Redburn Partners Has Lowered Expectations for Amgen (NASDAQ:AMGN) Stock Price

Amgen (NASDAQ:AMGN) had its target price reduced by investment analysts at Redburn Partners from $200.00 to $195.00 in a research report issued to clients and investors on Wednesday. Redburn Partners’ price target points to a potential downside of 30.37% from the stock’s previous close.

A number of other brokerages also recently issued reports on AMGN. UBS Group dropped their price target on shares of Amgen from $335.00 to $326.00 and set a “neutral” rating on the stock in a research report on Thursday, October 31st. Wells Fargo & Company lowered shares of Amgen from an “overweight” rating to an “equal weight” rating and boosted their target price for the company from $320.00 to $335.00 in a report on Wednesday, August 7th. William Blair reiterated an “outperform” rating on shares of Amgen in a report on Tuesday, November 12th. Robert W. Baird reissued an “underperform” rating and issued a $215.00 price objective on shares of Amgen in a research report on Wednesday, September 25th. Finally, Sanford C. Bernstein assumed coverage on Amgen in a research report on Thursday, October 17th. They set an “outperform” rating and a $380.00 target price on the stock. One research analyst has rated the stock with a sell rating, thirteen have assigned a hold rating, twelve have given a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat.com, Amgen has an average rating of “Hold” and a consensus price target of $323.05.

Amgen Stock Performance

NASDAQ AMGN opened at $280.07 on Wednesday. The company has a market capitalization of $150.55 billion, a price-to-earnings ratio of 35.86, a PEG ratio of 2.62 and a beta of 0.60. Amgen has a twelve month low of $257.80 and a twelve month high of $346.85. The stock has a fifty day simple moving average of $312.46 and a 200 day simple moving average of $317.31. The company has a quick ratio of 0.96, a current ratio of 1.32 and a debt-to-equity ratio of 7.55.

Amgen (NASDAQ:AMGN) last issued its quarterly earnings results 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 during the quarter, compared to analysts’ expectations of $8.50 billion. Amgen had a return on equity of 168.35% and a net margin of 13.00%. The business’s quarterly revenue was up 23.2% on a year-over-year basis. During the same quarter in the prior year, the firm posted $4.96 earnings per share. Sell-side analysts expect that Amgen will post 19.52 EPS for the current year.

Institutional Investors Weigh In On Amgen

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