Amgen (NASDAQ:AMGN) Given New $302.00 Price Target at Leerink Partners

Amgen (NASDAQ:AMGN) had its price target lowered by equities researchers at Leerink Partners from $349.00 to $302.00 in a report issued on Wednesday. Leerink Partners’ price objective suggests a potential upside of 7.85% from the stock’s previous close.

Other analysts have also recently issued research reports about the company. TD Cowen lifted their price target on Amgen from $381.00 to $383.00 and gave the stock a “buy” rating in a research report on Monday, October 21st. Deutsche Bank Aktiengesellschaft reissued a “hold” rating and set a $305.00 price target (down from $310.00) on shares of Amgen in a research report on Wednesday, August 7th. Wolfe Research started coverage on shares of Amgen in a report on Friday, November 15th. They issued a “peer perform” rating on the stock. Barclays raised their target price on shares of Amgen from $300.00 to $315.00 and gave the stock an “equal weight” rating in a report on Monday, October 7th. Finally, Truist Financial downgraded shares of Amgen from a “buy” rating to a “hold” rating and boosted their target price for the company from $320.00 to $333.00 in a research report on Monday, October 14th. One analyst has rated the stock with a sell rating, thirteen have given a hold rating, eleven have issued a buy rating and two have assigned a strong buy rating to the company. According to MarketBeat.com, Amgen presently has a consensus rating of “Moderate Buy” and a consensus target price of $325.09.

Amgen Stock Down 4.8 %

Shares of AMGN stock traded down $13.99 during trading hours on Wednesday, reaching $280.01. 17,010,332 shares of the company’s stock were exchanged, compared to its average volume of 3,139,351. The stock has a market cap of $150.51 billion, a PE ratio of 35.85, a PEG ratio of 2.62 and a beta of 0.60. The company has a current ratio of 1.32, a quick ratio of 0.96 and a debt-to-equity ratio of 7.55. The stock’s fifty day moving average price is $314.64 and its two-hundred day moving average price is $317.84. Amgen has a 1 year low of $257.80 and a 1 year high of $346.85.

Amgen (NASDAQ:AMGN) last released its earnings results on Wednesday, October 30th. The medical research company reported $5.58 earnings per share for the quarter, topping the consensus estimate of $5.11 by $0.47. Amgen had a net margin of 13.00% and a return on equity of 168.35%. The company had revenue of $8.50 billion for the quarter, compared to the consensus estimate of $8.50 billion. During the same quarter in the previous year, the firm earned $4.96 EPS. Amgen’s revenue was up 23.2% compared to the same quarter last year. Research analysts predict that Amgen will post 19.52 EPS for the current year.

Hedge Funds Weigh In On Amgen

Institutional investors have recently bought and sold shares of the company. Kennedy Capital Management LLC purchased a new position in shares of Amgen during the 1st quarter worth $3,240,000. LRI Investments LLC acquired a new position in Amgen during the first quarter worth $152,000. Redwood Grove Capital LLC boosted its position in shares of Amgen by 17.2% during the first quarter. Redwood Grove Capital LLC now owns 47,687 shares of the medical research company’s stock worth $13,558,000 after buying an additional 7,000 shares during the period. Cetera Investment Advisers grew its stake in shares of Amgen by 268.9% in the first quarter. Cetera Investment Advisers now owns 233,379 shares of the medical research company’s stock valued at $66,355,000 after buying an additional 170,108 shares in the last quarter. Finally, Cetera Advisors LLC raised its holdings in shares of Amgen by 151.3% in the 1st quarter. Cetera Advisors LLC now owns 70,984 shares of the medical research company’s stock valued at $20,182,000 after buying an additional 42,739 shares during the period. 76.50% of the stock is owned by hedge funds and other institutional investors.

Amgen Company Profile

Amgen Inc discovers, develops, manufactures, and delivers human therapeutics worldwide. The company's principal products include Enbrel to treat plaque psoriasis, rheumatoid arthritis, and psoriatic arthritis; Otezla for the treatment of adult patients with plaque psoriasis, psoriatic arthritis, and oral ulcers associated with Behçet's disease; Prolia to treat postmenopausal women with osteoporosis; XGEVA for skeletal-related events prevention; Repatha, which reduces the risks of myocardial infarction, stroke, and coronary revascularization; Nplate for the treatment of patients with immune thrombocytopenia; KYPROLIS to treat patients with relapsed or refractory multiple myeloma; Aranesp to treat a lower-than-normal number of red blood cells and anemia; EVENITY for the treatment of osteoporosis in postmenopausal for men and women; Vectibix to treat patients with wild-type RAS metastatic colorectal cancer; BLINCYTO for the treatment of patients with acute lymphoblastic leukemia; TEPEZZA to treat thyroid eye disease; and KRYSTEXXA for the treatment of chronic refractory gout.