Amgen (NASDAQ:AMGN) Price Target Raised to $235.00

Amgen (NASDAQ:AMGN) had its price objective lifted by Mizuho from $223.00 to $235.00 in a note issued to investors on Thursday, Benzinga reports. The brokerage currently has a “neutral” rating on the medical research company’s stock. Mizuho’s target price points to a potential downside of 23.53% from the stock’s previous close.

A number of other brokerages have also weighed in on AMGN. Raymond James started coverage on shares of Amgen in a research report on Thursday, March 28th. They set a “market perform” rating for the company. Barclays upgraded Amgen from an “underweight” rating to an “equal weight” rating and boosted their target price for the stock from $230.00 to $300.00 in a research report on Friday, May 3rd. UBS Group raised their price target on Amgen from $284.00 to $307.00 and gave the company a “neutral” rating in a report on Friday, May 3rd. BMO Capital Markets increased their target price on Amgen from $336.00 to $355.00 and gave the company an “outperform” rating in a research report on Friday, May 3rd. Finally, Royal Bank of Canada decreased their price target on shares of Amgen from $332.00 to $328.00 and set an “outperform” rating on the stock in a research note on Friday, May 3rd. Ten equities research analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the company. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus price target of $305.65.

Amgen Stock Performance

Shares of AMGN stock opened at $307.31 on Thursday. The company has a quick ratio of 0.98, a current ratio of 1.42 and a debt-to-equity ratio of 11.96. The company has a 50 day moving average price of $275.65 and a 200-day moving average price of $281.74. Amgen has a 52 week low of $211.71 and a 52 week high of $329.72. The firm has a market capitalization of $164.85 billion, a PE ratio of 43.90, a P/E/G ratio of 3.00 and a beta of 0.60.

Amgen (NASDAQ:AMGN) last released its earnings results on Thursday, May 2nd. The medical research company reported $3.96 EPS for the quarter, topping analysts’ consensus estimates of $3.76 by $0.20. Amgen had a net margin of 12.74% and a return on equity of 156.21%. The company had revenue of $7.45 billion for the quarter, compared to analysts’ expectations of $7.45 billion. During the same quarter last year, the business earned $3.98 EPS. The firm’s revenue was up 22.0% compared to the same quarter last year. As a group, equities research analysts expect that Amgen will post 19.46 earnings per share for the current year.

Insider Buying and Selling at Amgen

In related news, SVP Nancy A. Grygiel sold 2,117 shares of the business’s stock in a transaction that occurred on Friday, May 3rd. The stock was sold at an average price of $313.09, for a total value of $662,811.53. Following the completion of the sale, the senior vice president now owns 9,883 shares in the company, valued at $3,094,268.47. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. 0.69% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently added to or reduced their stakes in AMGN. OFI Invest Asset Management purchased a new position in shares of Amgen in the 3rd quarter valued at $26,000. Briaud Financial Planning Inc purchased a new position in shares of Amgen in the 3rd quarter worth approximately $26,000. Horizon Financial Services LLC bought a new position in shares of Amgen during the 1st quarter worth approximately $28,000. BOK Financial Private Wealth Inc. purchased a new stake in Amgen during the fourth quarter valued at approximately $29,000. Finally, United Community Bank purchased a new position in Amgen in the fourth quarter worth $29,000. 76.50% of the stock is currently owned by 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.