Amgen (NASDAQ:AMGN) Price Target Cut to $284.00

Amgen (NASDAQ:AMGN) had its target price decreased by investment analysts at UBS Group from $314.00 to $284.00 in a research note issued to investors on Wednesday, Benzinga reports. The firm presently has a “neutral” rating on the medical research company’s stock. UBS Group’s target price suggests a potential upside of 8.09% from the company’s current price.

Several other brokerages have also issued reports on AMGN. Raymond James initiated coverage on Amgen in a research report on Thursday, March 28th. They set a “market perform” rating for the company. Oppenheimer restated an “outperform” rating and issued a $350.00 target price on shares of Amgen in a research report on Thursday, February 1st. Royal Bank of Canada reiterated an “outperform” rating and issued a $329.00 price objective on shares of Amgen in a research report on Wednesday, April 3rd. Leerink Partnrs cut Amgen from an “outperform” rating to a “market perform” rating in a research note on Wednesday, February 7th. Finally, Morgan Stanley reduced their target price on Amgen from $281.00 to $278.00 and set an “equal weight” rating on the stock in a research note on Wednesday, February 7th. Ten research analysts have rated the stock with a hold rating and ten have issued a buy rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $296.95.

Amgen Stock Performance

NASDAQ:AMGN opened at $262.75 on Wednesday. The company has a market capitalization of $140.81 billion, a PE ratio of 21.04, a P/E/G ratio of 2.47 and a beta of 0.58. The company has a 50 day simple moving average of $277.34 and a two-hundred day simple moving average of $281.24. The company has a debt-to-equity ratio of 10.14, a quick ratio of 1.13 and a current ratio of 1.65. Amgen has a fifty-two week low of $211.71 and a fifty-two week high of $329.72.

Amgen (NASDAQ:AMGN) last announced its quarterly earnings data on Tuesday, February 6th. The medical research company reported $4.71 EPS for the quarter, topping the consensus estimate of $4.66 by $0.05. Amgen had a net margin of 23.83% and a return on equity of 154.27%. The company had revenue of $8.20 billion during the quarter, compared to the consensus estimate of $8.13 billion. During the same quarter last year, the firm posted $4.09 EPS. The company’s quarterly revenue was up 19.8% on a year-over-year basis. Research analysts anticipate that Amgen will post 19.46 earnings per share for the current year.

Institutional Investors Weigh In On Amgen

A number of hedge funds have recently bought and sold shares of AMGN. OFI Invest Asset Management bought a new stake in Amgen in the third quarter valued at $26,000. Briaud Financial Planning Inc purchased a new position in shares of Amgen in the third quarter worth approximately $26,000. Strategic Investment Solutions Inc. IL purchased a new stake in Amgen in the 1st quarter worth about $28,000. BOK Financial Private Wealth Inc. acquired a new stake in shares of Amgen during the 4th quarter valued at $29,000. Finally, United Community Bank bought a new stake in shares of Amgen in the 4th quarter valued at approximately $29,000. Institutional investors and hedge funds own 76.50% of the company’s stock.

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.