Truist Financial Has Lowered Expectations for Amgen (NASDAQ:AMGN) Stock Price

Amgen (NASDAQ:AMGN) had its target price reduced by investment analysts at Truist Financial from $333.00 to $298.00 in a report released on Wednesday,Benzinga reports. The firm currently has a “hold” rating on the medical research company’s stock. Truist Financial’s target price points to a potential upside of 12.79% from the stock’s current price.

Several other research analysts have also issued reports on the stock. Deutsche Bank Aktiengesellschaft cut their target price on shares of Amgen from $305.00 to $285.00 in a research report on Wednesday, November 27th. Sanford C. Bernstein initiated coverage on Amgen in a report on Thursday, October 17th. They issued an “outperform” rating and a $380.00 price objective for the company. Dbs Bank raised Amgen to a “strong-buy” rating in a report on Monday, September 16th. UBS Group cut 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. Finally, Piper Sandler Companies reiterated an “overweight” rating and set a $310.00 price target on shares of Amgen in a research report on Thursday, January 2nd. Two research analysts have rated the stock with a sell rating, twelve have given a hold rating, thirteen have assigned a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat, Amgen presently has an average rating of “Hold” and a consensus target price of $317.30.

Amgen Trading Up 0.8 %

Amgen stock opened at $264.21 on Wednesday. The stock has a market cap of $142.02 billion, a P/E ratio of 33.83, a PEG ratio of 2.91 and a beta of 0.56. Amgen has a fifty-two week low of $253.30 and a fifty-two week high of $346.85. The firm’s fifty day moving average price is $280.24 and its 200-day moving average price is $309.15. The company has a debt-to-equity ratio of 7.55, a quick ratio of 0.96 and a current ratio of 1.32.

Amgen (NASDAQ:AMGN) last issued its quarterly earnings data on Wednesday, October 30th. The medical research company reported $5.58 EPS for the quarter, topping the consensus estimate of $5.11 by $0.47. Amgen had a return on equity of 168.35% and a net margin of 13.00%. The company had revenue of $8.50 billion during the quarter, compared to analyst estimates of $8.50 billion. During the same quarter in the previous year, the firm earned $4.96 earnings per share. Amgen’s revenue was up 23.2% on a year-over-year basis. Equities research analysts forecast that Amgen will post 19.53 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Amgen

A number of large investors have recently modified their holdings of the stock. Pathway Financial Advisers LLC lifted its holdings in 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 worth $1,437,115,000 after buying an additional 4,446,757 shares during the period. International Assets Investment Management LLC raised its position in shares of Amgen by 6,812.4% in the 3rd quarter. International Assets Investment Management LLC now owns 2,523,387 shares of the medical research company’s stock worth $8,130,610,000 after acquiring an additional 2,486,882 shares in the last quarter. Assenagon Asset Management S.A. lifted its stake in shares of Amgen by 561.5% in the 3rd quarter. Assenagon Asset Management S.A. now owns 1,539,733 shares of the medical research company’s stock valued at $496,117,000 after purchasing an additional 1,306,982 shares during the period. Granite Bay Wealth Management LLC boosted its position in shares of Amgen by 9,058.1% during the second quarter. Granite Bay Wealth Management LLC now owns 756,460 shares of the medical research company’s stock valued at $223,897,000 after purchasing an additional 748,200 shares in the last quarter. Finally, Nordea Investment Management AB grew its stake in Amgen by 40.7% in the fourth quarter. Nordea Investment Management AB now owns 2,338,665 shares of the medical research company’s stock worth $609,526,000 after purchasing an additional 676,598 shares during the period. Institutional investors own 76.50% of the company’s stock.

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.