Amgen (NASDAQ:AMGN) Given New $310.00 Price Target at Citigroup

Key Points

• Citigroup has raised Amgen's price target from $305.00 to $310.00, indicating a potential upside of 8.90% from the current stock price, which is rated as "neutral."
• Amgen's stock recently experienced a 5.1% decline, trading at $284.67, with a market capitalization of $153.07 billion.
• The company reported earnings of $6.02 per share for the last quarter, surpassing analysts' expectations but still showcasing a mix of analyst ratings with an average of "Hold."

Amgen (NASDAQ:AMGN - Get Free Report) had its price objective raised by equities research analysts at Citigroup from $305.00 to $310.00 in a research report issued on Wednesday,Benzinga reports. The brokerage presently has a "neutral" rating on the medical research company's stock. Citigroup's target price would suggest a potential upside of 8.90% from the company's current price.

Other analysts have also issued research reports about the stock. Mizuho lifted their price objective on shares of Amgen from $235.00 to $280.00 and gave the stock a "neutral" rating in a research report on Wednesday, May 7th. Erste Group Bank downgraded Amgen from a "strong-buy" rating to a "hold" rating in a research note on Thursday, May 8th. Bank of America raised their target price on Amgen from $252.00 to $261.00 and gave the stock an "underperform" rating in a research report on Wednesday, July 23rd. William Blair reissued an "outperform" rating on shares of Amgen in a research report on Tuesday, June 24th. Finally, Royal Bank Of Canada decreased their target price on Amgen from $324.00 to $320.00 and set an "outperform" rating for the company in a research report on Friday, May 2nd. Two investment analysts have rated the stock with a sell rating, twelve have given a hold rating, eight have given a buy rating and two have assigned a strong buy rating to the company's stock. According to MarketBeat.com, the company has an average rating of "Hold" and an average price target of $307.23.

Amgen Stock Down 5.1%

Shares of Amgen stock traded down $15.41 during trading hours on Wednesday, reaching $284.67. The company's stock had a trading volume of 4,575,289 shares, compared to its average volume of 2,915,459. Amgen has a one year low of $253.30 and a one year high of $339.17. The company has a market capitalization of $153.07 billion, a P/E ratio of 25.97, a P/E/G ratio of 2.61 and a beta of 0.49. The stock's fifty day simple moving average is $293.06 and its two-hundred day simple moving average is $292.45. The company has a debt-to-equity ratio of 8.70, a quick ratio of 0.88 and a current ratio of 1.17.

Amgen (NASDAQ:AMGN - Get Free Report) last released its quarterly earnings results on Tuesday, August 5th. The medical research company reported $6.02 earnings per share for the quarter, beating analysts' consensus estimates of $5.28 by $0.74. Amgen had a net margin of 17.39% and a return on equity of 176.11%. The company had revenue of $9.18 billion for the quarter, compared to analyst estimates of $8.86 billion. During the same period last year, the firm earned $4.97 earnings per share. The firm's revenue was up 9.4% on a year-over-year basis. On average, research analysts forecast that Amgen will post 20.62 earnings per share for the current year.

Insider Buying and Selling

In related news, SVP Rachna Khosla sold 1,500 shares of the company's stock in a transaction on Thursday, June 5th. The shares were sold at an average price of $289.68, for a total transaction of $434,520.00. Following the completion of the sale, the senior vice president directly owned 8,162 shares in the company, valued at $2,364,368.16. This represents a 15.52% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through this link. 0.76% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Amgen

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in AMGN. Summit Investment Advisors Inc. raised its holdings in Amgen by 1.6% in the 1st quarter. Summit Investment Advisors Inc. now owns 23,660 shares of the medical research company's stock worth $7,371,000 after purchasing an additional 369 shares in the last quarter. AE Wealth Management LLC raised its holdings in Amgen by 8.3% in the 2nd quarter. AE Wealth Management LLC now owns 91,425 shares of the medical research company's stock worth $25,527,000 after purchasing an additional 7,001 shares in the last quarter. Paradigm Asset Management Co. LLC raised its holdings in Amgen by 33.3% in the 2nd quarter. Paradigm Asset Management Co. LLC now owns 1,200 shares of the medical research company's stock worth $335,000 after purchasing an additional 300 shares in the last quarter. Fox Run Management L.L.C. bought a new position in Amgen in the 2nd quarter worth $706,000. Finally, Legacy Investment Solutions LLC bought a new position in Amgen in the 2nd quarter worth $27,000. 76.50% of the stock is currently owned by 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.

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