Amgen (NASDAQ:AMGN) Given New $310.00 Price Target at Citigroup

Amgen (NASDAQ:AMGN) had its price objective reduced by Citigroup from $335.00 to $310.00 in a report released on Wednesday. Citigroup’s price objective would suggest a potential upside of 10.69% from the stock’s previous close.

A number of other equities research analysts have also weighed in on the stock. Sanford C. Bernstein began coverage on shares of Amgen in a report on Thursday, October 17th. They set an “outperform” rating and a $380.00 price target for the company. StockNews.com raised Amgen from a “buy” rating to a “strong-buy” rating in a research report on Friday, November 1st. Wells Fargo & Company downgraded Amgen from an “overweight” rating to an “equal weight” rating and increased their price target for the company from $320.00 to $335.00 in a report on Wednesday, August 7th. Jefferies Financial Group restated a “buy” rating and set a $380.00 price objective on shares of Amgen in a report on Tuesday, November 12th. Finally, UBS Group reduced their target price on Amgen from $335.00 to $326.00 and set a “neutral” rating for the company in a research note on Thursday, October 31st. One investment analyst has rated the stock with a sell rating, thirteen have issued a hold rating, twelve have issued a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat.com, Amgen has a consensus rating of “Hold” and a consensus target price of $323.05.

Amgen Stock Performance

NASDAQ:AMGN opened at $280.07 on Wednesday. The firm’s fifty day simple moving average is $312.46 and its 200 day simple moving average is $317.31. The company has a current ratio of 1.32, a quick ratio of 0.96 and a debt-to-equity ratio of 7.55. Amgen has a twelve month low of $257.80 and a twelve month high of $346.85. The firm has a market capitalization of $150.55 billion, a price-to-earnings ratio of 35.86, a PEG ratio of 2.62 and a beta of 0.60.

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 the consensus estimate of $5.11 by $0.47. The company had revenue of $8.50 billion during the quarter, compared to the consensus estimate of $8.50 billion. Amgen had a return on equity of 168.35% and a net margin of 13.00%. The company’s revenue was up 23.2% compared to the same quarter last year. During the same quarter in the prior year, the business earned $4.96 earnings per share. As a group, equities research analysts expect that Amgen will post 19.52 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Several large investors have recently bought and sold shares of AMGN. Kennedy Capital Management LLC acquired a new position in Amgen in the first quarter worth approximately $3,240,000. LRI Investments LLC acquired a new position in shares of Amgen in the 1st quarter worth $152,000. Redwood Grove Capital LLC raised its position in shares of Amgen by 17.2% during the first quarter. Redwood Grove Capital LLC now owns 47,687 shares of the medical research company’s stock worth $13,558,000 after purchasing an additional 7,000 shares during the period. Cetera Investment Advisers boosted its position in shares of Amgen by 268.9% in the 1st quarter. Cetera Investment Advisers now owns 233,379 shares of the medical research company’s stock valued at $66,355,000 after purchasing an additional 170,108 shares during the period. Finally, Cetera Advisors LLC increased its stake in Amgen by 151.3% in the 1st quarter. Cetera Advisors LLC now owns 70,984 shares of the medical research company’s stock worth $20,182,000 after purchasing an additional 42,739 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.