Royal Bank of Canada Boosts Amgen (NASDAQ:AMGN) Price Target to $332.00

Amgen (NASDAQ:AMGNFree Report) had its price objective hoisted by Royal Bank of Canada from $328.00 to $332.00 in a research report report published on Friday, Benzinga reports. The brokerage currently has an outperform rating on the medical research company’s stock.

Several other research firms have also recently commented on AMGN. Mizuho raised their target price on shares of Amgen from $223.00 to $235.00 and gave the stock a neutral rating in a research report on Thursday, May 9th. StockNews.com raised shares of Amgen from a hold rating to a buy rating in a research report on Friday, May 3rd. BMO Capital Markets raised their target price on shares of Amgen from $336.00 to $355.00 and gave the stock an outperform rating in a research report on Friday, May 3rd. Raymond James began coverage on shares of Amgen in a research report on Thursday, March 28th. They issued a market perform rating for the company. Finally, UBS Group raised their target price on shares of Amgen from $284.00 to $307.00 and gave the stock a neutral rating in a research report on Friday, May 3rd. Ten investment analysts have rated the stock with a hold rating and twelve have issued a buy rating to the company. According to data from MarketBeat.com, the stock presently has a consensus rating of Moderate Buy and a consensus target price of $305.85.

Read Our Latest Report on Amgen

Amgen Trading Up 1.6 %

Shares of AMGN opened at $303.28 on Friday. The stock has a market capitalization of $162.69 billion, a P/E ratio of 43.33, a PEG ratio of 2.70 and a beta of 0.60. The company has a quick ratio of 0.98, a current ratio of 1.42 and a debt-to-equity ratio of 11.96. The firm has a fifty day simple moving average of $293.45 and a two-hundred day simple moving average of $289.82. Amgen has a twelve month low of $218.44 and a twelve month high of $329.72.

Amgen (NASDAQ:AMGNGet Free Report) last announced its quarterly earnings results on Thursday, May 2nd. The medical research company reported $3.96 earnings per share for the quarter, beating the consensus estimate of $3.76 by $0.20. The business had revenue of $7.45 billion during the quarter, compared to analysts’ expectations of $7.45 billion. Amgen had a net margin of 12.74% and a return on equity of 156.21%. The firm’s revenue for the quarter was up 22.0% compared to the same quarter last year. During the same quarter in the prior year, the company posted $3.98 EPS. On average, research analysts anticipate that Amgen will post 19.47 EPS for the current year.

Insider Buying and Selling at Amgen

In other Amgen news, SVP Nancy A. Grygiel sold 2,117 shares of the firm’s stock in a transaction dated Friday, May 3rd. The shares were sold at an average price of $313.09, for a total transaction of $662,811.53. Following the completion of the sale, the senior vice president now directly owns 9,883 shares in the company, valued at approximately $3,094,268.47. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. 0.69% of the stock is owned by company insiders.

Institutional Trading of Amgen

Large investors have recently made changes to their positions in the stock. Kestra Advisory Services LLC boosted its holdings in shares of Amgen by 1.7% in the third quarter. Kestra Advisory Services LLC now owns 57,872 shares of the medical research company’s stock worth $15,554,000 after buying an additional 995 shares during the last quarter. Financial Engines Advisors L.L.C. boosted its holdings in shares of Amgen by 48.5% in the third quarter. Financial Engines Advisors L.L.C. now owns 3,483 shares of the medical research company’s stock worth $936,000 after buying an additional 1,137 shares during the last quarter. Concorde Asset Management LLC purchased a new position in Amgen during the third quarter valued at approximately $203,000. QRG Capital Management Inc. purchased a new position in Amgen during the third quarter valued at approximately $20,629,000. Finally, Envestnet Portfolio Solutions Inc. purchased a new position in Amgen during the third quarter valued at approximately $17,913,000. 76.50% of the stock is currently owned by institutional investors.

About Amgen

(Get Free Report)

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.

Further Reading

Analyst Recommendations for Amgen (NASDAQ:AMGN)

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