Amgen (NASDAQ:AMGN) Rating Reiterated by Royal Bank of Canada

Amgen (NASDAQ:AMGN)‘s stock had its “outperform” rating reaffirmed by equities researchers at Royal Bank of Canada in a research report issued to clients and investors on Thursday, Benzinga reports. They currently have a $362.00 price target on the medical research company’s stock. Royal Bank of Canada’s price target points to a potential upside of 14.85% from the company’s current price.

AMGN has been the subject of several other research reports. Argus boosted their price objective on shares of Amgen from $300.00 to $340.00 and gave the company a “buy” rating in a research note on Thursday, June 27th. Robert W. Baird reaffirmed an “underperform” rating and issued a $215.00 price target on shares of Amgen in a report on Wednesday. Oppenheimer reissued an “outperform” rating and set a $380.00 price objective on shares of Amgen in a research note on Wednesday, August 7th. Bank of America upped their target price on Amgen from $325.00 to $330.00 and gave the stock a “neutral” rating in a research note on Wednesday, August 7th. Finally, Dbs Bank upgraded Amgen to a “strong-buy” rating in a research report on Monday, September 16th. One research analyst has rated the stock with a sell rating, eleven have given a hold rating, eleven have given a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat, Amgen has an average rating of “Moderate Buy” and an average price target of $321.37.

Amgen Stock Performance

Amgen stock traded up $2.34 during mid-day trading on Thursday, reaching $315.20. The company’s stock had a trading volume of 301,205 shares, compared to its average volume of 2,498,290. The firm’s fifty day moving average price is $329.63 and its two-hundred day moving average price is $306.87. The company has a debt-to-equity ratio of 9.64, a quick ratio of 0.89 and a current ratio of 1.26. Amgen has a 12-month low of $249.70 and a 12-month high of $346.85. The company has a market capitalization of $169.37 billion, a P/E ratio of 45.03, a PEG ratio of 2.98 and a beta of 0.61.

Amgen (NASDAQ:AMGN) last released its quarterly earnings data on Tuesday, August 6th. The medical research company reported $4.97 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $5.01 by ($0.04). The company had revenue of $8.39 billion for the quarter, compared to the consensus estimate of $8.35 billion. Amgen had a net margin of 10.12% and a return on equity of 161.72%. The business’s revenue for the quarter was up 20.1% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $5.00 earnings per share. Sell-side analysts predict that Amgen will post 19.49 EPS for the current fiscal year.

Hedge Funds Weigh In On Amgen

Institutional investors and hedge funds have recently bought and sold shares of the stock. Aveo Capital Partners LLC grew its holdings in Amgen by 19.9% in the 4th quarter. Aveo Capital Partners LLC now owns 2,729 shares of the medical research company’s stock worth $786,000 after acquiring an additional 453 shares during the last quarter. Gryphon Financial Partners LLC increased its holdings in Amgen by 295.3% during the 4th quarter. Gryphon Financial Partners LLC now owns 3,684 shares of the medical research company’s stock valued at $1,021,000 after purchasing an additional 2,752 shares during the period. Focus Financial Network Inc. ADV bought a new position in Amgen during the 4th quarter valued at approximately $1,989,000. Catalytic Wealth RIA LLC purchased a new stake in Amgen in the 4th quarter worth approximately $272,000. Finally, Avestar Capital LLC lifted its holdings in Amgen by 58.8% in the 4th quarter. Avestar Capital LLC now owns 2,052 shares of the medical research company’s stock worth $591,000 after buying an additional 760 shares during the period. 76.50% of the stock is currently owned by institutional investors.

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.