Citigroup Inc. restated their buy rating on shares of Amgen (NASDAQ:AMGN) in a research note issued to investors on Friday, American Banking & Market News reports. The firm currently has a $131.00 price target on the stock, down from their previous price target of $139.00.
“We conducted a detailed analysis of the myeloma market and conclude that Kyprolis/oprozomib are facing tremendous long-term headwinds that may dramatically limit their appeal. While Kyprolis is a potent drug, its inconvenience and cardiac toxicities are limiting its uptake and new drugs in late stage development offer far more appealing profiles. Given these threats, we are lowering our Kyprolis estimates to below consensus starting in ’15. Our new target price is $131 (-$8). We prefer Buy-rated GILD, CELG, and BIIB.,” the firm’s analyst commented.
Other equities research analysts have also recently issued reports about the stock. Analysts at TheStreet reiterated a buy rating on shares of Amgen in a research note to investors on Wednesday, December 4th. Separately, analysts at Piper Jaffray initiated coverage on shares of Amgen in a research note to investors on Tuesday, November 26th. They set an overweight rating and a $143.00 price target on the stock. Finally, analysts at Deutsche Bank reiterated a buy rating on shares of Amgen in a research note to investors on Wednesday, November 20th. They now have a $142.00 price target on the stock, up previously from $138.00. Eleven equities research analysts have rated the stock with a hold rating, sixteen have assigned a buy rating and one has given a strong buy rating to the stock. Amgen presently has an average rating of Buy and a consensus target price of $119.24.
Amgen (NASDAQ:AMGN) opened at 114.12 on Friday. Amgen has a 52-week low of $81.56 and a 52-week high of $119.70. The stock’s 50-day moving average is $114.7 and its 200-day moving average is $108.5. The company has a market cap of $86.061 billion and a price-to-earnings ratio of 17.98.
Amgen (NASDAQ:AMGN) last posted its quarterly earnings results on Tuesday, October 22nd. The company reported $1.94 earnings per share for the quarter, beating the analysts’ consensus estimate of $1.78 by $0.16. The company had revenue of $4.75 billion for the quarter, compared to the consensus estimate of $4.60 billion. During the same quarter last year, the company posted $1.67 earnings per share. Amgen’s revenue was up 9.9% compared to the same quarter last year. On average, analysts predict that Amgen will post $7.45 earnings per share for the current fiscal year.
Amgen Inc is a global biotechnology pioneer that discovers, develops, manufactures and delivers human therapeutics.
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