Amgen (NASDAQ:AMGN) Price Target Cut to $280.00 by Analysts at Wells Fargo & Company

Amgen (NASDAQ:AMGN) had its target price reduced by analysts at Wells Fargo & Company from $335.00 to $280.00 in a research report issued to clients and investors on Friday,Benzinga reports. The brokerage presently has an “equal weight” rating on the medical research company’s stock. Wells Fargo & Company‘s target price suggests a potential upside of 6.26% from the company’s current price.

A number of other research firms have also recently commented on AMGN. Truist Financial reduced their price objective on shares of Amgen from $333.00 to $298.00 and set a “hold” rating for the company in a research report on Wednesday. Cantor Fitzgerald restated an “overweight” rating and issued a $405.00 target price on shares of Amgen in a research report on Tuesday, October 22nd. Deutsche Bank Aktiengesellschaft reduced their price target on shares of Amgen from $305.00 to $285.00 in a research report on Wednesday, November 27th. Redburn Partners lowered their price objective on shares of Amgen from $200.00 to $195.00 in a research report on Wednesday, November 27th. Finally, Wolfe Research began coverage on Amgen in a report on Friday, November 15th. They set a “peer perform” rating for the company. Two investment analysts have rated the stock with a sell rating, twelve have given a hold rating, thirteen have issued a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat.com, Amgen presently has an average rating of “Hold” and a consensus price target of $314.91.

Amgen Price Performance

Shares of AMGN stock opened at $263.50 on Friday. 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 market capitalization of $141.64 billion, a price-to-earnings ratio of 33.74, a PEG ratio of 2.91 and a beta of 0.56. The firm’s 50 day moving average is $280.24 and its 200-day moving average is $309.15. Amgen has a 1 year low of $253.30 and a 1 year high of $346.85.

Amgen (NASDAQ:AMGN) last announced its quarterly earnings data on Wednesday, October 30th. The medical research company reported $5.58 EPS for the quarter, topping analysts’ consensus estimates of $5.11 by $0.47. The firm had revenue of $8.50 billion during 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 revenue was up 23.2% on a year-over-year basis. During the same period last year, the company earned $4.96 earnings per share. Sell-side analysts forecast that Amgen will post 19.53 EPS for the current fiscal year.

Institutional Inflows and Outflows

A number of large investors have recently made changes to their positions in the stock. Main Street Financial Solutions LLC grew its holdings in Amgen by 10.2% during the 2nd quarter. Main Street Financial Solutions LLC now owns 3,710 shares of the medical research company’s stock valued at $1,159,000 after buying an additional 342 shares in the last quarter. Oppenheimer & Co. Inc. increased its holdings in Amgen by 2.0% in the 2nd quarter. Oppenheimer & Co. Inc. now owns 123,638 shares of the medical research company’s stock valued at $38,631,000 after acquiring an additional 2,483 shares during the last quarter. Meeder Asset Management Inc. boosted its holdings in shares of Amgen by 963.4% during the 2nd quarter. Meeder Asset Management Inc. now owns 46,608 shares of the medical research company’s stock valued at $14,563,000 after purchasing an additional 42,225 shares during the last quarter. Meeder Advisory Services Inc. grew its position in shares of Amgen by 30.9% during the second quarter. Meeder Advisory Services Inc. now owns 12,922 shares of the medical research company’s stock valued at $4,037,000 after purchasing an additional 3,053 shares in the last quarter. Finally, GHP Investment Advisors Inc. increased its holdings in shares of Amgen by 7.8% in the second quarter. GHP Investment Advisors Inc. now owns 23,909 shares of the medical research company’s stock worth $7,470,000 after purchasing an additional 1,730 shares during the last quarter. 76.50% of the stock is owned by hedge funds and other institutional investors.

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.