Amgen (NASDAQ:AMGN) Price Target Cut to $285.00 by Analysts at Deutsche Bank Aktiengesellschaft

Amgen (NASDAQ:AMGN) had its price target dropped by investment analysts at Deutsche Bank Aktiengesellschaft from $305.00 to $285.00 in a report issued on Wednesday. Deutsche Bank Aktiengesellschaft’s price target points to a potential upside of 1.78% from the stock’s previous close.

Several other brokerages have also recently commented on AMGN. Jefferies Financial Group reiterated a “buy” rating and set a $380.00 target price on shares of Amgen in a research report on Tuesday, November 12th. Wells Fargo & Company lowered shares of Amgen from an “overweight” rating to an “equal weight” rating and boosted their price target for the company from $320.00 to $335.00 in a report on Wednesday, August 7th. William Blair reaffirmed an “outperform” rating on shares of Amgen in a research note on Tuesday, November 12th. Leerink Partners reduced their target price on shares of Amgen from $349.00 to $302.00 in a research note on Wednesday. Finally, StockNews.com upgraded shares of Amgen from a “buy” rating to a “strong-buy” rating in a research note on Friday, November 1st. 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 stock. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $323.05.

Amgen Price Performance

NASDAQ AMGN traded down $13.99 during trading on Wednesday, reaching $280.01. 17,010,332 shares of the company traded hands, compared to its average volume of 3,139,351. 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 stock’s 50 day moving average price is $314.64 and its two-hundred day moving average price is $317.84. The company has a market cap 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 has a 1-year low of $257.80 and a 1-year high of $346.85.

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

Hedge Funds Weigh In On Amgen

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the business. Pathway Financial Advisers LLC lifted its holdings in Amgen by 33,125.4% in the third 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. International Assets Investment Management LLC lifted its stake in shares of Amgen by 6,812.4% in the 3rd quarter. International Assets Investment Management LLC now owns 2,523,387 shares of the medical research company’s stock valued at $8,130,610,000 after purchasing an additional 2,486,882 shares in the last quarter. Assenagon Asset Management S.A. lifted its position in Amgen by 561.5% during the 3rd quarter. Assenagon Asset Management S.A. now owns 1,539,733 shares of the medical research company’s stock worth $496,117,000 after acquiring an additional 1,306,982 shares in the last quarter. Granite Bay Wealth Management LLC lifted its position in Amgen by 9,058.1% during the 2nd quarter. Granite Bay Wealth Management LLC now owns 756,460 shares of the medical research company’s stock worth $223,897,000 after acquiring an additional 748,200 shares in the last quarter. Finally, Janus Henderson Group PLC increased its holdings in Amgen by 11.7% during the 3rd quarter. Janus Henderson Group PLC now owns 5,143,330 shares of the medical research company’s stock worth $1,657,183,000 after purchasing an additional 538,545 shares during the last quarter. 76.50% of the stock is owned by institutional investors and hedge funds.

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.