Amgen Inc. (NASDAQ:AMGN) was downgraded by equities research analysts at Argus from a “buy” rating to a “hold” rating in a report released on Wednesday, November 1st, MarketBeat reports. They currently have a $195.00 price target on the medical research company’s stock, up from their previous price target of $175.22. Argus’ price target would suggest a potential upside of 15.59% from the stock’s current price.
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.”
A number of other equities research analysts also recently commented on the company. Royal Bank Of Canada initiated coverage on Amgen in a research report on Thursday, September 14th. They issued a “sector perform” rating and a $192.00 target price on the stock. Bank of America Corporation lifted their target price on Amgen to $210.00 and gave the company a “buy” rating in a research report on Thursday, October 5th. Cann reaffirmed a “buy” rating and issued a $203.00 price objective on shares of Amgen in a research note on Friday, October 6th. Morgan Stanley reaffirmed an “overweight” rating and issued a $196.00 price objective (up from $189.00) on shares of Amgen in a research note on Friday, October 6th. Finally, Mizuho reaffirmed a “buy” rating and issued a $198.00 price objective on shares of Amgen in a research note on Friday, October 6th. Thirteen equities research analysts have rated the stock with a hold rating, ten have issued a buy rating and two have assigned a strong buy rating to the company. The stock presently has an average rating of “Buy” and an average price target of $190.03.
Shares of Amgen (NASDAQ:AMGN) traded down $2.81 during trading hours on Wednesday, hitting $168.70. The stock had a trading volume of 1,188,024 shares, compared to its average volume of 3,249,994. The stock has a market capitalization of $124,490.00, a PE ratio of 13.70, a price-to-earnings-growth ratio of 2.50 and a beta of 1.37. Amgen has a 1 year low of $138.83 and a 1 year high of $191.10. The company has a debt-to-equity ratio of 1.05, a quick ratio of 5.72 and a current ratio of 6.07.
Amgen (NASDAQ:AMGN) last issued its quarterly earnings data on Wednesday, October 25th. The medical research company reported $3.27 EPS for the quarter, beating the consensus estimate of $3.11 by $0.16. The company had revenue of $5.77 billion for the quarter, compared to analyst estimates of $5.75 billion. Amgen had a return on equity of 29.90% and a net margin of 35.54%. Amgen’s quarterly revenue was down .7% compared to the same quarter last year. During the same period last year, the company earned $3.02 earnings per share. research analysts expect that Amgen will post 12.66 EPS for the current fiscal year.
Amgen announced that its Board of Directors has authorized a stock 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 purchase shares of its stock through open market purchases. Stock buyback plans are typically a sign that the company’s board of directors believes its shares are undervalued.
In related news, EVP Sean E. Harper sold 1,525 shares of Amgen stock in a transaction dated Monday, October 9th. The stock was sold at an average price of $185.95, for a total value of $283,573.75. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Carbonnel Francois De sold 4,000 shares of Amgen stock in a transaction dated Wednesday, November 8th. The stock was sold at an average price of $173.61, for a total value of $694,440.00. The disclosure for this sale can be found here. 0.19% of the stock is owned by company insiders.
A number of hedge funds have recently modified their holdings of AMGN. Jackson Grant Investment Advisers Inc. raised its holdings in Amgen by 0.6% during the first 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 in the last quarter. Financial Advisory Service Inc. raised its holdings in Amgen by 0.3% during the second 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 in the last quarter. Capital Advisors Ltd. LLC grew its position in Amgen by 0.6% in the second quarter. Capital Advisors Ltd. LLC now owns 1,103 shares of the medical research company’s stock worth $190,000 after buying an additional 7 shares during the last quarter. Ballentine Partners LLC grew its position in Amgen by 0.3% during 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 in the last quarter. Finally, Hudock Capital Group LLC grew its position in Amgen by 0.5% during 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 in the last quarter. Institutional investors own 78.20% 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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