Amgen (NASDAQ:AMGN) Earns Outperform Rating from Royal Bank of Canada

Amgen (NASDAQ:AMGN)‘s stock had its “outperform” rating reiterated by stock analysts at Royal Bank of Canada in a report issued on Friday,Benzinga reports. They currently have a $324.00 price target on the medical research company’s stock. Royal Bank of Canada’s target price points to a potential upside of 17.56% from the stock’s previous close.

Several other equities research analysts have also commented on the stock. Leerink Partners dropped their price target on Amgen from $349.00 to $302.00 in a research report on Wednesday, November 27th. UBS Group dropped their price objective on Amgen from $335.00 to $326.00 and set a “neutral” rating for the company in a research report on Thursday, October 31st. Piper Sandler decreased their price target on shares of Amgen from $344.00 to $310.00 and set an “overweight” rating on the stock in a research note on Thursday, January 2nd. Piper Sandler Companies reissued an “overweight” rating and issued a $310.00 price objective on shares of Amgen in a research report on Thursday, January 2nd. Finally, Jefferies Financial Group restated a “buy” rating and set a $380.00 target price on shares of Amgen in a research report on Tuesday, November 12th. Two equities research analysts have rated the stock with a sell rating, twelve have assigned a hold rating, thirteen have assigned a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat.com, Amgen presently has an average rating of “Hold” and a consensus target price of $314.65.

Amgen Stock Down 0.8 %

NASDAQ AMGN traded down $2.27 during trading on Friday, reaching $275.62. 870,544 shares of the company’s stock were exchanged, compared to its average volume of 3,004,526. The stock has a market cap of $148.15 billion, a P/E ratio of 35.31, a price-to-earnings-growth ratio of 2.78 and a beta of 0.56. The company has a debt-to-equity ratio of 7.55, a quick ratio of 0.96 and a current ratio of 1.32. The company has a 50 day moving average price of $271.55 and a two-hundred day moving average price of $306.24. Amgen has a 1 year low of $253.30 and a 1 year high of $346.85.

Amgen (NASDAQ:AMGN) last announced its quarterly earnings results on Wednesday, October 30th. The medical research company reported $5.58 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $5.11 by $0.47. The company had revenue of $8.50 billion during the quarter, compared to the consensus estimate of $8.50 billion. Amgen had a return on equity of 168.35% and a net margin of 13.00%. Amgen’s revenue for the quarter was up 23.2% on a year-over-year basis. During the same period in the previous year, the business earned $4.96 EPS. On average, equities research analysts anticipate that Amgen will post 19.56 EPS for the current fiscal year.

Hedge Funds Weigh In On Amgen

Several institutional investors have recently added to or reduced their stakes in AMGN. Capital Performance Advisors LLP bought a new position in shares of Amgen in the third quarter worth about $25,000. Legacy Investment Solutions LLC bought a new position 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 approximately $30,000. Matrix Trust Co bought a new position in Amgen in the third quarter valued at approximately $36,000. Finally, Heck Capital Advisors LLC bought a new position in Amgen in the fourth quarter valued at approximately $36,000. 76.50% of the stock is owned by institutional investors.

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.