Amgen (NASDAQ:AMGN) Given New $515.00 Price Target at Argus

Amgen (NASDAQ:AMGN) had its price target upped by analysts at Argus from $460.00 to $515.00 in a research report issued on Thursday, Benzinga reports. The brokerage currently has a “buy” rating on the medical research company’s stock. Argus‘s price objective indicates a potential upside of 10.02% from the stock’s previous close.

Other analysts have also issued reports about the company. Guggenheim boosted their target price on Amgen from $378.00 to $435.00 and gave the company a “neutral” rating in a research report on Thursday, November 5th. Citigroup increased their price target on Amgen from $405.00 to $465.00 and gave the stock a “neutral” rating in a report on Wednesday, November 4th. Piper Sandler raised their price objective on Amgen from $427.00 to $457.00 and gave the company an “overweight” rating in a research note on Thursday, August 20th. Barclays upped their target price on Amgen from $380.00 to $400.00 and gave the stock an “equal weight” rating in a research report on Wednesday, October 21st. Finally, Jefferies Financial Group reissued a “hold” rating and issued a $410.00 price target on shares of Amgen in a research report on Wednesday, September 23rd. One analyst has rated the stock with a Strong Buy rating, eleven have given a Buy rating, eighteen have issued a Hold rating and three have issued a Sell rating to the company. Based on data from MarketBeat.com, the company has an average rating of “Hold” and an average target price of $424.66.

Amgen Trading Up 0.6%

NASDAQ AMGN opened at $468.11 on Thursday. The stock has a market capitalization of $253.21 billion, a P/E ratio of 27.15, a P/E/G ratio of 3.25 and a beta of 0.43. The business has a 50 day simple moving average of $424.39 and a 200 day simple moving average of $380.01. The company has a debt-to-equity ratio of 3.60, a current ratio of 1.48 and a quick ratio of 1.20. Amgen has a one year low of $312.39 and a one year high of $483.99.

Amgen (NASDAQ:AMGN) last issued its quarterly earnings results on Tuesday, November 3rd. The medical research company reported $6.45 earnings per share (EPS) for the quarter, beating the consensus estimate of $5.79 by $0.66. The firm had revenue of $10.37 billion for the quarter, compared to analyst estimates of $10.07 billion. Amgen had a return on equity of 114.99% and a net margin of 24.14%. The company’s revenue was up 8.5% compared to the same quarter last year. During the same period in the previous year, the firm earned $5.64 earnings per share. Research analysts expect that Amgen will post 23.33 earnings per share for the current year.

Institutional Investors Weigh In On Amgen

Institutional investors and hedge funds have recently bought and sold shares of the stock. State Street Corp grew its stake in shares of Amgen by 38.2% in the 2nd quarter. State Street Corp now owns 42,205,243 shares of the medical research company’s stock worth $15,283,363,000 after acquiring an additional 11,656,755 shares in the last quarter. Bank of America Corp DE bought a new position in shares of Amgen during the second quarter valued at about $1,831,903,000. Wellington Management Group LLP lifted its position in shares of Amgen by 1,102.7% during the second quarter. Wellington Management Group LLP now owns 2,742,271 shares of the medical research company’s stock valued at $993,031,000 after purchasing an additional 2,514,254 shares in the last quarter. BlackRock Inc. lifted its position in shares of Amgen by 4.8% during the second quarter. BlackRock Inc. now owns 49,362,016 shares of the medical research company’s stock valued at $17,874,974,000 after purchasing an additional 2,261,544 shares in the last quarter. Finally, Assenagon Asset Management S.A. boosted its holdings in Amgen by 702.8% during the third quarter. Assenagon Asset Management S.A. now owns 1,535,257 shares of the medical research company’s stock worth $647,126,000 after purchasing an additional 1,344,010 shares during the last quarter. 76.50% of the stock is owned by hedge funds and other institutional investors.

Key Headlines Impacting Amgen

Here are a few of the latest headlines about AMGN:

• Positive Sentiment: Dazodalibep met the primary endpoint in the 648-patient OASIZ-301 study, with both dosing regimens showing statistically significant improvement in systemic disease activity. Amgen also reported clinically meaningful improvements in patient-reported symptoms. If approved, the drug could address a disease for which there are currently no approved treatments, giving Amgen a potential new growth opportunity. Amgen’s experimental Sjogren’s drug meets late-stage trial goal
• Neutral Sentiment: The positive results are from an investigational drug; regulatory review and further development remain ahead before dazodalibep could generate product sales. Amgen announces positive Phase 3 results for dazodalibep
• Negative Sentiment: One report puts Amgen’s consensus price target at $422.76, below the share level cited in the supplied market background. That gap may temper upside expectations, though price targets are estimates and do not determine the stock’s direction. Amgen stock has consensus price target of $422.76

Amgen Company Profile

Amgen is a biotechnology company that discovers, develops, manufactures and commercializes medicines for serious illnesses. Its research and product portfolio span areas including cancer, cardiovascular disease, inflammation, bone health and rare diseases. The company’s medicines include Enbrel, Prolia, Xgeva and Repatha. Amgen serves patients and healthcare providers in the United States and markets its products internationally. Founded in 1980 and headquartered in Thousand Oaks, California, Amgen is led by Robert A. Bradway, who has served as its chief executive officer since 2012.