Piper Sandler Issues Pessimistic Forecast for Amgen (NASDAQ:AMGN) Stock Price

Amgen (NASDAQ:AMGN) had its price objective reduced by Piper Sandler from $344.00 to $310.00 in a report issued on Thursday,Benzinga reports. The firm currently 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 stock’s current price.

A number of other analysts have also recently issued reports on AMGN. Cantor Fitzgerald reissued an “overweight” rating and set a $405.00 target price on shares of Amgen in a research note on Tuesday, October 22nd. StockNews.com lowered shares of Amgen from a “strong-buy” rating to a “buy” rating in a research note on Wednesday, December 18th. Wolfe Research assumed coverage on Amgen in a research report on Friday, November 15th. They set a “peer perform” rating for the company. Redburn Partners cut their price target on shares of Amgen from $200.00 to $195.00 in a research note on Wednesday, November 27th. Finally, William Blair reiterated an “outperform” rating on shares of Amgen in a research note on Tuesday, November 12th. Two research analysts have rated the stock with a sell rating, twelve have issued a hold rating, thirteen have given a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat.com, Amgen currently has an average rating of “Hold” and an average price target of $318.83.

Amgen Trading Up 0.7 %

Shares of AMGN opened at $261.22 on Thursday. The company has a quick ratio of 0.96, a current ratio of 1.32 and a debt-to-equity ratio of 7.55. Amgen has a 12-month low of $253.30 and a 12-month high of $346.85. The firm has a market capitalization of $140.41 billion, a PE ratio of 33.45, a price-to-earnings-growth ratio of 2.91 and a beta of 0.55. The stock’s fifty day simple moving average is $285.75 and its 200-day simple moving average is $310.70.

Amgen (NASDAQ:AMGN) last released its earnings results on Wednesday, October 30th. The medical research company reported $5.58 earnings per share 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 return on equity of 168.35% and a net margin of 13.00%. The company’s quarterly revenue was up 23.2% on a year-over-year basis. During the same quarter in the prior year, the firm posted $4.96 earnings per share. As a group, research analysts predict that Amgen will post 19.53 earnings per share for the current year.

Institutional Trading of Amgen

Institutional investors and hedge funds have recently modified their holdings of the business. Lantz Financial LLC raised its position in Amgen by 5.1% in the second quarter. Lantz Financial LLC now owns 1,779 shares of the medical research company’s stock valued at $556,000 after purchasing an additional 87 shares during the last quarter. nVerses Capital LLC acquired a new stake in Amgen in the second quarter worth $31,000. Cozad Asset Management Inc. grew its stake in shares of Amgen by 11.8% in the 2nd quarter. Cozad Asset Management Inc. now owns 1,635 shares of the medical research company’s stock valued at $511,000 after buying an additional 173 shares during the period. Simon Quick Advisors LLC increased its holdings in shares of Amgen by 22.1% during the second quarter. Simon Quick Advisors LLC now owns 2,882 shares of the medical research company’s stock valued at $901,000 after acquiring an additional 521 shares in the last quarter. Finally, Foundations Investment Advisors LLC increased its stake in Amgen by 16.7% during the 2nd quarter. Foundations Investment Advisors LLC now owns 14,940 shares of the medical research company’s stock valued at $4,668,000 after purchasing an additional 2,134 shares in the last quarter. 76.50% of the stock is currently owned by institutional investors.

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.