Amgen (NASDAQ:AMGN) Stock Jumps 3% After Analyst Upgrade

Shares of Amgen Inc. (NASDAQ:AMGN) shot up 3% during trading on Wednesday after Truist Financial raised their price target on the stock from $362.00 to $380.00. Truist Financial currently has a hold rating on the stock. Amgen traded as high as $413.85 and last traded at $414.6480. 278,860 shares were traded during mid-day trading, a decline of 90% from the average daily volume of 2,747,744 shares. The stock had previously closed at $402.60.

A number of other analysts have also recently weighed in on the stock. Oppenheimer restated an “outperform” rating on shares of Amgen in a report on Wednesday, September 23rd. Cantor Fitzgerald reissued a “neutral” rating on shares of Amgen in a research report on Monday. TD Cowen raised their target price on shares of Amgen from $420.00 to $452.00 and gave the company a “buy” rating in a research note on Wednesday, August 5th. Royal Bank Of Canada upped their price target on Amgen from $370.00 to $400.00 and gave the stock an “outperform” rating in a research report on Wednesday, August 5th. Finally, Robert W. Baird increased their price objective on Amgen from $215.00 to $230.00 and gave the company an “underperform” rating in a report on Wednesday, August 5th. One research analyst has rated the stock with a Strong Buy rating, ten have given a Buy rating, sixteen have assigned a Hold rating and three have issued a Sell rating to the stock. According to MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus target price of $385.79.

Insider Buying and Selling at Amgen

In other Amgen news, SVP Nancy A. Grygiel sold 2,970 shares of Amgen stock in a transaction on Thursday, August 6th. The shares were sold at an average price of $402.16, for a total value of $1,194,415.20. Following the completion of the transaction, the senior vice president owned 7,340 shares of the company’s stock, valued at approximately $2,951,854.40. The trade was a 28.81% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, SVP Rachna Khosla sold 2,000 shares of Amgen stock in a transaction dated Tuesday, August 11th. The shares were sold at an average price of $412.57, for a total value of $825,140.00. Following the completion of the transaction, the senior vice president owned 6,404 shares of the company’s stock, valued at approximately $2,642,098.28. This represents a 23.80% decrease in their position. The disclosure for this sale is available in the SEC filing. In the last three months, insiders have sold 6,222 shares of company stock valued at $2,540,926. 0.85% of the stock is currently owned by corporate insiders.

Key Amgen News

Here are the key news stories impacting Amgen this week:

• Positive Sentiment: Amgen reported that its AMG 513 obesity-drug study completed Phase 1. The milestone provides an additional potential growth opportunity in the competitive weight-loss market, although clinical efficacy and safety data remain important next steps. Amgen AMG 513 obesity trial article
• Positive Sentiment: Scotiabank raised its price target for Amgen from $450 to $500, signaling greater confidence in the company’s upside potential and supporting sentiment around the stock. Scotiabank raises Amgen price target
• Neutral Sentiment: Truist raised its target from $362 to $380 but maintained a Hold rating. The revised target remains below the recent trading level, limiting the bullish impact of the increase.
• Neutral Sentiment: Cantor Fitzgerald reiterated a Neutral rating, while another report cited a $400 target. These views suggest analysts see limited near-term upside after Amgen’s strong run. Cantor Fitzgerald Amgen rating
• Neutral Sentiment: Amgen has become a heavily watched or “trending” stock on Zacks, which may increase trading attention but does not represent a fundamental change in the company’s outlook. Zacks Amgen trending stock article
• Negative Sentiment: Morgan Stanley lowered its target from $362 to $359 and retained an Equal Weight rating. The target implies substantial downside from current levels, reinforcing concerns that expectations and valuation may be elevated. Morgan Stanley Amgen price target report

Institutional Investors Weigh In On Amgen

Large investors have recently bought and sold shares of the company. Nautilus Advisors LLC increased its position in shares of Amgen by 2.3% during the third quarter. Nautilus Advisors LLC now owns 2,096 shares of the medical research company’s stock valued at $884,000 after acquiring an additional 48 shares during the last quarter. Rosenberg Matthew Hamilton lifted its holdings in shares of Amgen by 3.9% in the 3rd quarter. Rosenberg Matthew Hamilton now owns 1,474 shares of the medical research company’s stock worth $621,000 after acquiring an additional 55 shares during the last quarter. Park National Corp OH boosted its position in shares of Amgen by 7.9% during the 3rd quarter. Park National Corp OH now owns 2,442 shares of the medical research company’s stock worth $1,029,000 after purchasing an additional 179 shares during the period. Ferguson Wellman Capital Management Inc. increased its holdings in Amgen by 4.8% in the 3rd quarter. Ferguson Wellman Capital Management Inc. now owns 259,022 shares of the medical research company’s stock valued at $103,614,000 after purchasing an additional 11,950 shares during the last quarter. Finally, Eastern Bank increased its holdings in Amgen by 1.7% in the 3rd quarter. Eastern Bank now owns 4,525 shares of the medical research company’s stock valued at $1,907,000 after purchasing an additional 76 shares during the last quarter. 76.50% of the stock is currently owned by hedge funds and other institutional investors.

Amgen Trading Up 2.9%

The company has a quick ratio of 1.13, a current ratio of 1.37 and a debt-to-equity ratio of 4.44. The business has a 50-day simple moving average of $411.44 and a 200-day simple moving average of $371.01. The company has a market cap of $223.87 billion, a PE ratio of 25.74, a price-to-earnings-growth ratio of 2.91 and a beta of 0.41.

Amgen (NASDAQ:AMGN) last released its earnings results on Tuesday, August 4th. The medical research company reported $6.29 earnings per share for the quarter, beating the consensus estimate of $5.62 by $0.67. Amgen had a return on equity of 124.14% and a net margin of 22.95%.The company had revenue of $10.05 billion during the quarter, compared to the consensus estimate of $9.43 billion. During the same period in the previous year, the company posted $6.02 EPS. Amgen’s revenue was up 9.5% compared to the same quarter last year. Amgen has set its FY 2026 guidance at 22.300-23.500 EPS. On average, analysts predict that Amgen Inc. will post 22.94 EPS for the current fiscal year.

Amgen Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Friday, September 11th. Investors of record on Friday, August 21st were issued a $2.52 dividend. This represents a $10.08 dividend on an annualized basis and a yield of 2.4%. The ex-dividend date of this dividend was Friday, August 21st. Amgen’s dividend payout ratio is 62.65%.

About Amgen

Amgen Inc is a biotechnology company that discovers, develops, manufactures and delivers medicines for serious illnesses. Its research and commercial activities focus on areas including oncology, cardiovascular disease, inflammation, bone health, neuroscience and rare diseases. The company uses biologic research, human genetics and other advanced technologies to develop targeted therapies and supports patients through treatment and disease-management services.

Amgen’s portfolio includes medicines such as Enbrel for inflammatory diseases; Prolia and Evenity for osteoporosis; Xgeva for cancer-related bone complications; Repatha for certain cardiovascular conditions; Otezla for inflammatory diseases; Aimovig for migraine prevention; Tezspire for severe asthma; and Lumakras for certain cancers.