Amgen (NASDAQ:AMGN) Price Target Cut to $280.00 by Analysts at Wells Fargo & Company

Amgen (NASDAQ:AMGN) had its price objective dropped by investment analysts at Wells Fargo & Company from $335.00 to $280.00 in a report released on Friday,Benzinga reports. The brokerage currently has an “equal weight” rating on the medical research company’s stock. Wells Fargo & Company‘s price target suggests a potential upside of 6.26% from the company’s current price.

AMGN has been the topic of several other research reports. Leerink Partners dropped their price target on shares of Amgen from $349.00 to $302.00 in a research report on Wednesday, November 27th. Piper Sandler Companies reissued an “overweight” rating and issued a $310.00 price target on shares of Amgen in a research note on Thursday, January 2nd. Jefferies Financial Group reissued a “buy” rating and set a $380.00 price objective on shares of Amgen in a research report on Tuesday, November 12th. Cantor Fitzgerald reiterated an “overweight” rating and set a $405.00 price target on shares of Amgen in a research report on Tuesday, October 22nd. Finally, Piper Sandler decreased their price target on Amgen from $344.00 to $310.00 and set an “overweight” rating on the stock in a research note on Thursday, January 2nd. Two investment analysts have rated the stock with a sell rating, twelve have issued a hold rating, thirteen have given a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat, the stock has an average rating of “Hold” and an average target price of $314.91.

Amgen Trading Down 0.3 %

Shares of NASDAQ:AMGN opened at $263.50 on Friday. Amgen has a 12-month low of $253.30 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 $141.64 billion, a PE ratio of 33.74, a P/E/G ratio of 2.91 and a beta of 0.56. The business’s fifty day simple moving average is $280.24 and its 200-day simple moving average is $309.15.

Amgen (NASDAQ:AMGN) last announced its quarterly earnings results 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 company had revenue of $8.50 billion during the quarter, compared to analysts’ expectations of $8.50 billion. Amgen had a return on equity of 168.35% and a net margin of 13.00%. Amgen’s quarterly revenue was up 23.2% on a year-over-year basis. During the same period last year, the business earned $4.96 earnings per share. As a group, equities research analysts predict that Amgen will post 19.53 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Amgen

A number of institutional investors have recently made changes to their positions in the business. State Street Corp increased its holdings in shares of Amgen by 1.2% during the third quarter. State Street Corp now owns 29,317,018 shares of the medical research company’s stock valued at $9,446,236,000 after purchasing an additional 345,537 shares during the period. Geode Capital Management LLC boosted its stake in Amgen by 0.9% during the 3rd quarter. Geode Capital Management LLC now owns 12,122,889 shares of the medical research company’s stock valued at $3,893,771,000 after purchasing an additional 103,851 shares in the last quarter. Charles Schwab Investment Management Inc. increased its position in shares of Amgen by 2.4% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 10,532,629 shares of the medical research company’s stock valued at $3,393,718,000 after purchasing an additional 251,876 shares during the period. Janus Henderson Group PLC raised its stake in shares of Amgen by 11.7% in the 3rd quarter. Janus Henderson Group PLC now owns 5,143,330 shares of the medical research company’s stock worth $1,657,183,000 after buying an additional 538,545 shares in the last quarter. Finally, Pathway Financial Advisers LLC lifted its holdings in shares of Amgen by 33,125.4% in the third quarter. Pathway Financial Advisers LLC now owns 4,460,181 shares of the medical research company’s stock valued at $1,437,115,000 after buying an additional 4,446,757 shares during the period. 76.50% of the stock is owned by institutional investors and hedge funds.

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.