Amgen (NASDAQ:AMGN) Price Target Cut to $293.00 by Analysts at Piper Sandler

Amgen (NASDAQ:AMGNGet Rating) had its price objective decreased by analysts at Piper Sandler from $299.00 to $293.00 in a research report issued on Thursday, The Fly reports. The brokerage presently has an “overweight” rating on the medical research company’s stock. Piper Sandler’s price objective points to a potential upside of 11.31% from the company’s previous close.

AMGN has been the topic of a number of other reports. Truist Financial boosted their target price on shares of Amgen from $266.00 to $280.00 and gave the stock a “hold” rating in a report on Tuesday, November 8th. SVB Leerink boosted their target price on shares of Amgen from $256.00 to $282.00 and gave the stock a “market perform” rating in a report on Thursday, December 22nd. Oppenheimer boosted their target price on shares of Amgen from $300.00 to $310.00 and gave the stock an “outperform” rating in a report on Tuesday, December 6th. Morgan Stanley boosted their target price on shares of Amgen from $279.00 to $282.00 and gave the stock an “overweight” rating in a report on Friday, November 4th. Finally, StockNews.com raised shares of Amgen from a “buy” rating to a “strong-buy” rating in a report on Tuesday. Four investment analysts have rated the stock with a sell rating, four have assigned a hold rating, four have assigned a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus target price of $253.57.

Amgen Trading Up 0.5 %

Shares of Amgen stock opened at $263.24 on Thursday. The firm has a market capitalization of $140.46 billion, a PE ratio of 21.11, a price-to-earnings-growth ratio of 1.92 and a beta of 0.67. The company has a current ratio of 1.68, a quick ratio of 1.35 and a debt-to-equity ratio of 10.17. The firm’s 50 day moving average is $274.18 and its 200 day moving average is $256.71. Amgen has a 1 year low of $214.39 and a 1 year high of $296.67.

Amgen (NASDAQ:AMGNGet Rating) last announced its quarterly earnings results on Thursday, November 3rd. The medical research company reported $4.70 earnings per share (EPS) for the quarter, beating the consensus estimate of $4.43 by $0.27. The company had revenue of $6.65 billion for the quarter, compared to analyst estimates of $6.56 billion. Amgen had a net margin of 25.96% and a return on equity of 287.23%. The firm’s revenue was down .8% on a year-over-year basis. During the same period in the previous year, the firm posted $4.67 EPS. Equities research analysts forecast that Amgen will post 17.62 earnings per share for the current fiscal year.

Insider Activity at Amgen

In related news, SVP Nancy A. Grygiel sold 545 shares of the business’s stock in a transaction on Tuesday, November 8th. The shares were sold at an average price of $293.54, for a total transaction of $159,979.30. Following the transaction, the senior vice president now owns 13,009 shares in the company, valued at approximately $3,818,661.86. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 0.46% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Institutional investors have recently modified their holdings of the stock. Everett Harris & Co. CA raised its holdings in Amgen by 3.2% during the fourth quarter. Everett Harris & Co. CA now owns 21,390 shares of the medical research company’s stock worth $5,618,000 after buying an additional 663 shares during the last quarter. Fidelis Capital Partners LLC acquired a new position in Amgen during the fourth quarter worth $204,000. Willis Johnson & Associates Inc. acquired a new position in Amgen during the fourth quarter worth $206,000. Veriti Management LLC raised its holdings in Amgen by 3.9% during the fourth quarter. Veriti Management LLC now owns 7,671 shares of the medical research company’s stock worth $2,015,000 after buying an additional 291 shares during the last quarter. Finally, MJP Associates Inc. ADV raised its holdings in Amgen by 5.1% during the fourth quarter. MJP Associates Inc. ADV now owns 1,582 shares of the medical research company’s stock worth $415,000 after buying an additional 77 shares during the last quarter. Institutional investors and hedge funds own 75.53% of the company’s stock.

Amgen Company Profile

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Amgen Inc discovers, develops, manufactures, and delivers human therapeutics worldwide. It focuses on inflammation, oncology/hematology, bone health, cardiovascular disease, nephrology, and neuroscience areas. The company's products include Enbrel to treat plaque psoriasis, rheumatoid arthritis, and psoriatic arthritis; Neulasta that reduces the chance of infection due a low white blood cell count in patients cancer; Prolia to treat postmenopausal women with osteoporosis; Xgeva for skeletal-related events prevention; Otezla for the treatment of adult patients with plaque psoriasis, psoriatic arthritis, and oral ulcers associated with Behçet's disease; Aranesp to treat a lower-than-normal number of red blood cells and anemia; KYPROLIS to treat patients with relapsed or refractory multiple myeloma; and Repatha, which reduces the risks of myocardial infarction, stroke, and coronary revascularization.

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