Amgen Inc. (NASDAQ:AMGN) was downgraded by equities researchers at Argus from a “buy” rating to a “hold” rating in a research note issued to investors on Wednesday, November 1st, MarketBeat.com reports. They presently have a $195.00 price objective on the medical research company’s stock, up from their previous price objective of $175.22. Argus’ price objective would suggest a potential upside of 15.53% from the company’s previous close.
The analysts wrote, “We would consider a more constructive stance on AMGN on signs of stronger contributions from the company’s new drug pipeline or from its biosimilars portfolio,” the firm said.”We note, however, that Amgen may not generate commercial revenue from biosimilars until 2019 due to regulatory and legal hurdles.”
Other research analysts have also recently issued reports about the stock. Royal Bank Of Canada began coverage on shares of Amgen in a research note on Thursday, September 14th. They set a “sector perform” rating and a $192.00 price objective for the company. Bank of America Corporation raised their price objective on shares of Amgen to $210.00 and gave the stock a “buy” rating in a research note on Thursday, October 5th. Oppenheimer Holdings, Inc. reissued a “buy” rating and set a $203.00 price objective on shares of Amgen in a research note on Friday, October 6th. Morgan Stanley reissued an “overweight” rating and set a $196.00 price objective (up from $189.00) on shares of Amgen in a research note on Friday, October 6th. Finally, Mizuho reissued a “buy” rating and set a $198.00 price objective on shares of Amgen in a research note on Friday, October 6th. Thirteen investment analysts have rated the stock with a hold rating, ten have given a buy rating and two have assigned a strong buy rating to the company’s stock. Amgen has a consensus rating of “Buy” and a consensus price target of $190.03.
Shares of Amgen (NASDAQ AMGN) traded down $1.21 during trading hours on Wednesday, reaching $168.79. 2,012,707 shares of the company were exchanged, compared to its average volume of 3,235,211. The company has a debt-to-equity ratio of 1.05, a quick ratio of 5.72 and a current ratio of 6.07. The firm has a market capitalization of $122,320.00, a P/E ratio of 13.51, a P/E/G ratio of 2.46 and a beta of 1.37. Amgen has a 1 year low of $138.83 and a 1 year high of $191.10.
Amgen (NASDAQ:AMGN) last posted its quarterly earnings results on Wednesday, October 25th. The medical research company reported $3.27 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $3.11 by $0.16. Amgen had a net margin of 35.54% and a return on equity of 29.90%. The company had revenue of $5.77 billion during the quarter, compared to the consensus estimate of $5.75 billion. During the same period last year, the firm earned $3.02 EPS. The company’s revenue for the quarter was down .7% on a year-over-year basis. analysts predict that Amgen will post 12.66 earnings per share for the current fiscal year.
Amgen announced that its Board of Directors has authorized a share repurchase plan on Wednesday, October 25th that allows the company to buyback $5.00 billion in shares. This buyback authorization allows the medical research company to buy shares of its stock through open market purchases. Shares buyback plans are often an indication that the company’s leadership believes its shares are undervalued.
In related news, Director Carbonnel Francois De sold 4,000 shares of the business’s stock in a transaction dated Wednesday, November 8th. The shares were sold at an average price of $173.61, for a total transaction of $694,440.00. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, EVP Sean E. Harper sold 1,525 shares of the company’s stock in a transaction dated Monday, October 9th. The stock was sold at an average price of $185.95, for a total transaction of $283,573.75. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 7,050 shares of company stock valued at $1,239,673. Insiders own 0.19% of the company’s stock.
A number of hedge funds and other institutional investors have recently bought and sold shares of the business. Jackson Grant Investment Advisers Inc. grew its position in Amgen by 0.6% in the 1st quarter. Jackson Grant Investment Advisers Inc. now owns 636 shares of the medical research company’s stock worth $104,000 after purchasing an additional 4 shares during the last quarter. Financial Advisory Service Inc. grew its position in Amgen by 0.3% in the 2nd quarter. Financial Advisory Service Inc. now owns 1,974 shares of the medical research company’s stock worth $340,000 after purchasing an additional 5 shares during the last quarter. Capital Advisors Ltd. LLC grew its position in Amgen by 0.6% in the 2nd quarter. Capital Advisors Ltd. LLC now owns 1,103 shares of the medical research company’s stock worth $190,000 after purchasing an additional 7 shares during the last quarter. Ballentine Partners LLC grew its position in Amgen by 0.3% in the 2nd quarter. Ballentine Partners LLC now owns 3,441 shares of the medical research company’s stock worth $620,000 after purchasing an additional 9 shares during the last quarter. Finally, Hudock Capital Group LLC grew its position in Amgen by 0.5% in the 2nd quarter. Hudock Capital Group LLC now owns 1,921 shares of the medical research company’s stock worth $330,000 after purchasing an additional 10 shares during the last quarter. Hedge funds and other institutional investors own 78.15% of the company’s stock.
Amgen Company Profile
Amgen Inc is a biotechnology company. The Company discovers, develops, manufactures and delivers various human therapeutics. It operates in human therapeutics segment. Its marketed products portfolio includes Neulasta (pegfilgrastim); erythropoiesis-stimulating agents (ESAs), such as Aranesp (darbepoetin alfa) and EPOGEN (epoetin alfa); Sensipar/Mimpara (cinacalcet); XGEVA (denosumab); Prolia (denosumab); NEUPOGEN (filgrastim), and other marketed products, such as KYPROLIS (carfilzomib), Vectibix (panitumumab), Nplate (romiplostim), Repatha (evolocumab), BLINCYTO (blinatumomab), IMLYGIC (talimogene laherparepvec) and Corlanor (ivabradine).
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