Amgen (NASDAQ:AMGN) Coverage Initiated by Analysts at Citigroup

Equities researchers at Citigroup began coverage on shares of Amgen (NASDAQ:AMGN) in a research report issued on Thursday, MarketBeat.com reports. The firm set a “neutral” rating and a $335.00 price target on the medical research company’s stock. Citigroup’s price objective suggests a potential upside of 18.12% from the company’s previous close.

Other research analysts also recently issued reports about the stock. Cantor Fitzgerald restated an “overweight” rating and set a $405.00 price objective on shares of Amgen in a research report on Tuesday, October 22nd. Bank of America upped their price objective on Amgen from $325.00 to $330.00 and gave the stock a “neutral” rating in a research report on Wednesday, August 7th. Truist Financial lowered Amgen from a “buy” rating to a “hold” rating and raised their price objective for the company from $320.00 to $333.00 in a research note on Monday, October 14th. Wells Fargo & Company downgraded Amgen from an “overweight” rating to an “equal weight” rating and boosted their target price for the stock from $320.00 to $335.00 in a research note on Wednesday, August 7th. Finally, Deutsche Bank Aktiengesellschaft restated a “hold” rating and issued a $305.00 price target (down from $310.00) on shares of Amgen in a research note on Wednesday, August 7th. One equities research analyst has rated the stock with a sell rating, thirteen have issued a hold rating, eleven have assigned a buy rating and two have assigned a strong buy rating to the stock. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus target price of $333.57.

Amgen Stock Performance

NASDAQ:AMGN opened at $283.61 on Thursday. The company has a market cap of $152.45 billion, a price-to-earnings ratio of 36.44, a PEG ratio of 2.69 and a beta of 0.60. Amgen has a fifty-two week low of $260.52 and a fifty-two week high of $346.85. The company has a debt-to-equity ratio of 7.55, a quick ratio of 0.96 and a current ratio of 1.32. The stock has a fifty day moving average price of $321.59 and a 200-day moving average price of $318.00.

Amgen (NASDAQ:AMGN) last released its earnings results on Wednesday, October 30th. The medical research company reported $5.58 EPS for the quarter, beating the consensus estimate of $5.11 by $0.47. The firm had revenue of $8.50 billion for the quarter, compared to analyst estimates of $8.50 billion. Amgen had a net margin of 13.00% and a return on equity of 168.35%. The business’s quarterly revenue was up 23.2% compared to the same quarter last year. During the same period last year, the firm earned $4.96 EPS. As a group, equities analysts anticipate that Amgen will post 19.51 EPS for the current fiscal year.

Institutional Investors Weigh In On Amgen

Several institutional investors and hedge funds have recently made changes to their positions in AMGN. Capital Performance Advisors LLP acquired a new stake in shares of Amgen during the 3rd quarter worth approximately $25,000. Strategic Financial Concepts LLC bought a new stake in Amgen in the second quarter valued at $26,000. Legacy Investment Solutions LLC acquired a new position in shares of Amgen during the third quarter valued at about $29,000. Hershey Financial Advisers LLC acquired a new stake in shares of Amgen in the 2nd quarter valued at about $30,000. Finally, nVerses Capital LLC bought a new stake in Amgen in the 2nd quarter valued at about $31,000. Institutional investors own 76.50% of the company’s stock.

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.