Amgen (NASDAQ:AMGN) Stock Gets Price Target Boost from Argus

Key Points

• Argus raised its Amgen price target from $460 to $515 and maintained a Buy rating, implying about 10% upside from the prior close.
• Analyst views remain mixed: MarketBeat cited an average Hold rating and consensus price target of $424.66, below the $515 Argus target.
• Amgen reported quarterly earnings of $6.45 per share, beating estimates of $5.79, while revenue rose 8.5% year over year. Separately, its experimental Sjögren’s disease drug met the primary endpoint in a Phase 3 trial, though regulatory review remains ahead.

Amgen (NASDAQ:AMGN - Get Free Report) had its target price hoisted by Argus from $460.00 to $515.00 in a note issued to investors on Thursday, Benzinga reports. The firm presently has a "buy" rating on the medical research company's stock. Argus's price objective would suggest a potential upside of 10.02% from the company's previous close.

Several other research firms have also issued reports on AMGN. Truist Financial increased their target price on Amgen from $380.00 to $398.00 and gave the stock a "hold" rating in a report on Wednesday, November 4th. JPMorgan Chase & Co. boosted their price target on Amgen from $350.00 to $425.00 and gave the company a "neutral" rating in a research note on Wednesday, November 4th. Scotiabank boosted their price target on Amgen from $500.00 to $530.00 and gave the company a "sector outperform" rating in a research note on Wednesday, November 4th. BMO Capital Markets cut their target price on Amgen from $450.00 to $415.00 and set a "market perform" rating for the company in a research note on Monday, October 12th. Finally, Morgan Stanley boosted their target price on Amgen from $359.00 to $410.00 and gave the stock an "equal weight" rating in a research note on Wednesday, November 4th. One equities research analyst has rated the stock with a Strong Buy rating, eleven have issued a Buy rating, eighteen have issued a Hold rating and three have issued a Sell rating to the stock. According to MarketBeat.com, the company has an average rating of "Hold" and a consensus target price of $424.66.

Amgen Stock Up 0.6%

Shares of AMGN opened at $468.11 on Thursday. Amgen has a 12 month low of $312.39 and a 12 month high of $483.99. The firm's 50 day moving average is $424.39 and its 200-day moving average is $380.01. The stock has a market capitalization of $253.21 billion, a PE ratio of 27.15, a P/E/G ratio of 3.25 and a beta of 0.43. The company has a current ratio of 1.48, a quick ratio of 1.20 and a debt-to-equity ratio of 3.60.

Amgen (NASDAQ:AMGN - Get Free Report) last issued its quarterly earnings results on Tuesday, November 3rd. The medical research company reported $6.45 earnings per share (EPS) for the quarter, beating the consensus estimate of $5.79 by $0.66. The business had revenue of $10.37 billion during the quarter, compared to analysts' expectations of $10.07 billion. Amgen had a return on equity of 114.99% and a net margin of 24.14%. The firm's revenue for the quarter was up 8.5% compared to the same quarter last year. During the same period in the previous year, the company posted $5.64 earnings per share. Equities research analysts forecast that Amgen will post 23.33 EPS for the current year.

Institutional Investors Weigh In On Amgen

Institutional investors have recently added to or reduced their stakes in the business. BlackRock Inc. increased its stake in shares of Amgen by 4.8% in the second quarter. BlackRock Inc. now owns 49,362,016 shares of the medical research company's stock valued at $17,874,974,000 after buying an additional 2,261,544 shares during the period. State Street Corp lifted its stake in shares of Amgen by 38.2% in the second quarter. State Street Corp now owns 42,205,243 shares of the medical research company's stock worth $15,283,363,000 after acquiring an additional 11,656,755 shares during the period. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC lifted its stake in shares of Amgen by 12.7% in the second quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 5,390,910 shares of the medical research company's stock worth $1,952,156,000 after acquiring an additional 605,928 shares during the period. Bank of America Corp DE bought a new stake in Amgen in the second quarter valued at approximately $1,831,903,000. Finally, Amundi boosted its holdings in Amgen by 15.2% in the second quarter. Amundi now owns 3,890,189 shares of the medical research company's stock valued at $1,408,715,000 after acquiring an additional 512,883 shares during the last quarter. 76.50% of the stock is owned by institutional investors.

Key Stories Impacting Amgen

Investors following AMGN have been watching these stories:

• Positive Sentiment: Dazodalibep met the primary endpoint in the 648-patient OASIZ-301 study, with both dosing regimens showing statistically significant improvement in systemic disease activity. Amgen also reported clinically meaningful improvements in patient-reported symptoms. If approved, the drug could address a disease for which there are currently no approved treatments, giving Amgen a potential new growth opportunity. Amgen's experimental Sjogren's drug meets late-stage trial goal
• Neutral Sentiment: The positive results are from an investigational drug; regulatory review and further development remain ahead before dazodalibep could generate product sales. Amgen announces positive Phase 3 results for dazodalibep
• Negative Sentiment: One report puts Amgen’s consensus price target at $422.76, below the share level cited in the supplied market background. That gap may temper upside expectations, though price targets are estimates and do not determine the stock’s direction. Amgen stock has consensus price target of $422.76

Amgen Company Profile

Amgen is a biotechnology company that discovers, develops, manufactures and commercializes medicines for serious illnesses. Its research and product portfolio span areas including cancer, cardiovascular disease, inflammation, bone health and rare diseases. The company's medicines include Enbrel, Prolia, Xgeva and Repatha. Amgen serves patients and healthcare providers in the United States and markets its products internationally. Founded in 1980 and headquartered in Thousand Oaks, California, Amgen is led by Robert A. Bradway, who has served as its chief executive officer since 2012.

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