Amgen Inc. $AMGN Shares Sold by Peregrine Asset Advisers Inc.

Key Points

• Peregrine Asset Advisers cut its Amgen stake by 82.1% in the first quarter, leaving it with 2,801 shares valued at about $986,000.
• Amgen is facing mixed news on its business: a federal judge blocked Colorado’s attempt to cap the price of Enbrel, removing a pricing threat, while a journal retraction on Tavneos could increase scrutiny on part of its portfolio.
• The company continues to show operational strength, with Q1 earnings and revenue topping estimates and analysts remaining broadly constructive on its pipeline, though the consensus rating on the stock is still Hold.

Peregrine Asset Advisers Inc. lessened its position in shares of Amgen Inc. (NASDAQ:AMGN - Free Report) by 82.1% during the first quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 2,801 shares of the medical research company's stock after selling 12,872 shares during the period. Peregrine Asset Advisers Inc.'s holdings in Amgen were worth $986,000 as of its most recent SEC filing.

Other hedge funds also recently made changes to their positions in the company. Norges Bank acquired a new stake in shares of Amgen during the 4th quarter valued at approximately $2,164,162,000. Capital World Investors boosted its holdings in Amgen by 22.9% in the fourth quarter. Capital World Investors now owns 23,097,711 shares of the medical research company's stock worth $7,560,249,000 after purchasing an additional 4,302,237 shares during the period. State Street Corp boosted its holdings in Amgen by 4.4% in the fourth quarter. State Street Corp now owns 30,591,403 shares of the medical research company's stock worth $10,012,872,000 after purchasing an additional 1,287,310 shares during the period. Geode Capital Management LLC increased its stake in Amgen by 7.8% during the fourth quarter. Geode Capital Management LLC now owns 14,303,294 shares of the medical research company's stock valued at $4,665,822,000 after purchasing an additional 1,035,779 shares during the last quarter. Finally, Amundi increased its stake in Amgen by 41.1% during the fourth quarter. Amundi now owns 3,396,945 shares of the medical research company's stock valued at $1,111,854,000 after purchasing an additional 988,856 shares during the last quarter. Institutional investors and hedge funds own 76.50% of the company's stock.

Amgen News Roundup

Here are the key news stories impacting Amgen this week:

• Positive Sentiment: A federal judge blocked Colorado’s attempt to cap the price of Amgen’s Enbrel, removing a potentially precedent-setting state-level pricing threat for one of Amgen’s most important legacy drugs. Article: Judge blocks Colorado's first-of-its-kind price cap on Amgen's Enbrel
• Positive Sentiment: Amgen continues to advance its pipeline, with updates on Rocatinlimab in asthma, evolocumab bioavailability, and AMG 133 in obesity, reinforcing the company’s long-term growth story. Article: Amgen’s Rocatinlimab Asthma Trial Reaches Phase 2 Finish Line Article: Amgen Refines Its PCSK9 Franchise with New Evolocumab Bioavailability Study Article: Amgen’s AMG 133 Trial Adds a New Data Point in the Obesity Drug Race
• Positive Sentiment: Analysts at Mizuho highlighted Amgen’s pipeline potential, especially MariTide and olpasiran, and raised their price target, signaling continued Street confidence in the company’s future growth prospects. Article: Mizuho Highlights Amgen (AMGN) Pipeline Potential With MariTide and Olpasiran
• Neutral Sentiment: Roche reported positive late-stage lung cancer data for divarasib versus drugs sold by Amgen and Bristol Myers, which adds competitive pressure in the oncology market but does not change Amgen’s fundamentals by itself. Article: Roche KRAS drug succeeds in head-to-head lung cancer study
• Negative Sentiment: A medical journal retracted a pivotal Tavneos paper, which could add to regulatory scrutiny around the drug and weigh on sentiment toward Amgen’s portfolio. Article: Medical journal retracts Tavneos pivotal paper amid wider regulatory clampdown

Wall Street Analyst Weigh In

A number of research firms have recently issued reports on AMGN. Cantor Fitzgerald restated a "neutral" rating and issued a $350.00 price target on shares of Amgen in a research report on Wednesday, April 8th. Daiwa Securities Group lowered their price objective on shares of Amgen from $410.00 to $390.00 and set an "outperform" rating for the company in a research report on Wednesday, May 13th. The Goldman Sachs Group set a $389.00 price objective on shares of Amgen in a research report on Friday, June 5th. BMO Capital Markets reissued an "outperform" rating and issued a $400.00 target price on shares of Amgen in a report on Wednesday. Finally, Argus decreased their target price on Amgen from $400.00 to $375.00 and set a "buy" rating for the company in a research note on Wednesday, May 20th. Two investment analysts have rated the stock with a Strong Buy rating, eleven have given a Buy rating, fifteen have assigned a Hold rating and two have assigned a Sell rating to the stock. According to MarketBeat.com, the company has an average rating of "Hold" and a consensus target price of $355.50.

Insider Transactions at Amgen

In other Amgen news, SVP Nancy A. Grygiel sold 1,237 shares of the firm's stock in a transaction that occurred on Monday, May 4th. The shares were sold at an average price of $323.73, for a total value of $400,454.01. Following the sale, the senior vice president owned 7,009 shares in the company, valued at approximately $2,269,023.57. This trade represents a 15.00% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. 0.85% of the stock is owned by insiders.

Amgen Stock Performance

AMGN stock opened at $374.15 on Friday. Amgen Inc. has a 1 year low of $269.77 and a 1 year high of $391.29. The stock has a market capitalization of $201.93 billion, a price-to-earnings ratio of 26.04, a PEG ratio of 3.56 and a beta of 0.41. The company has a debt-to-equity ratio of 5.65, a quick ratio of 1.01 and a current ratio of 1.26. The stock's fifty day moving average is $341.87 and its two-hundred day moving average is $347.74.

Amgen (NASDAQ:AMGN - Get Free Report) last released its quarterly earnings results on Thursday, April 30th. The medical research company reported $5.15 EPS for the quarter, topping the consensus estimate of $4.77 by $0.38. Amgen had a net margin of 20.96% and a return on equity of 137.41%. The business had revenue of $8.62 billion during the quarter, compared to analyst estimates of $8.58 billion. During the same quarter in the prior year, the firm earned $4.90 earnings per share. The company's quarterly revenue was up 5.8% on a year-over-year basis. Amgen has set its FY 2026 guidance at 21.700-23.100 EPS. On average, research analysts predict that Amgen Inc. will post 22.39 EPS for the current year.

Amgen Profile

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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