Amgen (NASDAQ:AMGN) Given New $317.00 Price Target at UBS Group

Key Points

• UBS Group has reduced its price target for Amgen from $326.00 to $317.00, maintaining a "neutral" rating, which suggests a potential upside of 11.73% from the previous close.
• Amgen's stock has seen a significant decline of 5.4%, trading down $16.35 to $283.73 on the day of the report, with an average trading volume of 2,894,892 shares.
• The company announced earnings of $6.02 EPS, surpassing estimates by $0.74, and reported a revenue increase of 9.4% year-over-year.

Amgen (NASDAQ:AMGN - Get Free Report) had its price objective reduced by equities researchers at UBS Group from $326.00 to $317.00 in a report issued on Wednesday,Benzinga reports. The brokerage currently has a "neutral" rating on the medical research company's stock. UBS Group's price target would indicate a potential upside of 11.73% from the company's previous close.

Several other research analysts also recently commented on AMGN. Morgan Stanley reaffirmed an "equal weight" rating on shares of Amgen in a research report on Friday, May 2nd. Piper Sandler reissued an "overweight" rating and issued a $328.00 price objective on shares of Amgen in a research note on Friday, June 27th. Cantor Fitzgerald reissued a "neutral" rating and issued a $305.00 price objective on shares of Amgen in a research note on Tuesday, June 24th. William Blair reissued an "outperform" rating on shares of Amgen in a research note on Tuesday, June 24th. Finally, Mizuho boosted their price objective on Amgen from $235.00 to $280.00 and gave the stock a "neutral" rating in a research note on Wednesday, May 7th. Two research analysts have rated the stock with a sell rating, twelve have assigned a hold rating, eight have issued a buy rating and two have issued a strong buy rating to the company's stock. Based on data from MarketBeat.com, Amgen has a consensus rating of "Hold" and an average price target of $306.86.

Amgen Trading Down 5.4%

Shares of NASDAQ AMGN traded down $16.35 on Wednesday, reaching $283.73. 1,782,302 shares of the company traded hands, compared to its average volume of 2,894,892. The company has a 50 day moving average of $293.06 and a 200 day moving average of $292.45. The stock has a market capitalization of $152.56 billion, a PE ratio of 25.92, a P/E/G ratio of 2.61 and a beta of 0.49. Amgen has a fifty-two week low of $253.30 and a fifty-two week high of $339.17. The company has a current ratio of 1.17, a quick ratio of 0.88 and a debt-to-equity ratio of 8.70.

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

Insider Buying and Selling at Amgen

In related news, SVP Rachna Khosla sold 1,500 shares of the company's stock in a transaction on Thursday, June 5th. The stock was 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 sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Insiders own 0.69% of the company's stock.

Institutional Trading of Amgen

Several institutional investors and hedge funds have recently modified their holdings of AMGN. Brighton Jones LLC lifted its position in shares of Amgen by 23.5% during the 4th quarter. Brighton Jones LLC now owns 27,468 shares of the medical research company's stock worth $7,159,000 after buying an additional 5,226 shares during the last quarter. Grantham Mayo Van Otterloo & Co. LLC increased its holdings in Amgen by 26.4% in the 4th quarter. Grantham Mayo Van Otterloo & Co. LLC now owns 4,437 shares of the medical research company's stock worth $1,156,000 after purchasing an additional 928 shares in the last quarter. Renaissance Technologies LLC acquired a new position in Amgen in the 4th quarter worth about $17,996,000. Advisory Services Network LLC increased its holdings in Amgen by 3.5% in the 4th quarter. Advisory Services Network LLC now owns 24,883 shares of the medical research company's stock worth $6,485,000 after purchasing an additional 846 shares in the last quarter. Finally, F M Investments LLC increased its holdings in Amgen by 28.1% in the 4th quarter. F M Investments LLC now owns 17,411 shares of the medical research company's stock worth $4,538,000 after purchasing an additional 3,818 shares in the last quarter. 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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