Citigroup Lowers Amgen (NASDAQ:AMGN) Price Target to $310.00

Amgen (NASDAQ:AMGN) had its target price decreased by research analysts at Citigroup from $335.00 to $310.00 in a research report issued to clients and investors on Wednesday. Citigroup’s price objective points to a potential upside of 10.71% from the company’s current price.

AMGN has been the topic of several other reports. TD Cowen increased their price objective 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. Wells Fargo & Company downgraded shares of Amgen from an “overweight” rating to an “equal weight” rating and raised their price target for the company from $320.00 to $335.00 in a research report on Wednesday, August 7th. Redburn Partners lowered their price objective on Amgen from $200.00 to $195.00 in a research report on Wednesday. StockNews.com upgraded Amgen from a “buy” rating to a “strong-buy” rating in a research note on Friday, November 1st. Finally, Royal Bank of Canada dropped their price objective on Amgen from $360.00 to $330.00 and set an “outperform” rating on the stock in a research report on Wednesday. One analyst has rated the stock with a sell rating, thirteen have issued a hold rating, eleven have issued a buy rating and two have issued a strong buy rating to the company’s stock. Based on data from MarketBeat, Amgen presently has an average rating of “Moderate Buy” and a consensus price target of $323.05.

Amgen Stock Down 4.8 %

AMGN traded down $13.99 during trading on Wednesday, reaching $280.01. The stock had a trading volume of 17,010,332 shares, compared to its average volume of 3,139,351. Amgen has a one year low of $257.80 and a one year high of $346.85. The company 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. The stock’s 50 day moving average is $314.64 and its two-hundred day moving average is $317.84. The company has a current ratio of 1.32, a quick ratio of 0.96 and a debt-to-equity ratio of 7.55.

Amgen (NASDAQ:AMGN) last issued its quarterly earnings results on Wednesday, October 30th. The medical research company reported $5.58 EPS for the quarter, topping analysts’ consensus estimates 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 analysts’ expectations of $8.50 billion. During the same period in the previous year, the firm posted $4.96 EPS. The business’s revenue for the quarter was up 23.2% compared to the same quarter last year. As a group, analysts expect that Amgen will post 19.52 earnings per share for the current year.

Institutional Inflows and Outflows

A number of large investors have recently modified their holdings of AMGN. Capital Performance Advisors LLP bought a new position in shares of Amgen in the third quarter worth about $25,000. Strategic Financial Concepts LLC purchased a new position in Amgen in the 2nd quarter worth approximately $26,000. Legacy Investment Solutions LLC bought a new position in Amgen in the 3rd quarter worth approximately $29,000. Hershey Financial Advisers LLC purchased a new stake in Amgen during the 2nd quarter valued at approximately $30,000. Finally, nVerses Capital LLC purchased a new stake in Amgen during the 2nd quarter valued at approximately $31,000. 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.