Royal Bank of Canada Cuts Amgen (NASDAQ:AMGN) Price Target to $330.00

by · The Markets Daily

Amgen (NASDAQ:AMGN – Get Free Report) had its price target decreased by Royal Bank of Canada from $360.00 to $330.00 in a report released on Wednesday, Marketbeat reports. The brokerage currently has an “outperform” rating on the medical research company’s stock. Royal Bank of Canada’s price objective would suggest a potential upside of 17.85% from the company’s current price.

AMGN has been the subject of several other research reports. Leerink Partners decreased their price target on shares of Amgen from $349.00 to $302.00 in a report on Wednesday. Redburn Partners lowered their price target on shares of Amgen from $200.00 to $195.00 in a research note on Wednesday. Robert W. Baird reissued an “underperform” rating and issued a $215.00 target price on shares of Amgen in a research note on Wednesday, September 25th. TD Cowen upped their price objective on Amgen from $381.00 to $383.00 and gave the company a “buy” rating in a research note on Monday, October 21st. Finally, Jefferies Financial Group restated a “buy” rating and set a $380.00 target price on shares of Amgen in a research note on Tuesday, November 12th. One investment analyst has rated the stock with a sell rating, thirteen have issued a hold rating, eleven have issued a buy rating and two have given a strong buy rating to the company’s stock. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average target price of $323.05.

Read Our Latest Report on Amgen

Amgen Stock Down 4.8 %

Shares of AMGN stock traded down $13.99 on Wednesday, hitting $280.01. The company’s stock had a trading volume of 17,010,332 shares, compared to its average volume of 3,139,351. Amgen has a fifty-two week low of $257.80 and a fifty-two week high of $346.85. The firm’s fifty day moving average price is $314.64 and its 200-day moving average price is $317.84. The company has a debt-to-equity ratio of 7.55, a current ratio of 1.32 and a quick ratio of 0.96. The stock has a market capitalization of $150.51 billion, a price-to-earnings ratio of 35.85, a P/E/G ratio of 2.62 and a beta of 0.60.

Amgen (NASDAQ:AMGN – Get Free Report) last released its earnings results on Wednesday, October 30th. The medical research company reported $5.58 EPS for the quarter, beating the consensus estimate of $5.11 by $0.47. The firm had revenue of $8.50 billion during the quarter, compared to analysts’ expectations of $8.50 billion. Amgen had a net margin of 13.00% and a return on equity of 168.35%. The business’s quarterly revenue was up 23.2% compared to the same quarter last year. During the same period in the prior year, the company earned $4.96 EPS. Research analysts anticipate that Amgen will post 19.52 EPS for the current year.

Institutional Inflows and Outflows

A number of institutional investors have recently added to or reduced their stakes in the company. Kennedy Capital Management LLC purchased a new position in Amgen during the 1st quarter worth approximately $3,240,000. LRI Investments LLC acquired a new stake in shares of Amgen in the 1st quarter worth approximately $152,000. Redwood Grove Capital LLC raised its stake in shares of Amgen by 17.2% during the 1st quarter. Redwood Grove Capital LLC now owns 47,687 shares of the medical research company’s stock worth $13,558,000 after buying an additional 7,000 shares during the last quarter. Cetera Investment Advisers raised its position in Amgen by 268.9% during the first quarter. Cetera Investment Advisers now owns 233,379 shares of the medical research company’s stock worth $66,355,000 after acquiring an additional 170,108 shares during the last quarter. Finally, Cetera Advisors LLC lifted its stake in Amgen by 151.3% in the 1st quarter. Cetera Advisors LLC now owns 70,984 shares of the medical research company’s stock valued at $20,182,000 after buying an additional 42,739 shares in the last quarter. Hedge funds and other institutional investors own 76.50% of the company’s stock.

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.

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