Bank of America Issues Positive Forecast for Amgen (NASDAQ:AMGN) Stock Price

Amgen (NASDAQ:AMGN) had its price target hoisted by analysts at Bank of America from $275.00 to $294.00 in a report issued on Wednesday,Benzinga reports. The brokerage presently has an “underperform” rating on the medical research company’s stock. Bank of America‘s price objective indicates a potential downside of 6.88% from the company’s current price.

Several other research firms have also weighed in on AMGN. William Blair restated an “outperform” rating on shares of Amgen in a research report on Tuesday, November 12th. Truist Financial reduced their target price on shares of Amgen from $333.00 to $298.00 and set a “hold” rating for the company in a research report on Wednesday, January 8th. Jefferies Financial Group reaffirmed a “buy” rating and issued a $380.00 price target on shares of Amgen in a report on Tuesday, November 12th. Citigroup reissued a “neutral” rating on shares of Amgen in a report on Wednesday, February 5th. Finally, Piper Sandler Companies reaffirmed an “overweight” rating and set a $310.00 price target on shares of Amgen in a research report on Thursday, January 2nd. Two analysts have rated the stock with a sell rating, ten have assigned a hold rating, twelve have issued a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat.com, Amgen has an average rating of “Hold” and a consensus target price of $314.95.

Amgen Stock Up 1.1 %

AMGN traded up $3.53 during mid-day trading on Wednesday, reaching $315.72. 842,377 shares of the stock were exchanged, compared to its average volume of 2,539,495. Amgen has a 1 year low of $253.30 and a 1 year high of $346.85. The company has a debt-to-equity ratio of 9.62, a quick ratio of 0.95 and a current ratio of 1.26. The stock has a market capitalization of $169.60 billion, a PE ratio of 41.82, a price-to-earnings-growth ratio of 2.63 and a beta of 0.56. The company has a 50 day moving average price of $282.76 and a two-hundred day moving average price of $299.66.

Amgen (NASDAQ:AMGN) last issued its quarterly earnings results on Tuesday, February 4th. The medical research company reported $5.31 EPS for the quarter, beating analysts’ consensus estimates of $5.04 by $0.27. Amgen had a return on equity of 176.32% and a net margin of 12.24%. As a group, research analysts anticipate that Amgen will post 20.62 EPS for the current year.

Insider Activity

In other news, SVP Nancy A. Grygiel sold 1,589 shares of the firm’s stock in a transaction dated Wednesday, February 5th. The stock was sold at an average price of $304.47, for a total transaction of $483,802.83. Following the transaction, the senior vice president now directly owns 7,210 shares of the company’s stock, valued at approximately $2,195,228.70. This trade represents a 18.06 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, EVP Murdo Gordon sold 8,771 shares of Amgen stock in a transaction dated Tuesday, February 11th. The stock was sold at an average price of $294.79, for a total value of $2,585,603.09. Following the completion of the transaction, the executive vice president now owns 44,186 shares in the company, valued at approximately $13,025,590.94. This represents a 16.56 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders sold 69,341 shares of company stock valued at $20,644,335. Corporate insiders own 0.69% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in the company. Capital Performance Advisors LLP bought a new stake in Amgen in the 3rd quarter worth $25,000. Centricity Wealth Management LLC purchased a new stake in shares of Amgen during the fourth quarter worth about $25,000. Pinney & Scofield Inc. bought a new stake in shares of Amgen in the fourth quarter worth about $26,000. Legacy Investment Solutions LLC purchased a new position in Amgen during the 3rd quarter valued at about $29,000. Finally, Ritter Daniher Financial Advisory LLC DE raised its position in Amgen by 66.2% during the 4th quarter. Ritter Daniher Financial Advisory LLC DE now owns 128 shares of the medical research company’s stock valued at $33,000 after purchasing an additional 51 shares during the last quarter. Institutional investors own 76.50% of the company’s stock.

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.