Piper Sandler Boosts Amgen (NASDAQ:AMGN) Price Target to $342.00

Key Points

• Piper Sandler has increased Amgen's price target from $328.00 to $342.00, indicating a potential upside of 18.24% from the stock's current price.
• Amgen recently reported $6.02 in earnings per share for its last quarter, surpassing analysts’ expectations of $5.28, with revenue of $9.18 billion.
• The stock has received various ratings, with the majority leaning towards a Hold, while a mix of analysts have rated it as Strong Buy, Buy, Hold, or Sell.

Amgen (NASDAQ:AMGN - Get Free Report) had its target price hoisted by research analysts at Piper Sandler from $328.00 to $342.00 in a report issued on Monday,Benzinga reports. The firm currently has an "overweight" rating on the medical research company's stock. Piper Sandler's target price suggests a potential upside of 18.24% from the stock's current price.

A number of other analysts have also issued reports on the stock. William Blair reissued an "outperform" rating on shares of Amgen in a research report on Tuesday, June 24th. Morgan Stanley boosted their target price on shares of Amgen from $330.00 to $333.00 and gave the stock an "equal weight" rating in a research report on Wednesday, August 6th. Wall Street Zen lowered shares of Amgen from a "buy" rating to a "hold" rating in a research note on Saturday, August 9th. Royal Bank Of Canada cut their price target on shares of Amgen from $324.00 to $320.00 and set an "outperform" rating on the stock in a report on Friday, May 2nd. Finally, UBS Group decreased their price objective on shares of Amgen from $326.00 to $317.00 and set a "neutral" rating for the company in a report on Wednesday, August 6th. One research analyst has rated the stock with a Strong Buy rating, seven have assigned a Buy rating, eleven have given a Hold rating and two have assigned a Sell rating to the company. Based on data from MarketBeat, Amgen has a consensus rating of "Hold" and an average target price of $304.43.

Amgen Stock Performance

AMGN stock traded down $4.4850 on Monday, reaching $289.2350. The company's stock had a trading volume of 226,484 shares, compared to its average volume of 2,824,683. The company has a market capitalization of $155.71 billion, a P/E ratio of 23.67, a price-to-earnings-growth ratio of 2.53 and a beta of 0.49. The firm has a fifty day moving average of $293.43 and a two-hundred day moving average of $293.14. Amgen has a 52 week low of $253.30 and a 52 week high of $339.17. The company has a debt-to-equity ratio of 7.24, a current ratio of 1.31 and a quick ratio of 0.98.

Amgen (NASDAQ:AMGN - Get Free Report) last posted its quarterly earnings data on Tuesday, August 5th. The medical research company reported $6.02 earnings per share (EPS) for the quarter, beating the consensus estimate of $5.28 by $0.74. Amgen had a net margin of 18.96% and a return on equity of 174.71%. The business had revenue of $9.18 billion during the quarter, compared to analysts' expectations of $8.86 billion. During the same period last year, the firm posted $4.97 earnings per share. The business's revenue was up 9.4% on a year-over-year basis. Amgen has set its FY 2025 guidance at 20.200-21.300 EPS. As a group, analysts predict that Amgen will post 20.62 EPS for the current fiscal year.

Insiders Place Their Bets

In other Amgen news, SVP Rachna Khosla sold 1,500 shares of the firm's stock in a transaction on Thursday, June 5th. The shares were sold at an average price of $289.68, for a total value of $434,520.00. Following the sale, the senior vice president directly owned 8,162 shares in the company, valued at $2,364,368.16. This trade represents a 15.52% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, SVP Nancy A. Grygiel sold 1,267 shares of the business's stock in a transaction dated Wednesday, August 20th. The stock was sold at an average price of $296.99, for a total transaction of $376,286.33. Following the transaction, the senior vice president owned 7,209 shares in the company, valued at approximately $2,141,000.91. The trade was a 14.95% decrease in their position. The disclosure for this sale can be found here. 0.76% of the stock is owned by corporate insiders.

Institutional Trading of Amgen

A number of institutional investors and hedge funds have recently modified their holdings of the company. Brighton Jones LLC lifted its holdings in shares of Amgen by 23.5% during the 4th quarter. Brighton Jones LLC now owns 27,468 shares of the medical research company's stock worth $7,159,000 after acquiring an additional 5,226 shares during the period. Forum Financial Management LP lifted its stake in Amgen by 0.7% during the fourth quarter. Forum Financial Management LP now owns 352,784 shares of the medical research company's stock worth $91,950,000 after purchasing an additional 2,411 shares during the period. Virtus ETF Advisers LLC lifted its stake in Amgen by 15.7% during the fourth quarter. Virtus ETF Advisers LLC now owns 1,276 shares of the medical research company's stock worth $333,000 after purchasing an additional 173 shares during the period. Marshall & Sterling Wealth Advisors Inc. acquired a new stake in Amgen during the fourth quarter valued at approximately $476,000. Finally, Bellwether Advisors LLC bought a new stake in shares of Amgen in the 4th quarter valued at approximately $71,000. 76.50% of the stock is currently owned by institutional investors.

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.

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