Truist Financial Boosts Amgen (NASDAQ:AMGN) Price Target to $362.00

Key Points

• Truist Financial raised Amgen’s price target from $340 to $362 while maintaining a “hold” rating; the target implies approximately 7.3% downside from the stock’s $390.63 price.
• Amgen reported quarterly adjusted EPS of $6.29 and revenue of $10.05 billion, exceeding analyst expectations, with revenue up 9.5% year over year. The company provided 2026 EPS guidance of $22.30–$23.50.
• Analyst sentiment remains mixed, with MarketBeat assigning Amgen an average “hold” rating and a consensus price target of $361.30; institutional investors own approximately 76.5% of the company.

Amgen (NASDAQ:AMGN - Get Free Report) had its price target upped by stock analysts at Truist Financial from $340.00 to $362.00 in a research note issued on Wednesday. The firm presently has a "hold" rating on the medical research company's stock. Truist Financial's price objective would suggest a potential downside of 7.33% from the company's current price.

Several other equities analysts have also commented on the company. Robert W. Baird raised their price objective on Amgen from $215.00 to $230.00 and gave the company an "underperform" rating in a research report on Wednesday. Freedom Capital upgraded shares of Amgen from a "hold" rating to a "strong-buy" rating in a research note on Thursday, May 7th. Guggenheim lifted their price target on shares of Amgen from $340.00 to $343.00 and gave the company a "neutral" rating in a research report on Monday, July 13th. Cantor Fitzgerald reissued a "neutral" rating and set a $350.00 price objective on shares of Amgen in a research note on Monday, July 6th. Finally, The Goldman Sachs Group set a $389.00 price objective on shares of Amgen in a report on Friday, June 5th. Two investment analysts have rated the stock with a Strong Buy rating, eleven have issued a Buy rating, fifteen have issued a Hold rating and three have assigned a Sell rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of "Hold" and an average price target of $361.30.

Amgen Trading Up 3.1%

NASDAQ:AMGN opened at $390.63 on Wednesday. The firm has a market capitalization of $210.83 billion, a P/E ratio of 27.18, a P/E/G ratio of 3.83 and a beta of 0.41. 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 company has a fifty day moving average of $358.49 and a 200 day moving average of $354.79. Amgen has a 52 week low of $269.77 and a 52 week high of $398.00.

Amgen (NASDAQ:AMGN - Get Free Report) last issued its quarterly earnings data 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 for the quarter, compared to analyst estimates of $9.43 billion. Amgen had a return on equity of 137.41% and a net margin of 20.96%.The business's quarterly revenue was up 9.5% compared to the same quarter last year. During the same period last year, the company earned $6.02 EPS. Amgen has set its FY 2026 guidance at 22.300-23.500 EPS. On average, research analysts predict that Amgen will post 22.31 earnings per share for the current year.

Institutional Investors Weigh In On Amgen

Hedge funds have recently modified their holdings of the business. Dogwood Wealth Management LLC grew its holdings in Amgen by 275.0% during the fourth quarter. Dogwood Wealth Management LLC now owns 75 shares of the medical research company's stock valued at $25,000 after purchasing an additional 55 shares during the period. Anfield Capital Management LLC raised its stake in Amgen by 1,000.0% during the 4th quarter. Anfield Capital Management LLC now owns 77 shares of the medical research company's stock worth $25,000 after acquiring an additional 70 shares during the period. Tower View Wealth Management LLC increased its stake in shares of Amgen by 331.6% in the first quarter. Tower View Wealth Management LLC now owns 82 shares of the medical research company's stock worth $29,000 after purchasing an additional 63 shares in the last quarter. Manning & Napier Advisors LLC raised its position in shares of Amgen by 49.2% during the 4th quarter. Manning & Napier Advisors LLC now owns 97 shares of the medical research company's stock valued at $32,000 after purchasing an additional 32 shares during the period. Finally, Ares Financial Consulting LLC bought a new stake in Amgen during the fourth quarter valued at about $34,000. Institutional investors own 76.50% of the company's stock.

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.

Amgen Company 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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