Royal Bank of Canada Cuts Amgen (NASDAQ:AMGN) Price Target to $330.00

Amgen (NASDAQ:AMGN) had its price target decreased by Royal Bank of Canada from $360.00 to $330.00 in a report released on Wednesday, Marketbeat reports. The brokerage currently has an “outperform” rating on the medical research company’s stock. Royal Bank of Canada’s price objective would suggest a potential upside of 17.85% from the company’s current price.

AMGN has been the subject of several other research reports. Leerink Partners decreased their price target on shares of Amgen from $349.00 to $302.00 in a report on Wednesday. Redburn Partners lowered their price target on shares of Amgen from $200.00 to $195.00 in a research note on Wednesday. Robert W. Baird reissued an “underperform” rating and issued a $215.00 target price on shares of Amgen in a research note on Wednesday, September 25th. TD Cowen upped their price objective on Amgen from $381.00 to $383.00 and gave the company a “buy” rating in a research note on Monday, October 21st. Finally, Jefferies Financial Group restated a “buy” rating and set a $380.00 target price on shares of Amgen in a research note on Tuesday, November 12th. One investment analyst has rated the stock with a sell rating, thirteen have issued a hold rating, eleven have issued a buy rating and two have given a strong buy rating to the company’s stock. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average target price of $323.05.

Amgen Stock Down 4.8 %

Shares of AMGN stock traded down $13.99 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. Amgen has a fifty-two week low of $257.80 and a fifty-two week high of $346.85. The firm’s fifty day moving average price is $314.64 and its 200-day moving average price is $317.84. 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 stock has a market capitalization of $150.51 billion, a price-to-earnings ratio of 35.85, a P/E/G ratio of 2.62 and a beta of 0.60.

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

Institutional Inflows and Outflows

A number of institutional investors have recently added to or reduced their stakes in the company. Kennedy Capital Management LLC purchased a new position in Amgen during the 1st quarter worth approximately $3,240,000. LRI Investments LLC acquired a new stake in shares of Amgen in the 1st quarter worth approximately $152,000. Redwood Grove Capital LLC raised its stake in shares of Amgen by 17.2% during the 1st quarter. Redwood Grove Capital LLC now owns 47,687 shares of the medical research company’s stock worth $13,558,000 after buying an additional 7,000 shares during the last quarter. Cetera Investment Advisers raised its position in Amgen by 268.9% during the first quarter. Cetera Investment Advisers now owns 233,379 shares of the medical research company’s stock worth $66,355,000 after acquiring an additional 170,108 shares during the last quarter. Finally, Cetera Advisors LLC lifted its stake in Amgen by 151.3% in the 1st quarter. Cetera Advisors LLC now owns 70,984 shares of the medical research company’s stock valued at $20,182,000 after buying an additional 42,739 shares in the last quarter. Hedge funds and other institutional investors own 76.50% of the company’s stock.

About Amgen

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.