Oppenheimer Issues Positive Forecast for Amgen (NASDAQ:AMGN) Stock Price

Key Points

• Oppenheimer raised Amgen’s price target to $450 from $400 and maintained an “outperform” rating, implying roughly 15.2% upside from the previous close.
• Amgen reported second-quarter earnings of $6.29 per share and revenue of $10.05 billion, beating consensus estimates; revenue increased 9.5% year over year.
• Despite positive results and institutional ownership of 76.5%, analyst sentiment remains mixed, with a consensus “hold” rating and average price target of $361.30.

Amgen (NASDAQ:AMGN - Get Free Report) had its price objective hoisted by research analysts at Oppenheimer from $400.00 to $450.00 in a note issued to investors on Wednesday, MarketBeat reports. The brokerage presently has an "outperform" rating on the medical research company's stock. Oppenheimer's price objective points to a potential upside of 15.20% from the company's previous close.

A number of other analysts have also issued reports on the stock. Wall Street Zen lowered shares of Amgen from a "buy" rating to a "hold" rating in a research note on Saturday, June 27th. Mizuho increased their price target on shares of Amgen from $295.00 to $303.00 and gave the stock a "neutral" rating in a research report on Tuesday, June 16th. Barclays increased their target price on shares of Amgen from $350.00 to $360.00 and gave the stock an "equal weight" rating in a report on Wednesday, July 29th. Piper Sandler reissued an "overweight" rating on shares of Amgen in a report on Friday, June 12th. Finally, Freedom Capital upgraded Amgen from a "hold" rating to a "strong-buy" rating in a research note on Thursday, May 7th. Two research analysts have rated the stock with a Strong Buy rating, eleven have given a Buy rating, fifteen have assigned a Hold rating and three have assigned a Sell rating to the stock. Based on data from MarketBeat.com, Amgen has a consensus rating of "Hold" and an average price target of $361.30.

Amgen Trading Up 3.1%

Shares of AMGN stock opened at $390.63 on Wednesday. The firm's 50 day moving average price is $358.49 and its two-hundred day moving average price is $354.79. Amgen has a fifty-two week low of $269.77 and a fifty-two week high of $398.00. The company has a quick ratio of 1.01, a current ratio of 1.26 and a debt-to-equity ratio of 5.65. The stock has a market cap of $210.83 billion, a price-to-earnings ratio of 27.18, a price-to-earnings-growth ratio of 3.83 and a beta of 0.41.

Amgen (NASDAQ:AMGN - Get Free Report) last issued its earnings results on Tuesday, August 4th. The medical research company reported $6.29 earnings per share for the quarter, topping the consensus estimate of $5.62 by $0.67. Amgen had a return on equity of 137.41% and a net margin of 20.96%.The company had revenue of $10.05 billion during the quarter, compared to the consensus estimate of $9.43 billion. During the same quarter in the prior year, the business earned $6.02 earnings per share. The company's revenue was up 9.5% compared to the same quarter last year. Amgen has set its FY 2026 guidance at 22.300-23.500 EPS. On average, analysts anticipate that Amgen will post 22.31 EPS for the current year.

Hedge Funds Weigh In On Amgen

A number of hedge funds have recently modified their holdings of the stock. High Note Wealth LLC lifted its stake in Amgen by 5.8% during the fourth quarter. High Note Wealth LLC now owns 508 shares of the medical research company's stock valued at $166,000 after buying an additional 28 shares in the last quarter. TAGStone Capital Inc. increased its position in shares of Amgen by 0.7% in the fourth quarter. TAGStone Capital Inc. now owns 4,129 shares of the medical research company's stock worth $1,351,000 after acquiring an additional 28 shares in the last quarter. Verus Capital Partners LLC increased its position in shares of Amgen by 2.3% in the fourth quarter. Verus Capital Partners LLC now owns 1,231 shares of the medical research company's stock worth $403,000 after acquiring an additional 28 shares in the last quarter. Destination Wealth Management raised its holdings in shares of Amgen by 2.1% during the fourth quarter. Destination Wealth Management now owns 1,393 shares of the medical research company's stock valued at $456,000 after acquiring an additional 29 shares during the period. Finally, Breakwater Capital Group lifted its position in shares of Amgen by 1.4% in the 1st quarter. Breakwater Capital Group now owns 2,039 shares of the medical research company's stock valued at $717,000 after acquiring an additional 29 shares in the last quarter. 76.50% of the stock is currently owned by institutional investors and hedge funds.

Amgen News Summary

Here are the key news stories impacting Amgen this week:

• Positive Sentiment: Q2 results exceeded expectations: Adjusted earnings were $6.29 per share versus the $5.62 consensus, while revenue rose 9.5% year over year to $10.05 billion, beating estimates of $9.43 billion. The company cited broad-based demand, with 22 products delivering double-digit sales growth. Amgen second-quarter sales rise 9%, profit tops Street view
• Positive Sentiment: Full-year guidance was raised: Amgen now expects 2026 revenue of $38.2 billion to $39.4 billion, above the previous outlook and ahead of Wall Street’s estimate. Stronger sales of Repatha, Evenity and rare-disease medicines are helping offset declines in Prolia and XGEVA. Amgen Lifts Outlook on Strong Drug Sales
• Positive Sentiment: Pipeline and analyst confidence remain supportive: William Blair reiterated a Buy rating, pointing to late-stage pipeline catalysts and portfolio growth. Amgen also continues development of MariTide, its experimental obesity treatment, and extended a Phase 3 obesity study, preserving a potential long-term growth opportunity. Analyst Maintains Buy on Amgen
• Neutral Sentiment: Amgen generated $3.5 billion in free cash flow and held $14 billion in cash at quarter-end, supporting financial flexibility. However, the company’s high leverage and valuation may limit further gains if growth expectations are already reflected in the stock.
• Negative Sentiment: Cybersecurity and regulatory risks could weigh on sentiment: Amgen disclosed a data breach involving patient and proprietary information, and a law firm has launched a class-action investigation. Regulators are also reviewing data supporting Tavneos after the retraction of a pivotal publication, creating potential legal, reputational and commercial risks. Amgen data breach class-action investigation
• Negative Sentiment: Amgen is ending early development of another Phase 1 obesity treatment, reducing the breadth of its weight-loss pipeline, even though MariTide remains in development.

About Amgen

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.

Continue following MarketBeat

Add MarketBeat as your preferred source on Google to see our latest stories in your feed.

Add As Preferred Source