Pacific Heights Asset Management LLC Purchases New Shares in Amgen Inc. $AMGN

Key Points

• Pacific Heights Asset Management bought 90,000 Amgen shares worth approximately $32.6 million in the second quarter, making AMGN about 1% of its portfolio. Institutional investors collectively own 76.5% of the company.
• Amgen exceeded quarterly expectations with $6.29 in earnings per share and $10.05 billion in revenue, up 9.5% year over year. The company also declared a quarterly dividend of $2.52, equivalent to a 2.3% annual yield.
• Tezspire delivered positive Phase 3 results in eosinophilic esophagitis, potentially expanding its commercial opportunity, while Amgen also started an early-stage AMG 691 trial. Analysts remain mixed, with a consensus “Hold” rating and an average price target of $380.43.

Pacific Heights Asset Management LLC purchased a new position in shares of Amgen Inc. (NASDAQ:AMGN - Free Report) during the 2nd quarter, according to the company in its most recent filing with the SEC. The institutional investor purchased 90,000 shares of the medical research company's stock, valued at approximately $32,591,000. Amgen makes up approximately 1.0% of Pacific Heights Asset Management LLC's holdings, making the stock its 27th largest position.

A number of other hedge funds have also recently added to or reduced their stakes in AMGN. Adell Harriman & Carpenter Inc. raised its stake in shares of Amgen by 7.9% during the fourth quarter. Adell Harriman & Carpenter Inc. now owns 22,008 shares of the medical research company's stock worth $7,204,000 after buying an additional 1,609 shares during the last quarter. Fideuram Intesa Sanpaolo Private Banking S.P.A. bought a new position in Amgen in the fourth quarter valued at approximately $22,441,000. Sigma Planning Corp grew its holdings in Amgen by 24.0% during the 4th quarter. Sigma Planning Corp now owns 17,992 shares of the medical research company's stock worth $5,889,000 after acquiring an additional 3,488 shares during the period. National Pension Service raised its position in shares of Amgen by 4.7% during the 4th quarter. National Pension Service now owns 1,239,549 shares of the medical research company's stock valued at $405,717,000 after acquiring an additional 55,489 shares during the last quarter. Finally, Integrated Advisors Network LLC raised its position in shares of Amgen by 50.5% during the 1st quarter. Integrated Advisors Network LLC now owns 18,941 shares of the medical research company's stock valued at $6,664,000 after acquiring an additional 6,356 shares during the last quarter. Institutional investors own 76.50% of the company's stock.

Amgen Stock Down 0.8%

NASDAQ:AMGN opened at $436.99 on Friday. Amgen Inc. has a 1 year low of $269.77 and a 1 year high of $447.03. The company has a current ratio of 1.37, a quick ratio of 1.13 and a debt-to-equity ratio of 4.44. The stock has a market cap of $236.25 billion, a price-to-earnings ratio of 27.16, a PEG ratio of 3.18 and a beta of 0.41. The stock has a 50-day moving average price of $386.75 and a two-hundred day moving average price of $364.23.

Amgen (NASDAQ:AMGN - Get Free Report) last announced its earnings results on Tuesday, August 4th. The medical research company reported $6.29 earnings per share for the quarter, topping analysts' consensus estimates of $5.62 by $0.67. The firm had revenue of $10.05 billion during the quarter, compared to analyst estimates of $9.43 billion. Amgen had a net margin of 22.95% and a return on equity of 124.14%. The company's revenue for the quarter was up 9.5% compared to the same quarter last year. During the same period in the prior year, the business earned $6.02 EPS. Amgen has set its FY 2026 guidance at 22.300-23.500 EPS. As a group, equities analysts expect that Amgen Inc. will post 22.92 earnings per share for the current year.

Amgen Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, September 11th. Shareholders of record on Friday, August 21st will be paid a $2.52 dividend. The ex-dividend date is Friday, August 21st. This represents a $10.08 annualized dividend and a yield of 2.3%. Amgen's payout ratio is presently 62.65%.

Insider Buying and Selling

In other Amgen news, SVP Nancy A. Grygiel sold 2,970 shares of the company's stock in a transaction that occurred on Thursday, August 6th. The stock was sold at an average price of $402.16, for a total transaction of $1,194,415.20. Following the completion of the transaction, the senior vice president owned 7,340 shares of the company's stock, valued at $2,951,854.40. This represents a 28.81% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, SVP Rachna Khosla sold 2,000 shares of the firm's stock in a transaction that occurred on Tuesday, August 11th. The stock was sold at an average price of $412.57, for a total transaction of $825,140.00. Following the transaction, the senior vice president directly owned 6,404 shares of the company's stock, valued at $2,642,098.28. This represents a 23.80% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. In the last ninety days, insiders have sold 6,222 shares of company stock valued at $2,540,926. Insiders own 0.85% of the company's stock.

Key Stories Impacting Amgen

Here are the key news stories impacting Amgen this week:

• Positive Sentiment: Tezspire posted strong Phase 3 results in eosinophilic esophagitis (EoE). The drug met both co-primary and all key secondary endpoints, producing statistically significant and clinically meaningful improvements in tissue inflammation and difficulty swallowing. Benefits were sustained through 52 weeks, supporting a potential third approved indication beyond asthma and chronic rhinosinusitis with nasal polyps. Tezspire Phase 3 results
• Positive Sentiment: The EoE opportunity could materially expand Tezspire’s commercial potential. Analysts and industry commentators view EoE as a possible blockbuster market, potentially allowing Amgen and partner AstraZeneca to compete more directly with established biologics such as Dupixent. Regulatory filing and approval remain necessary before the opportunity can translate into revenue. Tezspire EoE market opportunity
• Neutral Sentiment: Amgen began a Phase 1 study of AMG 691 aimed at a potentially important Asian market. The trial could add a long-term growth asset, but it is at an early stage and provides limited near-term earnings visibility. AMG 691 Phase 1 trial
• Negative Sentiment: Amgen ended its Crohn’s disease research collaboration with TScan Therapeutics. The decision removes an exclusive effort to identify and develop T-cell targets in inflammatory bowel disease, narrowing one element of Amgen’s early pipeline and highlighting uncertainty around its partnership strategy. Amgen ends Crohn’s disease partnership

Wall Street Analysts Forecast Growth

AMGN has been the topic of several recent research reports. Cantor Fitzgerald raised their price target on Amgen from $350.00 to $400.00 and gave the stock a "neutral" rating in a research report on Tuesday, August 18th. Robert W. Baird upped their price objective on Amgen from $215.00 to $230.00 and gave the company an "underperform" rating in a report on Wednesday, August 5th. Morgan Stanley reissued an "overweight" rating and issued a $362.00 target price on shares of Amgen in a research note on Wednesday, August 19th. Oppenheimer raised their target price on Amgen from $400.00 to $450.00 and gave the stock an "outperform" rating in a report on Wednesday, August 5th. Finally, Royal Bank Of Canada upped their price target on Amgen from $370.00 to $400.00 and gave the company an "outperform" rating in a research note on Wednesday, August 5th. One research analyst has rated the stock with a Strong Buy rating, thirteen have assigned a Buy rating, fourteen have given a Hold rating and three have assigned a Sell rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of "Hold" and an average price target of $380.43.

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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