Royal Bank of Canada Cuts Amgen (NASDAQ:AMGN) Price Target to $330.00

Amgen (NASDAQ:AMGN) had its target price dropped by stock analysts at Royal Bank of Canada from $360.00 to $330.00 in a research report issued to clients and investors on Wednesday, MarketBeat reports. The firm currently has an “outperform” rating on the medical research company’s stock. Royal Bank of Canada’s price target indicates a potential upside of 17.85% from the company’s previous close.

AMGN has been the topic of a number of other reports. Truist Financial lowered Amgen from a “buy” rating to a “hold” rating and lifted their price target for the stock from $320.00 to $333.00 in a report on Monday, October 14th. William Blair reissued an “outperform” rating on shares of Amgen in a research note on Tuesday, November 12th. Jefferies Financial Group restated a “buy” rating and issued a $380.00 price objective on shares of Amgen in a report on Tuesday, November 12th. Deutsche Bank Aktiengesellschaft lowered their price objective on shares of Amgen from $305.00 to $285.00 in a report on Wednesday. Finally, Barclays upped their price target on shares of Amgen from $300.00 to $315.00 and gave the company an “equal weight” rating in a report on Monday, October 7th. One research analyst has rated the stock with a sell rating, thirteen have given a hold rating, eleven have issued a buy rating and two have given a strong buy rating to the company. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $323.05.

Amgen Price Performance

NASDAQ AMGN traded down $13.99 during midday trading on Wednesday, hitting $280.01. The company had a trading volume of 17,010,332 shares, compared to its average volume of 3,139,351. The company has a market capitalization of $150.51 billion, a PE ratio of 35.85, a P/E/G ratio of 2.62 and a beta of 0.60. The company has a current ratio of 1.32, a quick ratio of 0.96 and a debt-to-equity ratio of 7.55. The firm has a 50-day moving average price of $314.64 and a 200-day moving average price of $317.84. Amgen has a twelve month low of $257.80 and a twelve month high of $346.85.

Amgen (NASDAQ:AMGN) last released its quarterly earnings results on Wednesday, October 30th. The medical research company reported $5.58 EPS for the quarter, beating analysts’ consensus estimates of $5.11 by $0.47. Amgen had a return on equity of 168.35% and a net margin of 13.00%. The firm had revenue of $8.50 billion for the quarter, compared to analyst estimates of $8.50 billion. During the same quarter in the previous year, the company posted $4.96 EPS. The business’s revenue was up 23.2% on a year-over-year basis. As a group, analysts anticipate that Amgen will post 19.52 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Amgen

Several hedge funds and other institutional investors have recently modified their holdings of the company. State Street Corp lifted its position in shares of Amgen by 1.2% during the third quarter. State Street Corp now owns 29,317,018 shares of the medical research company’s stock worth $9,446,236,000 after purchasing an additional 345,537 shares in the last quarter. Geode Capital Management LLC increased its holdings in Amgen by 0.9% in the third quarter. Geode Capital Management LLC now owns 12,122,889 shares of the medical research company’s stock valued at $3,893,771,000 after buying an additional 103,851 shares during the last quarter. Charles Schwab Investment Management Inc. raised its position in shares of Amgen by 2.4% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 10,532,629 shares of the medical research company’s stock valued at $3,393,718,000 after acquiring an additional 251,876 shares in the last quarter. Janus Henderson Group PLC raised its holdings in shares of Amgen by 11.7% during the third quarter. Janus Henderson Group PLC now owns 5,143,330 shares of the medical research company’s stock worth $1,657,183,000 after purchasing an additional 538,545 shares during the period. Finally, Pathway Financial Advisers LLC boosted its stake in Amgen by 33,125.4% in the third quarter. Pathway Financial Advisers LLC now owns 4,460,181 shares of the medical research company’s stock valued at $1,437,115,000 after acquiring an additional 4,446,757 shares during the period. 76.50% of the stock is 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.