Credit Suisse Group Cuts Amgen (NASDAQ:AMGN) Price Target to $259.00

Amgen (NASDAQ:AMGN) had its price objective reduced by investment analysts at Credit Suisse Group from $265.00 to $259.00 in a report issued on Tuesday, Benzinga reports. The brokerage currently has an “outperform” rating on the medical research company’s stock. Credit Suisse Group’s price target suggests a potential upside of 5.55% from the company’s previous close.

Several other equities analysts also recently weighed in on AMGN. JPMorgan Chase & Co. reaffirmed a “neutral” rating and set a $215.00 price target on shares of Amgen in a report on Wednesday, April 28th. Piper Sandler reduced their price target on shares of Amgen from $280.00 to $260.00 and set an “overweight” rating on the stock in a research report on Wednesday, February 3rd. SVB Leerink reduced their price target on shares of Amgen from $267.00 to $230.00 and set a “market perform” rating on the stock in a research report on Tuesday. The Goldman Sachs Group reiterated a “buy” rating and set a $290.00 price objective on shares of Amgen in a research report on Wednesday, April 28th. Finally, Evercore ISI reiterated a “buy” rating on shares of Amgen in a research report on Thursday, April 29th. Two equities research analysts have rated the stock with a sell rating, nine have issued a hold rating and fourteen have issued a buy rating to the company’s stock. The stock has an average rating of “Hold” and a consensus target price of $255.62.

Shares of NASDAQ:AMGN opened at $245.38 on Tuesday. The company has a debt-to-equity ratio of 3.12, a current ratio of 2.28 and a quick ratio of 1.88. Amgen has a 1-year low of $210.28 and a 1-year high of $276.69. The company has a market capitalization of $141.29 billion, a P/E ratio of 19.79, a P/E/G ratio of 1.90 and a beta of 0.76. The firm’s 50 day simple moving average is $248.86 and its two-hundred day simple moving average is $236.11.

Amgen (NASDAQ:AMGN) last issued its quarterly earnings results on Monday, April 26th. The medical research company reported $3.70 earnings per share for the quarter, missing the consensus estimate of $4.05 by ($0.35). Amgen had a net margin of 29.42% and a return on equity of 95.55%. The firm had revenue of $5.90 billion for the quarter, compared to analysts’ expectations of $6.30 billion. During the same period in the prior year, the firm earned $4.17 EPS. Amgen’s revenue for the quarter was down 4.2% compared to the same quarter last year. On average, sell-side analysts anticipate that Amgen will post 16.15 earnings per share for the current fiscal year.

In other news, Director Ronald D. Sugar sold 1,000 shares of the stock in a transaction that occurred on Wednesday, March 10th. The stock was sold at an average price of $231.53, for a total transaction of $231,530.00. Following the transaction, the director now owns 16,805 shares in the company, valued at approximately $3,890,861.65. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, EVP Jonathan P. Graham sold 11,110 shares of the stock in a transaction that occurred on Thursday, February 4th. The shares were sold at an average price of $236.51, for a total value of $2,627,626.10. The disclosure for this sale can be found here. In the last 90 days, insiders sold 14,360 shares of company stock worth $3,407,034. Insiders own 0.36% of the company’s stock.

Several large investors have recently made changes to their positions in AMGN. Norges Bank purchased a new position in shares of Amgen during the 4th quarter valued at approximately $1,302,778,000. Morgan Stanley lifted its position in shares of Amgen by 13.8% during the 4th quarter. Morgan Stanley now owns 9,745,556 shares of the medical research company’s stock valued at $2,240,698,000 after buying an additional 1,179,665 shares in the last quarter. Boston Partners lifted its holdings in Amgen by 4,644.8% in the 4th quarter. Boston Partners now owns 972,579 shares of the medical research company’s stock valued at $223,616,000 after purchasing an additional 952,081 shares in the last quarter. FIL Ltd lifted its holdings in Amgen by 199.4% in the 4th quarter. FIL Ltd now owns 853,277 shares of the medical research company’s stock valued at $196,185,000 after purchasing an additional 568,324 shares in the last quarter. Finally, Beutel Goodman & Co Ltd. lifted its holdings in Amgen by 67.0% in the 4th quarter. Beutel Goodman & Co Ltd. now owns 1,028,961 shares of the medical research company’s stock valued at $236,578,000 after purchasing an additional 412,976 shares in the last quarter. Hedge funds and other institutional investors own 75.23% of the company’s stock.

About Amgen

Amgen, Inc is a biotechnology company, which engages in the discovery, development, manufacture and marketing of human therapeutics. Its products include the following brands: Aranesp, BLINCYTO, Corlanor, ENBREL, EPOGEN, IMLYGIC, KYPROLIS, Neulasta, NEUPOGEN, Nplate, Parsabiv, Prolia, Repatha, Sensipar, Vectibix, and XGEVA.

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Analyst Recommendations for Amgen (NASDAQ:AMGN)

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