Amgen (NASDAQ:AMGN) Now Covered by Analysts at Raymond James Financial

Key Points

• Raymond James Financial has initiated coverage on Amgen (NASDAQ:AMGN), assigning a "market perform" rating to the medical research company's stock.
• Analysts' ratings for Amgen are mixed, with one strong buy, seven buys, twelve holds, and two sells, currently leading to an average rating of "Hold" and a price target of $304.43.
• Amgen's recent quarterly earnings beat analyst estimates, reporting $6.02 per share with revenues of $9.18 billion, indicating a 9.4% increase from the previous year.

Raymond James Financial began coverage on shares of Amgen (NASDAQ:AMGN - Get Free Report) in a research note issued to investors on Wednesday. The brokerage set a "market perform" rating on the medical research company's stock.

A number of other research analysts have also issued reports on the stock. UBS Group dropped their price target on shares of Amgen from $326.00 to $317.00 and set a "neutral" rating on the stock in a research note on Wednesday, August 6th. Erste Group Bank lowered shares of Amgen from a "strong-buy" rating to a "hold" rating in a research report on Thursday, May 8th. Mizuho upped their target price 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. Wall Street Zen lowered shares of Amgen from a "buy" rating to a "hold" rating in a research report on Saturday, August 9th. Finally, William Blair reiterated an "outperform" rating on shares of Amgen in a research report on Tuesday, June 24th. One analyst has rated the stock with a Strong Buy rating, seven have assigned a Buy rating, twelve have assigned a Hold rating and two have given a Sell rating to the company's stock. According to MarketBeat, the company currently has an average rating of "Hold" and an average price target of $304.43.

Amgen Stock Performance

NASDAQ AMGN traded down $1.76 during trading on Wednesday, reaching $285.16. The company's stock had a trading volume of 269,839 shares, compared to its average volume of 2,783,281. Amgen has a twelve month low of $253.30 and a twelve month high of $339.17. The company has a debt-to-equity ratio of 7.24, a quick ratio of 0.98 and a current ratio of 1.31. The business's fifty day moving average price is $293.63 and its 200-day moving average price is $292.81. The firm has a market cap of $153.52 billion, a price-to-earnings ratio of 23.34, a P/E/G ratio of 2.50 and a beta of 0.49.

Amgen (NASDAQ:AMGN - Get Free Report) last issued its quarterly earnings results on Tuesday, August 5th. The medical research company reported $6.02 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $5.28 by $0.74. Amgen had a net margin of 18.96% and a return on equity of 174.71%. The business had revenue of $9.18 billion for the quarter, compared to analyst estimates of $8.86 billion. During the same period in the previous year, the business posted $4.97 earnings per share. The business's revenue was up 9.4% compared to the same quarter last year. Amgen has set its FY 2025 guidance at 20.200-21.300 EPS. As a group, analysts anticipate that Amgen will post 20.62 EPS for the current fiscal year.

Insiders Place Their Bets

In other news, SVP Nancy A. Grygiel sold 1,267 shares of the firm's stock in a transaction on Wednesday, August 20th. The shares were sold at an average price of $296.99, for a total value of $376,286.33. Following the transaction, the senior vice president owned 7,209 shares of the company's stock, valued at approximately $2,141,000.91. This trade represents a 14.95% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, SVP Rachna Khosla sold 1,500 shares of the firm'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 transaction, the senior vice president directly owned 8,162 shares in the company, valued at approximately $2,364,368.16. This represents a 15.52% decrease in their position. The disclosure for this sale can be found here. Company insiders own 0.69% of the company's stock.

Institutional Investors Weigh In On Amgen

Large investors have recently added to or reduced their stakes in the company. Wealth Preservation Advisors LLC acquired a new stake in Amgen during the 1st quarter valued at $25,000. Pinney & Scofield Inc. acquired a new position in Amgen during the 4th quarter worth $26,000. Legacy Investment Solutions LLC acquired a new position in Amgen during the 2nd quarter worth $27,000. First Pacific Financial grew its holdings in Amgen by 304.5% during the 1st quarter. First Pacific Financial now owns 89 shares of the medical research company's stock worth $28,000 after acquiring an additional 67 shares in the last quarter. Finally, CBIZ Investment Advisory Services LLC grew its holdings in Amgen by 1,214.3% during the 1st quarter. CBIZ Investment Advisory Services LLC now owns 92 shares of the medical research company's stock worth $29,000 after acquiring an additional 85 shares in the last quarter. 76.50% of the stock is owned by institutional investors and hedge funds.

About Amgen

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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