Truist Financial Downgrades Amgen (NASDAQ:AMGN) to Hold

Amgen (NASDAQ:AMGN) was downgraded by investment analysts at Truist Financial from a “buy” rating to a “hold” rating in a research note issued to investors on Monday, Marketbeat.com reports. They currently have a $333.00 price objective on the medical research company’s stock, up from their previous price objective of $320.00. Truist Financial’s target price would suggest a potential upside of 2.43% from the company’s current price.

Several other analysts have also issued reports on AMGN. Dbs Bank upgraded shares of Amgen to a “strong-buy” rating in a research report on Monday, September 16th. Morgan Stanley cut their price objective on shares of Amgen from $310.00 to $303.00 and set an “equal weight” rating for the company in a research report on Thursday, July 11th. Robert W. Baird reaffirmed an “underperform” rating and issued a $215.00 target price on shares of Amgen in a report on Wednesday, September 25th. Cantor Fitzgerald began coverage on Amgen in a report on Friday, September 27th. They set an “overweight” rating and a $405.00 price target for the company. Finally, Deutsche Bank Aktiengesellschaft restated a “hold” rating and issued a $305.00 price target (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, twelve have assigned a hold rating, eleven have given a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average target price of $326.95.

Amgen Trading Up 0.1 %

NASDAQ:AMGN opened at $325.09 on Monday. The company has a 50 day simple moving average of $325.97 and a two-hundred day simple moving average of $311.49. The company has a market cap of $174.39 billion, a PE ratio of 46.44, 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.

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

Institutional Inflows and Outflows

A number of institutional investors have recently made changes to their positions in AMGN. Capital International Investors lifted its stake in shares of Amgen by 547.8% in the 1st quarter. Capital International Investors now owns 7,005,269 shares of the medical research company’s stock valued at $1,991,738,000 after purchasing an additional 5,923,915 shares during the last quarter. Vanguard Group Inc. lifted its position in Amgen by 6.2% in the first quarter. Vanguard Group Inc. now owns 52,088,210 shares of the medical research company’s stock worth $14,809,720,000 after buying an additional 3,045,657 shares during the last quarter. Janus Henderson Group PLC boosted its stake in Amgen by 137.1% during the first quarter. Janus Henderson Group PLC now owns 2,381,133 shares of the medical research company’s stock worth $676,984,000 after buying an additional 1,377,007 shares during the period. Capital Wealth Planning LLC increased its position in Amgen by 28,684.1% during the first quarter. Capital Wealth Planning LLC now owns 833,300 shares of the medical research company’s stock valued at $236,924,000 after acquiring an additional 830,405 shares during the last quarter. Finally, Granite Bay Wealth Management LLC raised its stake in shares of Amgen by 9,058.1% in the second quarter. Granite Bay Wealth Management LLC now owns 756,460 shares of the medical research company’s stock valued at $223,897,000 after acquiring an additional 748,200 shares during the period. 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.