1832 Asset Management L.P. Cuts Stake in Amgen Inc. (NASDAQ:AMGN)

1832 Asset Management L.P. trimmed its stake in Amgen Inc. (NASDAQ:AMGN) by 58.9% in the first quarter, according to the company in its most recent disclosure with the SEC. The firm owned 7,153 shares of the medical research company’s stock after selling 10,266 shares during the quarter. 1832 Asset Management L.P.’s holdings in Amgen were worth $2,034,000 as of its most recent filing with the SEC.

Several other institutional investors and hedge funds have also recently bought and sold shares of the stock. Horizon Financial Services LLC acquired a new stake in Amgen during the first quarter worth about $28,000. BOK Financial Private Wealth Inc. purchased a new stake in Amgen during the fourth quarter worth approximately $29,000. United Community Bank acquired a new stake in shares of Amgen in the fourth quarter worth $29,000. Planned Solutions Inc. acquired a new position in shares of Amgen during the 4th quarter valued at $30,000. Finally, Delos Wealth Advisors LLC increased its holdings in Amgen by 2,500.0% in the 4th quarter. Delos Wealth Advisors LLC now owns 104 shares of the medical research company’s stock valued at $30,000 after purchasing an additional 100 shares in the last quarter. Institutional investors and hedge funds own 76.50% of the company’s stock.

Insider Activity at Amgen

In related news, SVP Nancy A. Grygiel sold 2,117 shares of the stock in a transaction dated Friday, May 3rd. The shares were sold at an average price of $313.09, for a total value of $662,811.53. Following the completion of the transaction, the senior vice president now owns 9,883 shares in the company, valued at approximately $3,094,268.47. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Company insiders own 0.69% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently issued reports on the company. Barclays upgraded Amgen from an “underweight” rating to an “equal weight” rating and increased their target price for the company from $230.00 to $300.00 in a research note on Friday, May 3rd. Morgan Stanley dropped their price target on shares of Amgen from $310.00 to $303.00 and set an “equal weight” rating on the stock in a research note on Thursday, July 11th. StockNews.com raised shares of Amgen from a “hold” rating to a “buy” rating in a research report on Friday, May 3rd. Mizuho boosted their price target on Amgen from $223.00 to $235.00 and gave the stock a “neutral” rating in a research note on Thursday, May 9th. Finally, Truist Financial restated a “buy” rating and set a $320.00 price objective on shares of Amgen in a research note on Friday, April 12th. Ten research analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the company’s stock. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $312.63.

Amgen Stock Performance

NASDAQ:AMGN traded up $0.55 during mid-day trading on Friday, hitting $334.85. The stock had a trading volume of 1,515,471 shares, compared to its average volume of 1,821,447. The company has a 50 day simple moving average of $313.96 and a 200-day simple moving average of $297.29. The stock has a market capitalization of $179.62 billion, a price-to-earnings ratio of 47.84, a P/E/G ratio of 2.78 and a beta of 0.58. The company has a current ratio of 1.42, a quick ratio of 0.98 and a debt-to-equity ratio of 11.96. Amgen Inc. has a 52 week low of $228.21 and a 52 week high of $346.85.

Amgen (NASDAQ:AMGN) last posted its earnings results on Thursday, May 2nd. The medical research company reported $3.96 EPS for the quarter, beating the consensus estimate of $3.76 by $0.20. Amgen had a return on equity of 156.21% and a net margin of 12.74%. The firm had revenue of $7.45 billion for the quarter, compared to analysts’ expectations of $7.45 billion. During the same period last year, the firm earned $3.98 EPS. The firm’s revenue was up 22.0% compared to the same quarter last year. On average, research analysts expect that Amgen Inc. will post 19.5 earnings per share for the current fiscal year.

Amgen 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.