Amgen (NASDAQ:AMGN) Price Target Cut to $360.00 by Analysts at TD Cowen

Amgen (NASDAQ:AMGN) had its price target lowered by analysts at TD Cowen from $370.00 to $360.00 in a report issued on Wednesday, Benzinga reports. The firm currently has a “buy” rating on the medical research company’s stock. TD Cowen’s price objective points to a potential upside of 35.65% from the stock’s current price.

A number of other analysts have also recently weighed in on the stock. Leerink Partnrs cut shares of Amgen from an “outperform” rating to a “market perform” rating in a report on Wednesday, February 7th. Raymond James initiated coverage on Amgen in a research report on Thursday, March 28th. They issued a “market perform” rating for the company. BMO Capital Markets raised shares of Amgen from a “market perform” rating to an “outperform” rating and upped their price objective for the company from $286.00 to $326.00 in a research report on Tuesday, December 19th. Truist Financial reiterated a “buy” rating and set a $320.00 price objective on shares of Amgen in a research note on Friday, April 12th. Finally, Oppenheimer restated an “outperform” rating and set a $350.00 target price on shares of Amgen in a report on Thursday, February 1st. Ten analysts have rated the stock with a hold rating and ten have given a buy rating to the stock. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average target price of $298.38.

Amgen Stock Down 0.1 %

NASDAQ:AMGN traded down $0.25 during trading hours on Wednesday, hitting $265.39. The stock had a trading volume of 1,303,301 shares, compared to its average volume of 2,849,867. Amgen has a 1-year low of $211.71 and a 1-year high of $329.72. The company has a current ratio of 1.65, a quick ratio of 1.13 and a debt-to-equity ratio of 10.14. The company has a market cap of $142.23 billion, a PE ratio of 21.25, a price-to-earnings-growth ratio of 2.47 and a beta of 0.58. The business has a 50 day simple moving average of $278.62 and a two-hundred day simple moving average of $281.49.

Amgen (NASDAQ:AMGN) last released its quarterly earnings results on Tuesday, February 6th. The medical research company reported $4.71 EPS for the quarter, topping the consensus estimate of $4.66 by $0.05. The business had revenue of $8.20 billion during the quarter, compared to analyst estimates of $8.13 billion. Amgen had a net margin of 23.83% and a return on equity of 154.27%. The company’s quarterly revenue was up 19.8% on a year-over-year basis. During the same quarter in the prior year, the firm earned $4.09 earnings per share. Analysts predict that Amgen will post 19.47 EPS for the current year.

Institutional Inflows and Outflows

A number of large investors have recently made changes to their positions in AMGN. MCF Advisors LLC increased its holdings in Amgen by 3.5% in the first quarter. MCF Advisors LLC now owns 4,308 shares of the medical research company’s stock valued at $1,225,000 after purchasing an additional 146 shares during the last quarter. Trifecta Capital Advisors LLC increased its stake in Amgen by 5.4% in the first quarter. Trifecta Capital Advisors LLC now owns 9,356 shares of the medical research company’s stock valued at $2,660,000 after purchasing an additional 481 shares in the last quarter. Occidental Asset Management LLC raised its holdings in Amgen by 116.5% in the first quarter. Occidental Asset Management LLC now owns 10,577 shares of the medical research company’s stock worth $3,007,000 after purchasing an additional 5,692 shares during the period. Webster Bank N. A. boosted its position in shares of Amgen by 17.9% during the first quarter. Webster Bank N. A. now owns 3,854 shares of the medical research company’s stock worth $1,096,000 after purchasing an additional 584 shares in the last quarter. Finally, KRS Capital Management LLC increased its position in shares of Amgen by 24.5% in the 1st quarter. KRS Capital Management LLC now owns 4,072 shares of the medical research company’s stock valued at $1,158,000 after buying an additional 802 shares in the last quarter. Institutional investors and hedge funds 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.