Amgen (NASDAQ:AMGN) Earns “Underperform” Rating from Bank of America

Amgen (NASDAQ:AMGN)‘s stock had its “underperform” rating reaffirmed by Bank of America in a report released on Tuesday, Marketbeat Ratings reports. They presently have a $256.00 price target on the medical research company’s stock. Bank of America‘s target price indicates a potential downside of 6.37% from the company’s current price.

Several other research firms have also recently weighed in on AMGN. Sanford C. Bernstein started coverage on Amgen in a report on Thursday, October 17th. They set an “outperform” rating and a $380.00 price target for the company. Deutsche Bank Aktiengesellschaft lowered their price objective on Amgen from $305.00 to $285.00 in a research note on Wednesday, November 27th. TD Cowen boosted their price objective on shares of Amgen from $381.00 to $383.00 and gave the company a “buy” rating in a research report on Monday, October 21st. Dbs Bank raised shares of Amgen to a “strong-buy” rating in a report on Monday, September 16th. Finally, Jefferies Financial Group reaffirmed a “buy” rating and issued a $380.00 target price on shares of Amgen in a report on Tuesday, November 12th. Two research analysts have rated the stock with a sell rating, twelve have assigned a hold rating, eleven have issued a buy rating and two have given a strong buy rating to the company’s stock. According to MarketBeat.com, the company has a consensus rating of “Hold” and an average price target of $319.68.

Amgen Stock Performance

Shares of NASDAQ AMGN opened at $273.41 on Tuesday. Amgen has a 12 month low of $257.80 and a 12 month high of $346.85. The stock has a 50 day moving average of $304.80 and a 200-day moving average of $315.45. The company has a current ratio of 1.32, a quick ratio of 0.96 and a debt-to-equity ratio of 7.55. The company has a market capitalization of $146.97 billion, a P/E ratio of 35.01, a P/E/G ratio of 3.02 and a beta of 0.55.

Amgen (NASDAQ:AMGN) last issued its quarterly earnings data on Wednesday, October 30th. The medical research company reported $5.58 earnings per share for the quarter, beating the consensus estimate of $5.11 by $0.47. The company had revenue of $8.50 billion for the quarter, compared to analyst estimates of $8.50 billion. Amgen had a net margin of 13.00% and a return on equity of 168.35%. The company’s revenue was up 23.2% on a year-over-year basis. During the same period in the prior year, the firm earned $4.96 earnings per share. As a group, equities research analysts predict that Amgen will post 19.51 EPS for the current year.

Institutional Trading of Amgen

Several large investors have recently made changes to their positions in AMGN. State Street Corp lifted its holdings in shares of Amgen by 1.2% in the 3rd quarter. State Street Corp now owns 29,317,018 shares of the medical research company’s stock worth $9,446,236,000 after purchasing an additional 345,537 shares in the last quarter. Geode Capital Management LLC grew its holdings in shares of Amgen by 0.9% in the third quarter. Geode Capital Management LLC now owns 12,122,889 shares of the medical research company’s stock valued at $3,893,771,000 after acquiring an additional 103,851 shares in the last quarter. Charles Schwab Investment Management Inc. grew its stake in Amgen by 2.4% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 10,532,629 shares of the medical research company’s stock valued at $3,393,718,000 after purchasing an additional 251,876 shares during the period. Janus Henderson Group PLC increased its position in shares of Amgen by 11.7% during the 3rd quarter. Janus Henderson Group PLC now owns 5,143,330 shares of the medical research company’s stock valued at $1,657,183,000 after purchasing an additional 538,545 shares during the last quarter. Finally, Pathway Financial Advisers LLC raised its stake in shares of Amgen by 33,125.4% during the 3rd quarter. Pathway Financial Advisers LLC now owns 4,460,181 shares of the medical research company’s stock worth $1,437,115,000 after purchasing an additional 4,446,757 shares during the period. 76.50% of the stock is currently owned by institutional investors and hedge funds.

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.