Amgen (NASDAQ:AMGN) Price Target Lowered to $302.00 at Leerink Partners

Amgen (NASDAQ:AMGN) had its target price dropped by stock analysts at Leerink Partners from $349.00 to $302.00 in a report issued on Wednesday. Leerink Partners’ target price suggests a potential upside of 7.85% from the company’s current price.

Several other brokerages have also recently issued reports on AMGN. Barclays raised their target price on shares of Amgen from $300.00 to $315.00 and gave the stock an “equal weight” rating in a report on Monday, October 7th. Robert W. Baird restated an “underperform” rating and issued a $215.00 price target on shares of Amgen in a research note on Wednesday, September 25th. Jefferies Financial Group reiterated a “buy” rating and set a $380.00 price objective on shares of Amgen in a research report on Tuesday, November 12th. Bank of America boosted their price target on Amgen from $325.00 to $330.00 and gave the company a “neutral” rating in a research note on Wednesday, August 7th. 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 research analyst has rated the stock with a sell rating, thirteen have given a hold rating, eleven have assigned a buy rating and two have given a strong buy rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $325.09.

Amgen Stock Down 4.8 %

Shares of AMGN stock traded down $13.99 during mid-day trading on Wednesday, hitting $280.01. The company’s stock had a trading volume of 17,010,332 shares, compared to its average volume of 3,139,351. The stock has a market cap of $150.51 billion, a price-to-earnings ratio of 35.85, a PEG ratio of 2.62 and a beta of 0.60. The company has a debt-to-equity ratio of 7.55, a quick ratio of 0.96 and a current ratio of 1.32. Amgen has a 52-week low of $257.80 and a 52-week high of $346.85. The business has a 50-day moving average price of $314.64 and a 200 day moving average price of $317.84.

Amgen (NASDAQ:AMGN) last issued its earnings results on Wednesday, October 30th. The medical research company reported $5.58 earnings per share for the quarter, topping analysts’ consensus estimates of $5.11 by $0.47. The business had revenue of $8.50 billion during 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%. Amgen’s revenue was up 23.2% on a year-over-year basis. During the same quarter in the previous year, the firm earned $4.96 EPS. Research analysts predict that Amgen will post 19.52 EPS for the current fiscal year.

Hedge Funds Weigh In On Amgen

Several large investors have recently modified their holdings of the stock. Keynote Financial Services LLC lifted its stake in shares of Amgen by 0.6% during the 2nd quarter. Keynote Financial Services LLC now owns 4,898 shares of the medical research company’s stock worth $1,530,000 after purchasing an additional 30 shares during the last quarter. Ascent Group LLC lifted its position in shares of Amgen by 0.3% during the second quarter. Ascent Group LLC now owns 10,949 shares of the medical research company’s stock valued at $3,421,000 after buying an additional 31 shares during the last quarter. Hofer & Associates. Inc boosted its holdings in shares of Amgen by 0.5% in the 2nd quarter. Hofer & Associates. Inc now owns 6,477 shares of the medical research company’s stock valued at $2,024,000 after buying an additional 32 shares in the last quarter. Cadinha & Co. LLC grew its position in shares of 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 last quarter. Finally, Lansing Street Advisors raised its stake in shares of Amgen by 1.3% during the 3rd quarter. Lansing Street Advisors now owns 2,582 shares of the medical research company’s stock worth $832,000 after acquiring an additional 32 shares in the last quarter. Institutional investors own 76.50% of the company’s stock.

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.