Amgen (NASDAQ:AMGN) Price Target Cut to $328.00

Amgen (NASDAQ:AMGN) had its price target reduced by Royal Bank of Canada from $332.00 to $328.00 in a note issued to investors on Friday, Benzinga reports. The brokerage presently has an “outperform” rating on the medical research company’s stock. Royal Bank of Canada’s price target suggests a potential upside of 5.37% from the company’s previous close.

Other equities analysts also recently issued reports about the stock. StockNews.com downgraded shares of Amgen from a “buy” rating to a “hold” rating in a research note on Thursday, March 28th. BMO Capital Markets lifted their target price on Amgen from $336.00 to $355.00 and gave the company an “outperform” rating in a research report on Friday. Oppenheimer reissued an “outperform” rating and set a $350.00 price target on shares of Amgen in a research report on Thursday, February 1st. Leerink Partnrs downgraded Amgen from an “outperform” rating to a “market perform” rating in a report on Wednesday, February 7th. Finally, Barclays upgraded shares of Amgen from an “underweight” rating to an “equal weight” rating and increased their target price for the stock from $230.00 to $300.00 in a report on Friday. Ten analysts have rated the stock with a hold rating and twelve have given a buy rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $305.05.

Amgen Trading Up 11.8 %

AMGN opened at $311.29 on Friday. The company has a debt-to-equity ratio of 10.14, a quick ratio of 1.13 and a current ratio of 1.65. The stock’s 50 day moving average price is $274.95 and its 200-day moving average price is $281.50. Amgen has a one year low of $211.71 and a one year high of $329.72. The stock has a market cap of $166.97 billion, a price-to-earnings ratio of 44.47, a P/E/G ratio of 2.69 and a beta of 0.60.

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

Insider Transactions at Amgen

In related news, SVP Nancy A. Grygiel sold 2,117 shares of the firm’s stock in a transaction 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 transaction, the senior vice president now owns 9,883 shares in the company, valued at approximately $3,094,268.47. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Insiders own 0.46% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of the company. OFI Invest Asset Management purchased a new position in Amgen during the 3rd quarter worth approximately $26,000. Briaud Financial Planning Inc acquired a new stake in Amgen during the 3rd quarter worth about $26,000. Horizon Financial Services LLC purchased a new position in shares of Amgen during the 1st quarter valued at about $28,000. BOK Financial Private Wealth Inc. acquired a new position in shares of Amgen in the 4th quarter valued at about $29,000. Finally, United Community Bank acquired a new stake in shares of Amgen during the 4th quarter worth approximately $29,000. 76.50% of the stock is currently 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.