Amgen (NASDAQ:AMGN) Price Target Raised to $340.00

Amgen (NASDAQ:AMGN) had its target price raised by equities research analysts at Truist Financial from $327.00 to $340.00 in a research report issued to clients and investors on Tuesday,Benzinga reports. The firm currently has a “hold” rating on the medical research company’s stock. Truist Financial’s target price would suggest a potential downside of 7.22% from the stock’s current price.

A number of other brokerages have also recently weighed in on AMGN. 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 note on Tuesday, June 16th. The Goldman Sachs Group set a $389.00 target price on shares of Amgen in a research note on Friday, June 5th. Erste Group Bank reissued a “hold” rating on shares of Amgen in a report on Tuesday, May 5th. Argus reduced their price objective on Amgen from $400.00 to $375.00 and set a “buy” rating for the company in a research note on Wednesday, May 20th. Finally, Weiss Ratings reaffirmed a “buy (b)” rating on shares of Amgen in a research report on Thursday, June 18th. Two analysts have rated the stock with a Strong Buy rating, eleven have given a Buy rating, fifteen have issued a Hold rating and two have given a Sell rating to the company’s stock. According to MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average target price of $356.00.

Amgen Stock Performance

Shares of AMGN opened at $366.44 on Tuesday. 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 50 day moving average price of $342.43 and a 200 day moving average price of $348.09. The company has a market capitalization of $197.77 billion, a price-to-earnings ratio of 25.50, a price-to-earnings-growth ratio of 3.68 and a beta of 0.41. Amgen has a 52-week low of $269.77 and a 52-week high of $391.29.

Amgen (NASDAQ:AMGN) last announced its quarterly earnings results on Thursday, April 30th. The medical research company reported $5.15 EPS for the quarter, topping the consensus estimate of $4.77 by $0.38. The firm had revenue of $8.62 billion for the quarter, compared to analyst estimates of $8.58 billion. Amgen had a net margin of 20.96% and a return on equity of 137.41%. Amgen’s revenue for the quarter was up 5.8% compared to the same quarter last year. During the same period last year, the business earned $4.90 EPS. Amgen has set its FY 2026 guidance at 21.700-23.100 EPS. Research analysts predict that Amgen will post 22.39 EPS for the current fiscal year.

Insider Transactions at Amgen

In related news, SVP Nancy A. Grygiel sold 1,237 shares of the firm’s stock in a transaction dated Monday, May 4th. The shares were sold at an average price of $323.73, for a total value of $400,454.01. Following the completion of the sale, the senior vice president owned 7,009 shares in the company, valued at $2,269,023.57. This trade represents a 15.00% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. 0.85% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Amgen

A number of large investors have recently modified their holdings of AMGN. Dogwood Wealth Management LLC boosted its stake in shares of Amgen by 275.0% in the fourth quarter. Dogwood Wealth Management LLC now owns 75 shares of the medical research company’s stock valued at $25,000 after buying an additional 55 shares in the last quarter. Anfield Capital Management LLC raised its position in Amgen by 1,000.0% in the fourth 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 in the last quarter. Board of the Pension Protection Fund acquired a new stake in Amgen in the fourth quarter valued at $26,000. Tower View Wealth Management LLC lifted its holdings in Amgen by 331.6% in the first quarter. Tower View Wealth Management LLC now owns 82 shares of the medical research company’s stock valued at $29,000 after acquiring an additional 63 shares during the period. Finally, Manning & Napier Advisors LLC boosted 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 worth $32,000 after purchasing an additional 32 shares in the last quarter. 76.50% of the stock is owned by hedge funds and other institutional investors.

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.