Citigroup Begins Coverage on Amgen (NASDAQ:AMGN)

Citigroup initiated coverage on shares of Amgen (NASDAQ:AMGN) in a research note issued on Thursday, Marketbeat Ratings reports. The brokerage set a “neutral” rating and a $335.00 price target on the medical research company’s stock. Citigroup’s price target points to a potential upside of 18.12% from the stock’s previous close.

AMGN has been the topic of a number of other reports. Deutsche Bank Aktiengesellschaft restated a “hold” rating and set a $305.00 price objective (down from $310.00) on shares of Amgen in a report on Wednesday, August 7th. Truist Financial lowered Amgen from a “buy” rating to a “hold” rating and boosted their price target for the company from $320.00 to $333.00 in a report on Monday, October 14th. Wells Fargo & Company downgraded Amgen from an “overweight” rating to an “equal weight” rating and increased their price objective for the stock from $320.00 to $335.00 in a report on Wednesday, August 7th. Sanford C. Bernstein started coverage on Amgen in a research note on Thursday, October 17th. They issued an “outperform” rating and a $380.00 target price on the stock. Finally, Oppenheimer reaffirmed an “outperform” rating and set a $380.00 price target on shares of Amgen in a research report on Wednesday, August 7th. One analyst has rated the stock with a sell rating, thirteen have given a hold rating, eleven have issued a buy rating and two have issued a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus price target of $333.57.

Amgen Stock Performance

Shares of Amgen stock opened at $283.61 on Thursday. Amgen has a 12 month low of $260.52 and a 12 month high of $346.85. 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 $152.45 billion, a PE ratio of 36.44, a PEG ratio of 2.69 and a beta of 0.60. The stock’s fifty day simple moving average is $321.59 and its 200 day simple moving average is $318.00.

Amgen (NASDAQ:AMGN) last released 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. Amgen had a return on equity of 168.35% and a net margin of 13.00%. The business had revenue of $8.50 billion for the quarter, compared to analysts’ expectations of $8.50 billion. During the same quarter in the previous year, the business posted $4.96 EPS. Amgen’s revenue for the quarter was up 23.2% on a year-over-year basis. On average, research analysts predict that Amgen will post 19.51 EPS for the current year.

Institutional Inflows and Outflows

Several large investors have recently bought and sold shares of the stock. Capital Performance Advisors LLP bought a new position in shares of Amgen during the third quarter worth approximately $25,000. Strategic Financial Concepts LLC acquired a new stake in shares of Amgen during the second quarter worth $26,000. Legacy Investment Solutions LLC bought a new stake in shares of Amgen in the third quarter valued at about $29,000. Hershey Financial Advisers LLC bought a new stake in shares of Amgen in the second quarter valued at about $30,000. Finally, nVerses Capital LLC acquired a new position in shares of Amgen in the second quarter valued at about $31,000. 76.50% of the stock is owned by institutional investors.

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.