NEW YORK ( TheStreet) -- Amgen (Nasdaq: AMGN) hit a new 52-week high Wednesday as it is currently trading at $70.03, above its previous 52-week high of $70 with 3.4 million shares traded as of 2:35 p.m. ET. Average volume has been 4.7 million shares over the past 30 days. Amgen has a market cap of $53.43 billion and is part of the health care sector and drugs industry. Shares are up 6.9% year to date as of the close of trading on Tuesday. Amgen Inc., a biotechnology medicines company, discovers, develops, manufactures, and markets human therapeutics based on advances in cellular and molecular biology for grievous illnesses primarily in the United States, Europe, and Canada. The company has a P/E ratio of 16.9, equal to the average drugs industry P/E ratio and below the S&P 500 P/E ratio of 17.7.
TheStreet Ratings rates Amgen as a buy. The company's strengths can be seen in multiple areas, such as its revenue growth, notable return on equity, attractive valuation levels, solid stock price performance and expanding profit margins. We feel these strengths outweigh the fact that the company has had sub par growth in net income. You can view the full Amgen Ratings Report. See all 52-week high stocks or get investment ideas from our investment research center.