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The spindle on the axle housing could be bent but that wouldn't cause a wobble. I can only see a few things wrong to cause this. Bad bearings in the hub, a warped or bent wheel mounting surface on the hub or most likely, a bent drum. Since the drum is seated on the hub and the studs pressed...

Remember gang, it's a full floater. Bent axle won't make the drum wobble.

While up on the stands, run the wheel mounting surface against a dial indicator. If the wms is nearly true than a bent drum is likely. It could have been dropped on a drum and bent it that way.