Amgen (NASDAQ:AMGN) Price Target Lowered to $328.00 at Royal Bank of Canada

Amgen (NASDAQ:AMGN) had its price target lowered by research analysts at Royal Bank of Canada from $332.00 to $328.00 in a report released on Friday, Benzinga reports. The brokerage currently has an “outperform” rating on the medical research company’s stock. Royal Bank of Canada’s price objective suggests a potential upside of 5.37% from the stock’s current price.

A number of other analysts have also recently weighed in on AMGN. The Goldman Sachs Group increased their price target on shares of Amgen from $313.00 to $350.00 and gave the stock a “buy” rating in a research note on Wednesday, February 7th. Leerink Partnrs downgraded Amgen from an “outperform” rating to a “market perform” rating in a research note on Wednesday, February 7th. Truist Financial reissued a “buy” rating and issued a $320.00 target price on shares of Amgen in a report on Friday, April 12th. Barclays raised shares of Amgen from an “underweight” rating to an “equal weight” rating and boosted their price objective for the company from $230.00 to $300.00 in a research note on Friday. Finally, Morgan Stanley lowered their target price on shares of Amgen from $281.00 to $278.00 and set an “equal weight” rating on the stock in a report on Wednesday, February 7th. Ten analysts have rated the stock with a hold rating and twelve have issued a buy rating to the company’s stock. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and an average price target of $305.05.

Amgen Trading Up 11.8 %

Shares of Amgen stock opened at $311.29 on Friday. The company has a fifty day simple moving average of $274.95 and a 200-day simple moving average of $281.50. Amgen has a 12-month low of $211.71 and a 12-month high of $329.72. The company has a current ratio of 1.65, a quick ratio of 1.13 and a debt-to-equity ratio of 10.14. The stock has a market cap of $166.97 billion, a price-to-earnings ratio of 44.47, a PEG ratio of 2.69 and a beta of 0.60.

Amgen (NASDAQ:AMGN) last posted its earnings results on Thursday, May 2nd. The medical research company reported $3.96 earnings per share for the quarter, beating the consensus estimate of $3.76 by $0.20. The business had revenue of $7.45 billion during the quarter, compared to the consensus estimate of $7.45 billion. Amgen had a return on equity of 145.62% and a net margin of 12.74%. The business’s quarterly revenue was up 22.0% on a year-over-year basis. During the same period in the previous year, the business earned $3.98 EPS. On average, equities analysts forecast that Amgen will post 19.43 EPS for the current fiscal year.

Insider Activity

In related news, SVP Nancy A. Grygiel sold 2,117 shares of the business’s stock in a transaction dated Friday, May 3rd. The shares were sold at an average price of $313.09, for a total value of $662,811.53. Following the completion of the transaction, the senior vice president now owns 9,883 shares of the company’s stock, valued at approximately $3,094,268.47. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Company insiders own 0.46% of the company’s stock.

Hedge Funds Weigh In On Amgen

Several institutional investors and hedge funds have recently modified their holdings of AMGN. OFI Invest Asset Management purchased a new position in shares of Amgen during the 3rd quarter worth $26,000. Briaud Financial Planning Inc acquired a new stake in Amgen in the 3rd quarter worth about $26,000. Horizon Financial Services LLC acquired a new position in shares of Amgen during the 1st quarter valued at about $28,000. BOK Financial Private Wealth Inc. acquired a new stake in shares of Amgen in the fourth quarter worth approximately $29,000. Finally, United Community Bank purchased a new stake in Amgen in the fourth quarter valued at approximately $29,000. Hedge funds and other institutional investors own 76.50% of the company’s stock.

About Amgen

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.