Truist Financial Lowers Amgen (NASDAQ:AMGN) Price Target to $298.00

Amgen (NASDAQ:AMGN) had its price target cut by Truist Financial from $333.00 to $298.00 in a research report issued to clients and investors on Wednesday,Benzinga reports. The brokerage presently has a “hold” rating on the medical research company’s stock. Truist Financial’s price target suggests a potential upside of 12.79% from the company’s current price.

A number of other equities analysts have also weighed in on AMGN. Royal Bank of Canada lowered their target price on Amgen from $360.00 to $330.00 and set an “outperform” rating on the stock in a research report on Wednesday, November 27th. Piper Sandler Companies reaffirmed an “overweight” rating and issued a $310.00 price objective on shares of Amgen in a research note on Thursday, January 2nd. Barclays lifted their price objective on shares of Amgen from $300.00 to $315.00 and gave the company an “equal weight” rating in a report on Monday, October 7th. Robert W. Baird restated an “underperform” rating and issued a $215.00 target price on shares of Amgen in a report on Wednesday, September 25th. Finally, Cantor Fitzgerald reiterated an “overweight” rating and set a $405.00 price target on shares of Amgen in a research note on Tuesday, October 22nd. Two investment analysts have rated the stock with a sell rating, twelve have issued a hold rating, thirteen have assigned a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat.com, Amgen currently has an average rating of “Hold” and an average price target of $317.30.

Amgen Trading Up 0.8 %

NASDAQ:AMGN opened at $264.21 on Wednesday. The firm has a fifty day simple moving average of $280.24 and a two-hundred day simple moving average of $309.15. Amgen has a 12 month low of $253.30 and a 12 month high of $346.85. The stock has a market capitalization of $142.02 billion, a price-to-earnings ratio of 33.83, a PEG ratio of 2.91 and a beta of 0.56. The company has a current ratio of 1.32, a quick ratio of 0.96 and a debt-to-equity ratio of 7.55.

Amgen (NASDAQ:AMGN) last issued its earnings results on Wednesday, October 30th. The medical research company reported $5.58 EPS for the quarter, beating analysts’ consensus estimates 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 during the quarter, compared to analyst estimates of $8.50 billion. During the same period in the previous year, the company posted $4.96 EPS. The firm’s revenue was up 23.2% compared to the same quarter last year. Analysts expect that Amgen will post 19.53 EPS for the current fiscal year.

Institutional Investors Weigh In On Amgen

Several large investors have recently added to or reduced their stakes in AMGN. Ascent Group LLC boosted its position in Amgen by 0.3% during the second quarter. Ascent Group LLC now owns 10,949 shares of the medical research company’s stock worth $3,421,000 after purchasing an additional 31 shares during the period. Cadinha & Co. LLC boosted its holdings in Amgen by 0.6% in the 3rd quarter. Cadinha & Co. LLC now owns 5,209 shares of the medical research company’s stock worth $1,678,000 after buying an additional 32 shares during the period. Lansing Street Advisors grew its stake in Amgen by 1.3% in the 3rd quarter. Lansing Street Advisors now owns 2,582 shares of the medical research company’s stock valued at $832,000 after buying an additional 32 shares in the last quarter. Unionview LLC grew its stake in Amgen by 3.8% in the 3rd quarter. Unionview LLC now owns 876 shares of the medical research company’s stock valued at $282,000 after buying an additional 32 shares in the last quarter. Finally, D Orazio & Associates Inc. raised its holdings in Amgen by 1.1% during the 2nd quarter. D Orazio & Associates Inc. now owns 3,101 shares of the medical research company’s stock valued at $969,000 after acquiring an additional 33 shares during the period. Hedge funds and other 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.