Amgen (NASDAQ:AMGN) Downgraded by Truist Financial to Hold

Amgen (NASDAQ:AMGN) was downgraded by equities research analysts at Truist Financial from a “buy” rating to a “hold” rating in a report released on Monday, FinViz reports. They currently have a $333.00 price target on the medical research company’s stock, up from their previous price target of $320.00. Truist Financial’s price target would indicate a potential upside of 1.42% from the company’s current price.

Other research analysts also recently issued reports about the stock. Oppenheimer reaffirmed an “outperform” rating and issued a $380.00 price objective on shares of Amgen in a report on Wednesday, August 7th. Jefferies Financial Group reaffirmed a “buy” rating and set a $380.00 target price (up previously from $375.00) on shares of Amgen in a report on Wednesday, August 7th. Wells Fargo & Company downgraded shares of Amgen from an “overweight” rating to an “equal weight” rating and increased their price target for the stock from $320.00 to $335.00 in a report on Wednesday, August 7th. Deutsche Bank Aktiengesellschaft reaffirmed a “hold” rating and set a $305.00 price objective (down previously from $310.00) on shares of Amgen in a research note on Wednesday, August 7th. Finally, Bank of America boosted their price target on shares of Amgen from $325.00 to $330.00 and gave the company a “neutral” rating in a research report on Wednesday, August 7th. One equities research analyst has rated the stock with a sell rating, twelve have given a hold rating, eleven have given a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus price target of $326.95.

Amgen Trading Up 2.3 %

NASDAQ:AMGN opened at $328.35 on Monday. Amgen has a 52 week low of $249.70 and a 52 week high of $346.85. The firm has a 50-day moving average price of $326.06 and a two-hundred day moving average price of $310.92. The firm has a market cap of $176.14 billion, a price-to-earnings ratio of 46.91, a price-to-earnings-growth ratio of 2.86 and a beta of 0.61. The company has a debt-to-equity ratio of 9.64, a quick ratio of 0.89 and a current ratio of 1.26.

Amgen (NASDAQ:AMGN) last posted its quarterly earnings results on Tuesday, August 6th. The medical research company reported $4.97 earnings per share for the quarter, missing the consensus estimate of $5.01 by ($0.04). The company had revenue of $8.39 billion for the quarter, compared to the consensus estimate of $8.35 billion. Amgen had a net margin of 10.12% and a return on equity of 161.72%. Amgen’s quarterly revenue was up 20.1% compared to the same quarter last year. During the same quarter in the previous year, the company posted $5.00 EPS. On average, equities analysts expect that Amgen will post 19.49 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Amgen

Hedge funds and other institutional investors have recently modified their holdings of the stock. Strategic Financial Concepts LLC bought a new position in shares of Amgen during the second quarter valued at approximately $26,000. Hershey Financial Advisers LLC bought a new position in Amgen during the 2nd quarter valued at approximately $30,000. nVerses Capital LLC bought a new stake in Amgen in the second quarter worth $31,000. Bbjs Financial Advisors LLC purchased a new stake in shares of Amgen in the second quarter worth $33,000. Finally, Matrix Trust Co bought a new position in shares of Amgen during the third quarter valued at $36,000. 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.