Truist Financial Initiates Coverage on Amgen (NASDAQ:AMGN)

Stock analysts at Truist Financial started coverage on shares of Amgen (NASDAQ:AMGN) in a research report issued to clients and investors on Monday, MarketBeat reports. The brokerage set a “hold” rating and a $318.00 price target on the medical research company’s stock. Truist Financial’s price objective would suggest a potential downside of 5.93% from the stock’s previous close.

A number of other research analysts have also weighed in on the stock. The Goldman Sachs Group cut their target price on shares of Amgen from $405.00 to $400.00 and set a “buy” rating for the company in a research report on Wednesday, November 5th. Cantor Fitzgerald lifted their price objective on Amgen from $305.00 to $315.00 and gave the stock a “neutral” rating in a research note on Thursday, November 6th. Citigroup increased their target price on Amgen from $310.00 to $315.00 and gave the company a “neutral” rating in a research note on Wednesday, September 24th. Scotiabank started coverage on Amgen in a report on Thursday, November 13th. They issued a “sector outperform” rating and a $385.00 target price on the stock. Finally, Wells Fargo & Company upped their price target on Amgen from $280.00 to $300.00 and gave the stock an “overweight” rating in a report on Wednesday, November 5th. One equities research analyst has rated the stock with a Strong Buy rating, nine have issued a Buy rating, ten have assigned a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat, the stock currently has a consensus rating of “Hold” and an average target price of $320.86.

Amgen Stock Up 0.1%

NASDAQ:AMGN traded up $0.50 during trading hours on Monday, reaching $338.04. The company’s stock had a trading volume of 508,564 shares, compared to its average volume of 2,742,618. Amgen has a one year low of $253.30 and a one year high of $345.84. The business’s 50-day moving average is $300.99 and its 200-day moving average is $292.58. The company has a debt-to-equity ratio of 7.24, a current ratio of 1.31 and a quick ratio of 0.98. The company has a market cap of $182.03 billion, a price-to-earnings ratio of 27.63, a price-to-earnings-growth ratio of 2.61 and a beta of 0.45.

Amgen (NASDAQ:AMGN) last released its quarterly earnings results on Tuesday, November 4th. The medical research company reported $5.64 earnings per share (EPS) for the quarter, topping the consensus estimate of $5.01 by $0.63. Amgen had a return on equity of 174.71% and a net margin of 18.96%.The company had revenue of $9.56 billion during the quarter, compared to the consensus estimate of $8.98 billion. During the same quarter in the prior year, the company posted $5.58 EPS. The firm’s revenue was up 12.4% on a year-over-year basis. Amgen has set its FY 2025 guidance at 20.600-21.400 EPS. Equities research analysts predict that Amgen will post 20.62 EPS for the current year.

Insider Transactions at Amgen

In other news, SVP Nancy A. Grygiel sold 3,139 shares of the business’s stock in a transaction that occurred on Thursday, November 20th. The stock was sold at an average price of $337.26, for a total transaction of $1,058,659.14. Following the sale, the senior vice president directly owned 7,225 shares in the company, valued at approximately $2,436,703.50. The trade was a 30.29% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, SVP Rachna Khosla sold 890 shares of the company’s stock in a transaction on Wednesday, November 12th. The shares were sold at an average price of $336.24, for a total value of $299,253.60. Following the completion of the transaction, the senior vice president owned 7,082 shares of the company’s stock, valued at $2,381,251.68. The trade was a 11.16% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. In the last quarter, insiders have sold 10,908 shares of company stock valued at $3,674,966. 0.76% of the stock is owned by corporate insiders.

Institutional Trading of Amgen

Several institutional investors have recently made changes to their positions in AMGN. West Family Investments Inc. boosted its holdings in Amgen by 1.1% during the third quarter. West Family Investments Inc. now owns 2,760 shares of the medical research company’s stock valued at $779,000 after purchasing an additional 30 shares in the last quarter. Viawealth LLC raised its holdings in shares of Amgen by 0.4% in the 3rd quarter. Viawealth LLC now owns 7,168 shares of the medical research company’s stock worth $2,023,000 after buying an additional 30 shares in the last quarter. LOM Asset Management Ltd lifted its position in shares of Amgen by 1.2% during the 3rd quarter. LOM Asset Management Ltd now owns 2,554 shares of the medical research company’s stock worth $721,000 after buying an additional 30 shares during the period. Sittner & Nelson LLC lifted its position in shares of Amgen by 0.4% during the 3rd quarter. Sittner & Nelson LLC now owns 7,276 shares of the medical research company’s stock worth $2,053,000 after buying an additional 30 shares during the period. Finally, TAGStone Capital Inc. boosted its stake in Amgen by 0.8% in the 3rd quarter. TAGStone Capital Inc. now owns 4,101 shares of the medical research company’s stock valued at $1,157,000 after buying an additional 32 shares in the last quarter. 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.