Royal Bank of Canada Has Lowered Expectations for Amgen (NASDAQ:AMGN) Stock Price

Amgen (NASDAQ:AMGN) had its target price cut by stock analysts at Royal Bank of Canada from $360.00 to $330.00 in a report issued on Wednesday, MarketBeat Ratings reports. The firm presently has an “outperform” rating on the medical research company’s stock. Royal Bank of Canada’s target price indicates a potential upside of 17.83% from the stock’s current price.

A number of other brokerages also recently commented on AMGN. Deutsche Bank Aktiengesellschaft reissued a “hold” rating and issued a $305.00 target price (down previously from $310.00) on shares of Amgen in a research note on Wednesday, August 7th. Bank of America raised their price objective on Amgen from $325.00 to $330.00 and gave the company a “neutral” rating in a research report on Wednesday, August 7th. Oppenheimer reaffirmed an “outperform” rating and issued a $380.00 target price on shares of Amgen in a research report on Wednesday, August 7th. Wells Fargo & Company downgraded Amgen from an “overweight” rating to an “equal weight” rating and raised their target price for the company from $320.00 to $335.00 in a report on Wednesday, August 7th. Finally, UBS Group reduced their price target on Amgen from $335.00 to $326.00 and set a “neutral” rating on the stock in a research report on Thursday, October 31st. One research analyst has rated the stock with a sell rating, thirteen have given a hold rating, twelve have issued a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat.com, the company currently has an average rating of “Hold” and an average price target of $323.05.

Amgen Price Performance

AMGN stock opened at $280.07 on Wednesday. The company has a market cap of $150.55 billion, a PE ratio of 35.86, a price-to-earnings-growth ratio of 2.62 and a beta of 0.60. 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 stock has a 50-day moving average price of $312.46 and a two-hundred day moving average price of $317.31. Amgen has a 12-month low of $257.80 and a 12-month high of $346.85.

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. The business had revenue of $8.50 billion for the quarter, compared to analyst estimates of $8.50 billion. Amgen had a return on equity of 168.35% and a net margin of 13.00%. The company’s revenue was up 23.2% compared to the same quarter last year. During the same period in the previous year, the company posted $4.96 EPS. As a group, research analysts predict that Amgen will post 19.52 EPS for the current year.

Hedge Funds Weigh In On Amgen

Several large investors have recently added to or reduced their stakes in AMGN. Capital Performance Advisors LLP acquired a new stake in shares of Amgen during the third quarter worth $25,000. Strategic Financial Concepts LLC bought a new stake in shares of Amgen during the 2nd quarter valued at about $26,000. Legacy Investment Solutions LLC acquired a new stake in Amgen during the third quarter worth about $29,000. Hershey Financial Advisers LLC bought a new position in Amgen in the second quarter worth about $30,000. Finally, nVerses Capital LLC acquired a new position in Amgen in the second quarter valued at approximately $31,000. 76.50% of the stock is currently owned by 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.