Amgen (NASDAQ:AMGN) Price Target Cut to $330.00 by Analysts at Royal Bank of Canada

Amgen (NASDAQ:AMGN) had its price objective decreased by research analysts at Royal Bank of Canada from $360.00 to $330.00 in a research report issued to clients and investors on Wednesday, Marketbeat Ratings reports. The brokerage currently has an “outperform” rating on the medical research company’s stock. Royal Bank of Canada’s price target would indicate a potential upside of 17.83% from the company’s previous close.

AMGN has been the subject of several other research reports. Barclays upped their price objective 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. Wells Fargo & Company lowered shares of Amgen from an “overweight” rating to an “equal weight” rating and upped their price target for the stock from $320.00 to $335.00 in a research note on Wednesday, August 7th. Oppenheimer reiterated an “outperform” rating and set a $380.00 price objective on shares of Amgen in a research note on Wednesday, August 7th. TD Cowen increased their price target on Amgen from $381.00 to $383.00 and gave the company a “buy” rating in a research note on Monday, October 21st. Finally, Citigroup assumed coverage on Amgen in a research report on Thursday, November 14th. They set a “neutral” rating and a $335.00 price target on the stock. 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 given a strong buy rating to the company. According to MarketBeat, the company currently has an average rating of “Hold” and a consensus target price of $323.05.

Amgen Trading Up 0.0 %

Amgen stock opened at $280.07 on Wednesday. Amgen has a 52-week low of $257.80 and a 52-week high of $346.85. The company has a quick ratio of 0.96, a current ratio of 1.32 and a debt-to-equity ratio of 7.55. 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. The firm has a 50-day moving average price of $312.46 and a two-hundred day moving average price of $317.31.

Amgen (NASDAQ:AMGN) last issued its quarterly earnings data on Wednesday, October 30th. The medical research company reported $5.58 earnings per share (EPS) for the quarter, topping the consensus estimate of $5.11 by $0.47. The business 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 business’s revenue was up 23.2% on a year-over-year basis. During the same period in the previous year, the firm posted $4.96 earnings per share. Sell-side analysts expect that Amgen will post 19.52 earnings per share for the current year.

Institutional Trading of Amgen

Several institutional investors have recently made changes to their positions in AMGN. Capital Performance Advisors LLP acquired a new stake in shares of Amgen during the 3rd quarter valued at $25,000. Hershey Financial Advisers LLC purchased a new stake in shares of Amgen during the second quarter worth $30,000. Legacy Investment Solutions LLC acquired a new stake in Amgen during the third quarter valued at $29,000. nVerses Capital LLC purchased a new position in Amgen in the second quarter valued at about $31,000. Finally, Bbjs Financial Advisors LLC acquired a new position in Amgen in the 2nd quarter worth about $33,000. 76.50% of the stock is currently 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.