Amgen (NASDAQ:AMGN) Given New $400.00 Price Target at Royal Bank Of Canada

Key Points

• Royal Bank of Canada raised Amgen’s price target to $400 from $370 and maintained an “outperform” rating, implying 2.4% upside from the previous close. Overall analyst sentiment remains mixed, with an average “Hold” rating and $361.30 consensus target.
• Amgen’s latest quarter exceeded expectations, with earnings of $6.29 per share and revenue of $10.05 billion, up 9.5% year over year. The company also raised its 2026 revenue outlook, supported by strong demand for several medicines.
• Risks include high leverage, cybersecurity and regulatory concerns, as well as the discontinuation of another early-stage obesity treatment, although the MariTide program and broader late-stage pipeline remain potential growth catalysts.

Amgen (NASDAQ:AMGN - Get Free Report) had its price objective lifted by equities research analysts at Royal Bank Of Canada from $370.00 to $400.00 in a research note issued on Wednesday, Marketbeat.com reports. The firm presently has an "outperform" rating on the medical research company's stock. Royal Bank Of Canada's target price points to a potential upside of 2.40% from the stock's previous close.

Several other equities research analysts also recently issued reports on AMGN. Piper Sandler reiterated an "overweight" rating on shares of Amgen in a research note on Friday, June 12th. The Goldman Sachs Group set a $389.00 price target on Amgen in a report on Friday, June 5th. Mizuho raised their price target on shares of Amgen from $295.00 to $303.00 and gave the company a "neutral" rating in a report on Tuesday, June 16th. Truist Financial boosted their price objective on shares of Amgen from $327.00 to $340.00 and gave the stock a "hold" rating in a report on Tuesday, July 7th. Finally, Wall Street Zen cut shares of Amgen from a "buy" rating to a "hold" rating in a research report on Saturday, June 27th. Two investment analysts have rated the stock with a Strong Buy rating, eleven have issued a Buy rating, fifteen have given a Hold rating and three have issued a Sell rating to the company. Based on data from MarketBeat.com, the company has an average rating of "Hold" and an average price target of $361.30.

Amgen Price Performance

AMGN stock opened at $390.63 on Wednesday. The stock has a market capitalization of $210.83 billion, a price-to-earnings ratio of 27.18, a price-to-earnings-growth ratio of 3.83 and a beta of 0.41. The company has a quick ratio of 1.01, a current ratio of 1.26 and a debt-to-equity ratio of 5.65. Amgen has a 52-week low of $269.77 and a 52-week high of $398.00. The stock's fifty day simple moving average is $358.49 and its 200-day simple moving average is $354.79.

Amgen (NASDAQ:AMGN - Get Free Report) last released its earnings results on Tuesday, August 4th. The medical research company reported $6.29 earnings per share for the quarter, topping the consensus estimate of $5.62 by $0.67. Amgen had a return on equity of 137.41% and a net margin of 20.96%.The firm had revenue of $10.05 billion for the quarter, compared to the consensus estimate of $9.43 billion. During the same period in the prior year, the business posted $6.02 earnings per share. The firm's revenue for the quarter was up 9.5% compared to the same quarter last year. Amgen has set its FY 2026 guidance at 22.300-23.500 EPS. Equities research analysts expect that Amgen will post 22.31 EPS for the current year.

Hedge Funds Weigh In On Amgen

Several large investors have recently modified their holdings of the stock. Anfield Capital Management LLC increased its holdings in Amgen by 1,000.0% in the fourth quarter. Anfield Capital Management LLC now owns 77 shares of the medical research company's stock valued at $25,000 after buying an additional 70 shares during the last quarter. Dogwood Wealth Management LLC increased its holdings in shares of Amgen by 275.0% in the 4th quarter. Dogwood Wealth Management LLC now owns 75 shares of the medical research company's stock valued at $25,000 after acquiring an additional 55 shares during the last quarter. Tower View Wealth Management LLC raised its position in shares of Amgen by 331.6% during the 1st quarter. Tower View Wealth Management LLC now owns 82 shares of the medical research company's stock valued at $29,000 after acquiring an additional 63 shares in the last quarter. Manning & Napier Advisors LLC raised its position in shares of Amgen by 49.2% during the 4th quarter. Manning & Napier Advisors LLC now owns 97 shares of the medical research company's stock valued at $32,000 after acquiring an additional 32 shares in the last quarter. Finally, Ares Financial Consulting LLC acquired a new position in Amgen in the fourth quarter worth $34,000. Institutional investors own 76.50% of the company's stock.

Key Headlines Impacting Amgen

Here are the key news stories impacting Amgen this week:

• Positive Sentiment: Q2 results exceeded expectations: Adjusted earnings were $6.29 per share versus the $5.62 consensus, while revenue rose 9.5% year over year to $10.05 billion, beating estimates of $9.43 billion. The company cited broad-based demand, with 22 products delivering double-digit sales growth. Amgen second-quarter sales rise 9%, profit tops Street view
• Positive Sentiment: Full-year guidance was raised: Amgen now expects 2026 revenue of $38.2 billion to $39.4 billion, above the previous outlook and ahead of Wall Street’s estimate. Stronger sales of Repatha, Evenity and rare-disease medicines are helping offset declines in Prolia and XGEVA. Amgen Lifts Outlook on Strong Drug Sales
• Positive Sentiment: Pipeline and analyst confidence remain supportive: William Blair reiterated a Buy rating, pointing to late-stage pipeline catalysts and portfolio growth. Amgen also continues development of MariTide, its experimental obesity treatment, and extended a Phase 3 obesity study, preserving a potential long-term growth opportunity. Analyst Maintains Buy on Amgen
• Neutral Sentiment: Amgen generated $3.5 billion in free cash flow and held $14 billion in cash at quarter-end, supporting financial flexibility. However, the company’s high leverage and valuation may limit further gains if growth expectations are already reflected in the stock.
• Negative Sentiment: Cybersecurity and regulatory risks could weigh on sentiment: Amgen disclosed a data breach involving patient and proprietary information, and a law firm has launched a class-action investigation. Regulators are also reviewing data supporting Tavneos after the retraction of a pivotal publication, creating potential legal, reputational and commercial risks. Amgen data breach class-action investigation
• Negative Sentiment: Amgen is ending early development of another Phase 1 obesity treatment, reducing the breadth of its weight-loss pipeline, even though MariTide remains in development.

About Amgen

Amgen Inc NASDAQ: AMGN is a global biotechnology company founded in 1980 and headquartered in Thousand Oaks, California. The company focuses on discovering, developing, manufacturing and delivering human therapeutics that address serious illnesses. Amgen's work centers on biologic medicines derived from cellular and molecular biology, with an emphasis on translating advances in human genetics and protein science into therapies for patients.

Amgen's commercial portfolio has historically included biologics used in oncology, supportive care, nephrology, bone health and cardiovascular disease.

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