Piper Sandler Lowers Amgen (NASDAQ:AMGN) Price Target to $310.00

Amgen (NASDAQ:AMGN) had its target price reduced by equities research analysts at Piper Sandler from $344.00 to $310.00 in a report released on Thursday,Benzinga reports. The firm presently has an “overweight” rating on the medical research company’s stock. Piper Sandler’s target price indicates a potential upside of 18.67% from the company’s previous close.

A number of other brokerages have also weighed in on AMGN. Robert W. Baird restated an “underperform” rating and issued a $215.00 price objective on shares of Amgen in a report on Wednesday, September 25th. UBS Group cut their price target on shares of Amgen from $335.00 to $326.00 and set a “neutral” rating for the company in a report on Thursday, October 31st. Deutsche Bank Aktiengesellschaft reduced their price objective on shares of Amgen from $305.00 to $285.00 in a report on Wednesday, November 27th. Cantor Fitzgerald reissued an “overweight” rating and issued a $405.00 target price on shares of Amgen in a research report on Tuesday, October 22nd. Finally, Jefferies Financial Group reissued a “buy” rating and set a $380.00 price target on shares of Amgen in a research report on Tuesday, November 12th. Two research analysts have rated the stock with a sell rating, twelve have assigned a hold rating, thirteen have given a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Hold” and an average target price of $318.83.

Amgen Stock Performance

AMGN opened at $261.22 on Thursday. The firm has a fifty day moving average price of $285.75 and a 200 day moving average price of $310.70. The stock has a market cap of $140.41 billion, a P/E ratio of 33.45, a P/E/G ratio of 2.91 and a beta of 0.55. Amgen has a 1 year low of $253.30 and a 1 year high of $346.85. The company has a debt-to-equity ratio of 7.55, a current ratio of 1.32 and a quick ratio of 0.96.

Amgen (NASDAQ:AMGN) last announced its earnings results on Wednesday, October 30th. The medical research company reported $5.58 earnings per share for the quarter, topping the consensus estimate of $5.11 by $0.47. The business had revenue of $8.50 billion during the quarter, compared to the consensus estimate of $8.50 billion. Amgen had a return on equity of 168.35% and a net margin of 13.00%. The business’s quarterly revenue was up 23.2% on a year-over-year basis. During the same period in the prior year, the company posted $4.96 EPS. Equities research analysts anticipate that Amgen will post 19.53 earnings per share for the current year.

Institutional Trading of Amgen

Several institutional investors and hedge funds have recently bought and sold shares of the business. Ascent Group LLC grew its stake in Amgen by 0.3% in the 2nd quarter. Ascent Group LLC now owns 10,949 shares of the medical research company’s stock valued at $3,421,000 after buying an additional 31 shares during the last quarter. Cadinha & Co. LLC increased its holdings in shares of Amgen by 0.6% during the 3rd quarter. Cadinha & Co. LLC now owns 5,209 shares of the medical research company’s stock worth $1,678,000 after purchasing an additional 32 shares during the period. Lansing Street Advisors lifted its position in shares of Amgen by 1.3% in the 3rd quarter. Lansing Street Advisors now owns 2,582 shares of the medical research company’s stock worth $832,000 after acquiring an additional 32 shares during the period. Unionview LLC lifted its position in Amgen by 3.8% in the third quarter. Unionview LLC now owns 876 shares of the medical research company’s stock worth $282,000 after purchasing an additional 32 shares during the period. Finally, D Orazio & Associates Inc. lifted its holdings in shares of Amgen by 1.1% during the 2nd quarter. D Orazio & Associates Inc. now owns 3,101 shares of the medical research company’s stock worth $969,000 after acquiring an additional 33 shares during the period. Hedge funds and other institutional investors own 76.50% of the company’s stock.

About Amgen

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.