Argus Increases Amgen (NASDAQ:AMGN) Price Target to $340.00

Amgen (NASDAQ:AMGN) had its target price raised by research analysts at Argus from $300.00 to $340.00 in a research report issued to clients and investors on Thursday, Benzinga reports. The firm currently has a “buy” rating on the medical research company’s stock. Argus’ target price suggests a potential upside of 8.82% from the stock’s current price.

A number of other research firms have also recently issued reports on AMGN. Royal Bank of Canada lifted their price target on Amgen from $328.00 to $332.00 and gave the company an “outperform” rating in a report on Friday, June 14th. UBS Group boosted their price objective on Amgen from $284.00 to $307.00 and gave the stock a “neutral” rating in a report on Friday, May 3rd. Morgan Stanley boosted their price objective on Amgen from $271.00 to $310.00 and gave the stock an “equal weight” rating in a report on Friday, May 3rd. BMO Capital Markets boosted their target price on Amgen from $336.00 to $355.00 and gave the stock an “outperform” rating in a research report on Friday, May 3rd. Finally, William Blair upgraded Amgen from a “market perform” rating to an “outperform” rating in a research report on Friday, May 3rd. Ten equities research analysts have rated the stock with a hold rating and twelve have issued a buy rating to the company. According to MarketBeat, Amgen has an average rating of “Moderate Buy” and a consensus target price of $307.35.

Amgen Stock Down 0.4 %

AMGN opened at $312.45 on Thursday. Amgen has a fifty-two week low of $218.44 and a fifty-two week high of $329.72. The company has a debt-to-equity ratio of 11.96, a current ratio of 1.42 and a quick ratio of 0.98. The firm’s fifty day moving average price is $301.56 and its two-hundred day moving average price is $292.10. The company has a market capitalization of $167.61 billion, a P/E ratio of 44.64, a P/E/G ratio of 2.83 and a beta of 0.60.

Amgen (NASDAQ:AMGN) last posted its quarterly earnings results on Thursday, May 2nd. The medical research company reported $3.96 earnings per share for the quarter, topping analysts’ consensus estimates of $3.76 by $0.20. The firm had revenue of $7.45 billion for the quarter, compared to the consensus estimate of $7.45 billion. Amgen had a net margin of 12.74% and a return on equity of 156.21%. The business’s revenue was up 22.0% compared to the same quarter last year. During the same quarter in the previous year, the company earned $3.98 earnings per share. On average, analysts anticipate that Amgen will post 19.47 EPS for the current year.

Insider Activity at Amgen

In related news, SVP Nancy A. Grygiel sold 2,117 shares of the stock in a transaction on Friday, May 3rd. The stock was sold at an average price of $313.09, for a total value of $662,811.53. Following the sale, the senior vice president now owns 9,883 shares in the company, valued at approximately $3,094,268.47. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. 0.69% of the stock is owned by company insiders.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently added to or reduced their stakes in AMGN. Bank of Nova Scotia grew its holdings in shares of Amgen by 11.4% during the 3rd quarter. Bank of Nova Scotia now owns 54,628 shares of the medical research company’s stock worth $14,682,000 after purchasing an additional 5,609 shares in the last quarter. CWA Asset Management Group LLC boosted its stake in Amgen by 26.9% in the third quarter. CWA Asset Management Group LLC now owns 2,334 shares of the medical research company’s stock valued at $627,000 after buying an additional 495 shares in the last quarter. Teza Capital Management LLC boosted its stake in Amgen by 448.3% in the third quarter. Teza Capital Management LLC now owns 5,340 shares of the medical research company’s stock valued at $1,435,000 after buying an additional 4,366 shares in the last quarter. Sherbrooke Park Advisers LLC acquired a new stake in Amgen in the third quarter valued at about $411,000. Finally, Fred Alger Management LLC raised its position in Amgen by 963.8% in the third quarter. Fred Alger Management LLC now owns 95,071 shares of the medical research company’s stock valued at $25,551,000 after purchasing an additional 86,134 shares during the last quarter. 76.50% of the stock is owned by institutional investors and hedge funds.

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.