Amgen (NASDAQ:AMGN) Price Target Raised to $383.00

Amgen (NASDAQ:AMGN) had its price objective raised by equities research analysts at TD Cowen from $381.00 to $383.00 in a note issued to investors on Monday, Benzinga reports. The brokerage presently has a “buy” rating on the medical research company’s stock. TD Cowen’s price target points to a potential upside of 20.14% from the company’s current price.

A number of other research firms have also weighed in on AMGN. Cantor Fitzgerald assumed coverage on Amgen in a research note on Friday, September 27th. They issued an “overweight” rating and a $405.00 target price for the company. Argus boosted their price objective on Amgen from $300.00 to $340.00 and gave the company a “buy” rating in a research report on Thursday, June 27th. Morgan Stanley cut their target price on shares of Amgen from $310.00 to $303.00 and set an “equal weight” rating on the stock in a report on Thursday, July 11th. Jefferies Financial Group reissued a “buy” rating and set a $380.00 price target (up previously from $375.00) on shares of Amgen in a research report on Wednesday, August 7th. Finally, Deutsche Bank Aktiengesellschaft restated a “hold” rating and issued a $305.00 price objective (down previously from $310.00) on shares of Amgen in a research report on Wednesday, August 7th. One analyst has rated the stock with a sell rating, eleven have assigned a hold rating, twelve have given a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $332.55.

Amgen Price Performance

Shares of AMGN traded down $2.86 during midday trading on Monday, reaching $318.80. The stock had a trading volume of 626,223 shares, compared to its average volume of 2,439,003. The company has a market capitalization of $171.02 billion, a price-to-earnings ratio of 45.54, a price-to-earnings-growth ratio of 2.86 and a beta of 0.61. The company has a current ratio of 1.26, a quick ratio of 0.89 and a debt-to-equity ratio of 9.64. Amgen has a 12-month low of $249.70 and a 12-month high of $346.85. The company’s 50-day moving average is $326.07 and its 200 day moving average is $312.41.

Amgen (NASDAQ:AMGN) last posted its quarterly earnings results on Tuesday, August 6th. The medical research company reported $4.97 EPS for the quarter, missing the consensus estimate of $5.01 by ($0.04). Amgen had a return on equity of 161.72% and a net margin of 10.12%. The business had revenue of $8.39 billion for the quarter, compared to analysts’ expectations of $8.35 billion. During the same period last year, the business posted $5.00 earnings per share. The company’s revenue was up 20.1% compared to the same quarter last year. On average, equities analysts predict that Amgen will post 19.49 EPS for the current fiscal year.

Hedge Funds Weigh In On Amgen

Hedge funds have recently bought and sold shares of the company. Strategic Financial Concepts LLC bought a new position in shares of Amgen in the second quarter worth approximately $26,000. Hershey Financial Advisers LLC bought a new position in Amgen in the 2nd quarter valued at approximately $30,000. nVerses Capital LLC bought a new position in Amgen in the 2nd quarter valued at approximately $31,000. Bbjs Financial Advisors LLC purchased a new stake in Amgen during the 2nd quarter valued at $33,000. Finally, Matrix Trust Co bought a new stake in shares of Amgen in the 3rd quarter worth $36,000. 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.