Amgen (NASDAQ:AMGN) Given New $305.00 Price Target at Citigroup

Amgen (NASDAQ:AMGN - Free Report) had its target price upped by Citigroup from $300.00 to $305.00 in a research note published on Tuesday morning,Benzinga reports. The firm currently has a neutral rating on the medical research company's stock.

AMGN has been the topic of a number of other research reports. Morgan Stanley restated an "equal weight" rating on shares of Amgen in a research note on Friday, May 2nd. Guggenheim started coverage on Amgen in a research note on Tuesday, May 20th. They set a "neutral" rating and a $288.00 price objective on the stock. Piper Sandler restated an "overweight" rating and set a $328.00 price objective on shares of Amgen in a research note on Friday, June 27th. Cantor Fitzgerald reaffirmed a "neutral" rating and issued a $305.00 target price on shares of Amgen in a report on Tuesday, June 24th. Finally, Erste Group Bank downgraded Amgen from a "strong-buy" rating to a "hold" rating in a report on Thursday, May 8th. Two analysts have rated the stock with a sell rating, twelve have assigned a hold rating, eight have given a buy rating and two have issued a strong buy rating to the stock. Based on data from MarketBeat.com, Amgen currently has an average rating of "Hold" and an average price target of $307.27.

Amgen Stock Performance

NASDAQ:AMGN traded up $3.53 on Tuesday, hitting $309.22. The company's stock had a trading volume of 1,782,675 shares, compared to its average volume of 2,844,098. The company has a current ratio of 1.17, a quick ratio of 0.88 and a debt-to-equity ratio of 8.70. The stock has a fifty day moving average of $285.90 and a two-hundred day moving average of $289.56. The firm has a market capitalization of $166.27 billion, a P/E ratio of 28.21, a price-to-earnings-growth ratio of 2.67 and a beta of 0.49. Amgen has a one year low of $253.30 and a one year high of $346.85.

Amgen (NASDAQ:AMGN - Get Free Report) last announced its earnings results on Thursday, May 1st. The medical research company reported $4.90 earnings per share for the quarter, topping analysts' consensus estimates of $4.18 by $0.72. Amgen had a return on equity of 176.11% and a net margin of 17.39%. The company had revenue of $8.15 billion for the quarter, compared to analyst estimates of $8.05 billion. During the same quarter last year, the company earned $3.96 earnings per share. The firm's quarterly revenue was up 9.4% compared to the same quarter last year. Research analysts predict that Amgen will post 20.62 earnings per share for the current year.

Insider Buying and Selling at Amgen

In related news, SVP Rachna Khosla sold 1,500 shares of the firm'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 sale, the senior vice president owned 8,162 shares of the company's stock, valued at $2,364,368.16. This trade represents a 15.52% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. 0.69% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Amgen

Several hedge funds have recently modified their holdings of AMGN. Capital World Investors lifted its holdings in Amgen by 1,292.0% during the 4th quarter. Capital World Investors now owns 6,495,710 shares of the medical research company's stock worth $1,693,042,000 after buying an additional 6,029,058 shares during the period. Norges Bank acquired a new position in Amgen during the 4th quarter worth about $1,541,991,000. GAMMA Investing LLC lifted its holdings in Amgen by 43,573.5% during the 1st quarter. GAMMA Investing LLC now owns 3,661,589 shares of the medical research company's stock worth $1,140,768,000 after buying an additional 3,653,205 shares during the period. Capital International Investors lifted its holdings in Amgen by 40.1% during the 4th quarter. Capital International Investors now owns 12,212,065 shares of the medical research company's stock worth $3,182,843,000 after buying an additional 3,495,503 shares during the period. Finally, Nuveen LLC acquired a new position in Amgen during the 1st quarter worth about $688,868,000. Institutional investors and hedge funds own 76.50% of the company's stock.

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.