, Earnings Strength, and Outlook for 2025

Amgen has recently shown strong bullish momentum, particularly following its Q3 earnings report released on Tuesday, 4 November 2025. The biotechnology giant reported impressive results, including a robust earnings-per-share (EPS) figure that helped fuel renewed investor interest in the Amgen stock price.

Q3 2025 Earnings: Strong EPS Signals Renewed Strength

Amgen reported an EPS of $5.64, representing a 12.8% increase compared with the Q3 2024 EPS of $5.00. Despite this earnings growth, the Amgen share price has experienced a year-on-year decline, falling from $319.69 on 4 November 2024 to $298.75 on 4 November 2025.
This decline places Amgen in an arguably undervalued position, potentially priming the stock for a future bullish breakout.

Technical Indicators Suggest Caution

While the overall momentum appears positive, several technical indicators signal that a short-term pullback may be likely:

• RSI levels currently show overbought conditions, suggesting the price may be stretched in the near term.
• The MACD line on the MNACD chart has begun to dip below the signal line, a pattern that often precedes a retracement.

These signals highlight the importance of caution for traders seeking short-term opportunities in Amgen.

Long-Term Fundamentals Remain Strong

For long-term investors, Amgen’s fundamentals appear compelling:

• Current P/E ratio: 26.01
• Forward P/E ratio: 15.49

These valuations position Amgen as a strong value proposition within the biotech sector. Based on these ratios, projected future stock prices could reach:

• High estimate: $564.19 (67.95% potential upside)
• Low estimate: $421.17 (25.37% potential upside)

However, analyst sentiment provides a more conservative view, with average price targets around $326.33, representing a 2.96% downside from current levels. This divergence between fundamental valuation and analyst sentiment adds an element of uncertainty for investors.

Outlook for Traders and Investors

Short-term traders should remain cautious, as technical indicators point to a potential retracement in the coming weeks.
Given Amgen’s recent price volatility and the mixed sentiment between valuations and analyst forecasts, longer-dated options may carry elevated risk.

Long-term investors, however, may find Amgen’s strong financials, solid earnings growth, and discounted share price attractive as part of a diversified portfolio.