Amgen (NASDAQ:AMGN) Stock Price Expected to Rise, Bank of America Analyst Says

Amgen (NASDAQ:AMGN) had its price target boosted by research analysts at Bank of America from $256.00 to $275.00 in a report released on Thursday,Benzinga reports. The firm presently has an “underperform” rating on the medical research company’s stock. Bank of America‘s target price indicates a potential downside of 10.66% from the company’s current price.

Other research analysts have also recently issued research reports about the stock. Jefferies Financial Group reiterated a “buy” rating and issued a $380.00 price target on shares of Amgen in a report on Tuesday, November 12th. TD Cowen boosted their target price on shares of Amgen from $381.00 to $383.00 and gave the company a “buy” rating in a research report on Monday, October 21st. Truist Financial cut their target price on Amgen from $333.00 to $298.00 and set a “hold” rating for the company in a research report on Wednesday, January 8th. William Blair restated an “outperform” rating on shares of Amgen in a research note on Tuesday, November 12th. Finally, Sanford C. Bernstein assumed coverage on Amgen in a research note on Thursday, October 17th. They issued an “outperform” rating and a $380.00 price objective on the stock. Two analysts have rated the stock with a sell rating, twelve have issued a hold rating, thirteen have issued a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat.com, the stock currently has an average rating of “Hold” and an average price target of $314.83.

Amgen Trading Up 6.5 %

AMGN stock opened at $307.81 on Thursday. The company has a quick ratio of 0.96, a current ratio of 1.32 and a debt-to-equity ratio of 7.55. Amgen has a twelve month low of $253.30 and a twelve month high of $346.85. The company has a market cap of $165.46 billion, a P/E ratio of 39.41, a PEG ratio of 2.87 and a beta of 0.56. The business has a fifty day moving average of $271.14 and a 200-day moving average of $303.52.

Amgen (NASDAQ:AMGN) last posted its earnings results on Tuesday, February 4th. The medical research company reported $5.31 earnings per share (EPS) for the quarter, topping the consensus estimate of $5.04 by $0.27. Amgen had a return on equity of 168.35% and a net margin of 13.00%. As a group, equities research analysts expect that Amgen will post 19.56 EPS for the current year.

Institutional Inflows and Outflows

A number of large investors have recently made changes to their positions in AMGN. State Street Corp lifted its position in shares of Amgen by 1.2% during the 3rd quarter. State Street Corp now owns 29,317,018 shares of the medical research company’s stock worth $9,446,236,000 after buying an additional 345,537 shares in the last quarter. Geode Capital Management LLC increased its holdings in Amgen by 0.9% during the third quarter. Geode Capital Management LLC now owns 12,122,889 shares of the medical research company’s stock worth $3,893,771,000 after buying an additional 103,851 shares during the last quarter. Charles Schwab Investment Management Inc. raised its position in Amgen by 2.4% in the third quarter. Charles Schwab Investment Management Inc. now owns 10,532,629 shares of the medical research company’s stock worth $3,393,718,000 after acquiring an additional 251,876 shares during the period. Janus Henderson Group PLC boosted its stake in Amgen by 11.7% in the third quarter. Janus Henderson Group PLC now owns 5,143,330 shares of the medical research company’s stock valued at $1,657,183,000 after acquiring an additional 538,545 shares during the last quarter. Finally, Pathway Financial Advisers LLC grew its position in shares of Amgen by 33,125.4% during the 3rd quarter. Pathway Financial Advisers LLC now owns 4,460,181 shares of the medical research company’s stock valued at $1,437,115,000 after acquiring an additional 4,446,757 shares during the period. 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.