Wells Fargo & Company Lowers Amgen (NASDAQ:AMGN) Price Target to $280.00

Amgen (NASDAQ:AMGN) had its target price dropped by equities research analysts at Wells Fargo & Company from $335.00 to $280.00 in a research note issued to investors on Friday,Benzinga reports. The firm currently has an “equal weight” rating on the medical research company’s stock. Wells Fargo & Company‘s price target points to a potential upside of 6.78% from the company’s previous close.

Several other analysts also recently issued reports on the company. Wolfe Research assumed coverage on Amgen in a research note on Friday, November 15th. They set a “peer perform” rating on the stock. Citigroup decreased their target price on Amgen from $335.00 to $310.00 in a research note on Wednesday, November 27th. Bank of America reissued an “underperform” rating and set a $256.00 target price on shares of Amgen in a research note on Tuesday, December 10th. Leerink Partners decreased their target price on Amgen from $349.00 to $302.00 in a research note on Wednesday, November 27th. Finally, Sanford C. Bernstein assumed coverage on Amgen in a research note on Thursday, October 17th. They set an “outperform” rating and a $380.00 target price on the stock. Two analysts have rated the stock with a sell rating, twelve have given a hold rating, thirteen have given a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat, Amgen currently has an average rating of “Hold” and a consensus price target of $314.91.

Amgen Stock Down 0.7 %

NASDAQ AMGN opened at $262.23 on Friday. The stock’s 50-day moving average price is $279.10 and its 200-day moving average price is $308.69. The company has a quick ratio of 0.96, a current ratio of 1.32 and a debt-to-equity ratio of 7.55. Amgen has a 52 week low of $253.30 and a 52 week high of $346.85. The company has a market capitalization of $140.96 billion, a P/E ratio of 33.58, a price-to-earnings-growth ratio of 2.91 and a beta of 0.56.

Amgen (NASDAQ:AMGN) last posted 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 firm had revenue of $8.50 billion for the quarter, compared to the consensus estimate of $8.50 billion. During the same quarter last year, the company earned $4.96 earnings per share. The business’s revenue for the quarter was up 23.2% compared to the same quarter last year. On average, equities research analysts predict that Amgen will post 19.53 earnings per share for the current year.

Institutional Inflows and Outflows

Large investors have recently made changes to their positions in the stock. Graypoint LLC increased its position in Amgen by 42.1% during the 4th quarter. Graypoint LLC now owns 7,339 shares of the medical research company’s stock valued at $1,913,000 after buying an additional 2,175 shares in the last quarter. HBW Advisory Services LLC grew its stake in Amgen by 1.0% during the 4th quarter. HBW Advisory Services LLC now owns 8,559 shares of the medical research company’s stock valued at $2,231,000 after purchasing an additional 88 shares during the last quarter. Harbor Capital Advisors Inc. grew its stake in Amgen by 2.5% during the 4th quarter. Harbor Capital Advisors Inc. now owns 11,712 shares of the medical research company’s stock valued at $3,053,000 after purchasing an additional 285 shares during the last quarter. ORG Wealth Partners LLC grew its stake in Amgen by 10.6% during the 4th quarter. ORG Wealth Partners LLC now owns 1,227 shares of the medical research company’s stock valued at $320,000 after purchasing an additional 118 shares during the last quarter. Finally, Ridgewood Investments LLC grew its stake in Amgen by 11,422.2% during the 4th quarter. Ridgewood Investments LLC now owns 2,074 shares of the medical research company’s stock valued at $541,000 after purchasing an additional 2,056 shares during the last quarter. 76.50% of the stock is 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.