Piper Sandler Lowers Amgen (NASDAQ:AMGN) Price Target to $310.00

Amgen (NASDAQ:AMGN) had its target price reduced by investment analysts at Piper Sandler from $344.00 to $310.00 in a note issued to investors on Thursday,Benzinga reports. The brokerage currently has an “overweight” rating on the medical research company’s stock. Piper Sandler’s price objective points to a potential upside of 18.94% from the stock’s current price.

A number of other brokerages also recently issued reports on AMGN. Robert W. Baird reissued an “underperform” rating and issued a $215.00 price objective on shares of Amgen in a research note on Wednesday, September 25th. UBS Group dropped their price target on Amgen from $335.00 to $326.00 and set a “neutral” rating on the stock in a research note on Thursday, October 31st. Redburn Partners reduced their price objective on shares of Amgen from $200.00 to $195.00 in a research report on Wednesday, November 27th. Wolfe Research assumed coverage on shares of Amgen in a research report on Friday, November 15th. They set a “peer perform” rating on the stock. Finally, Jefferies Financial Group reissued a “buy” rating and set a $380.00 target price on shares of Amgen in a research note on Tuesday, November 12th. Two research analysts have rated the stock with a sell rating, twelve have assigned a hold rating, thirteen have issued a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat, Amgen currently has an average rating of “Hold” and an average price target of $318.83.

Amgen Price Performance

Amgen stock opened at $260.64 on Thursday. The firm has a market cap of $140.10 billion, a P/E ratio of 33.37, a P/E/G ratio of 2.91 and a beta of 0.55. The stock’s 50 day moving average is $286.87 and its 200 day moving average is $311.06. The company has a debt-to-equity ratio of 7.55, a current ratio of 1.32 and a quick ratio of 0.96. Amgen has a one year low of $253.30 and a one year high of $346.85.

Amgen (NASDAQ:AMGN) last posted its quarterly earnings data on Wednesday, October 30th. The medical research company reported $5.58 EPS for the quarter, beating analysts’ consensus estimates of $5.11 by $0.47. Amgen had a net margin of 13.00% and a return on equity of 168.35%. The company had revenue of $8.50 billion for the quarter, compared to analyst estimates of $8.50 billion. During the same period in the prior year, the firm posted $4.96 EPS. The company’s quarterly revenue was up 23.2% on a year-over-year basis. As a group, research analysts expect that Amgen will post 19.53 EPS for the current year.

Hedge Funds Weigh In On Amgen

Institutional investors have recently modified their holdings of the business. Swiss National Bank boosted its position in Amgen by 0.3% in the third quarter. Swiss National Bank now owns 1,592,233 shares of the medical research company’s stock worth $513,033,000 after purchasing an additional 5,500 shares during the last quarter. Asset Advisors Investment Management LLC increased its holdings in Amgen by 9.0% during the third quarter. Asset Advisors Investment Management LLC now owns 35,934 shares of the medical research company’s stock worth $11,578,000 after buying an additional 2,954 shares during the last quarter. Principal Financial Group Inc. raised its position in Amgen by 6.0% in the third quarter. Principal Financial Group Inc. now owns 635,172 shares of the medical research company’s stock worth $204,659,000 after acquiring an additional 35,785 shares during the period. First Horizon Advisors Inc. boosted its stake in Amgen by 3.2% in the third quarter. First Horizon Advisors Inc. now owns 60,769 shares of the medical research company’s stock valued at $19,581,000 after acquiring an additional 1,872 shares during the last quarter. Finally, Napa Wealth Management bought a new position in shares of Amgen during the 3rd quarter valued at approximately $1,104,000. 76.50% of the stock is owned by institutional investors.

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.