Citigroup Issues Pessimistic Forecast for Amgen (NASDAQ:AMGN) Stock Price

Amgen (NASDAQ:AMGN) had its target price decreased by research analysts at Citigroup from $335.00 to $310.00 in a research note issued on Wednesday. Citigroup’s target price indicates a potential upside of 10.71% from the company’s previous close.

Several other research firms have also issued reports on AMGN. Oppenheimer restated an “outperform” rating and issued a $380.00 price objective on shares of Amgen in a research note on Wednesday, August 7th. UBS Group dropped their price objective on Amgen from $335.00 to $326.00 and set a “neutral” rating for the company in a report on Thursday, October 31st. William Blair reiterated an “outperform” rating on shares of Amgen in a research report on Tuesday, November 12th. Sanford C. Bernstein initiated coverage on Amgen in a research report on Thursday, October 17th. They issued an “outperform” rating and a $380.00 target price on the stock. Finally, Wolfe Research started coverage on Amgen in a research note on Friday, November 15th. They set a “peer perform” rating on the stock. One investment analyst has rated the stock with a sell rating, thirteen have assigned a hold rating, eleven have given a buy rating and two have given a strong buy rating to the company’s stock. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average target price of $323.05.

Amgen Trading Down 4.8 %

Shares of Amgen stock traded down $13.99 during trading hours on Wednesday, hitting $280.01. The company’s stock had a trading volume of 17,010,332 shares, compared to its average volume of 3,139,351. The stock has a 50 day moving average of $314.64 and a 200 day moving average of $317.84. Amgen has a 12 month low of $257.80 and a 12 month high of $346.85. The company has a debt-to-equity ratio of 7.55, a current ratio of 1.32 and a quick ratio of 0.96. The company has a market capitalization of $150.51 billion, a PE ratio of 35.85, a price-to-earnings-growth ratio of 2.62 and a beta of 0.60.

Amgen (NASDAQ:AMGN) last released its quarterly earnings results on Wednesday, October 30th. The medical research company reported $5.58 earnings per share (EPS) for the quarter, beating the consensus estimate of $5.11 by $0.47. Amgen had a return on equity of 168.35% and a net margin of 13.00%. The firm had revenue of $8.50 billion for the quarter, compared to the consensus estimate of $8.50 billion. During the same quarter last year, the business posted $4.96 EPS. The company’s revenue for the quarter was up 23.2% on a year-over-year basis. Analysts predict that Amgen will post 19.52 earnings per share for the current year.

Hedge Funds Weigh In On Amgen

Hedge funds have recently modified their holdings of the company. Capital Performance Advisors LLP purchased a new position in Amgen in the third quarter valued at about $25,000. Strategic Financial Concepts LLC bought a new position in Amgen in the 2nd quarter worth about $26,000. Legacy Investment Solutions LLC purchased a new stake in Amgen in the third quarter valued at approximately $29,000. Hershey Financial Advisers LLC bought a new position in Amgen in the second quarter valued at $30,000. Finally, nVerses Capital LLC purchased a new position in shares of Amgen during the 2nd quarter valued at about $31,000. Institutional investors own 76.50% of the company’s stock.

Amgen Company Profile

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.