Amgen (NASDAQ:AMGN) Coverage Initiated at Scotiabank

Equities research analysts at Scotiabank started coverage on shares of Amgen (NASDAQ:AMGN) in a report issued on Thursday, MarketBeat Ratings reports. The firm set a “sector outperform” rating and a $385.00 price target on the medical research company’s stock. Scotiabank’s price objective points to a potential upside of 14.33% from the company’s previous close.

AMGN has been the subject of several other research reports. Wells Fargo & Company increased their price target on shares of Amgen from $280.00 to $300.00 and gave the company an “overweight” rating in a research report on Wednesday, November 5th. Citigroup boosted their target price on shares of Amgen from $310.00 to $315.00 and gave the company a “neutral” rating in a research note on Wednesday, September 24th. Piper Sandler restated an “overweight” rating on shares of Amgen in a research note on Wednesday, November 5th. Morgan Stanley lowered their price target on shares of Amgen from $333.00 to $329.00 and set an “equal weight” rating on the stock in a report on Wednesday, November 5th. Finally, Cantor Fitzgerald upped their price objective on Amgen from $305.00 to $315.00 and gave the company a “neutral” rating in a research note on Thursday, November 6th. One investment analyst has rated the stock with a Strong Buy rating, seven have assigned a Buy rating, ten have assigned a Hold rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat.com, the stock has an average rating of “Hold” and an average target price of $314.05.

Amgen Stock Performance

Shares of AMGN opened at $336.74 on Thursday. The company has a current ratio of 1.31, a quick ratio of 0.98 and a debt-to-equity ratio of 7.24. The company has a market capitalization of $181.33 billion, a price-to-earnings ratio of 27.53, a PEG ratio of 2.61 and a beta of 0.45. The stock has a 50 day moving average of $294.91 and a 200 day moving average of $290.38. Amgen has a 12 month low of $253.30 and a 12 month high of $345.84.

Amgen (NASDAQ:AMGN) last posted its quarterly earnings data on Tuesday, November 4th. The medical research company reported $5.64 earnings per share for the quarter, topping the consensus estimate of $5.01 by $0.63. The business had revenue of $9.56 billion for the quarter, compared to analysts’ expectations of $8.98 billion. Amgen had a return on equity of 174.71% and a net margin of 18.96%.The business’s revenue was up 12.4% on a year-over-year basis. During the same quarter in the previous year, the firm earned $5.58 earnings per share. Amgen has set its FY 2025 guidance at 20.600-21.400 EPS. As a group, sell-side analysts forecast that Amgen will post 20.62 earnings per share for the current year.

Insider Activity at Amgen

In other Amgen news, EVP Murdo Gordon sold 6,879 shares of the firm’s stock in a transaction dated Wednesday, November 12th. The stock was sold at an average price of $336.83, for a total value of $2,317,053.57. Following the completion of the transaction, the executive vice president owned 41,923 shares in the company, valued at $14,120,924.09. This trade represents a 14.10% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, SVP Rachna Khosla sold 890 shares of the company’s stock in a transaction dated Wednesday, November 12th. The shares were sold at an average price of $336.24, for a total value of $299,253.60. Following the sale, the senior vice president owned 7,082 shares in the company, valued at approximately $2,381,251.68. This represents a 11.16% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. In the last three months, insiders have sold 9,036 shares of company stock worth $2,992,594. 0.76% of the stock is owned by company insiders.

Hedge Funds Weigh In On Amgen

A number of large investors have recently modified their holdings of AMGN. Wealth Preservation Advisors LLC purchased a new position in shares of Amgen during the 1st quarter valued at $25,000. Legacy Investment Solutions LLC purchased a new stake in shares of Amgen in the second quarter worth $27,000. CBIZ Investment Advisory Services LLC boosted its stake in Amgen by 1,214.3% during the first quarter. CBIZ Investment Advisory Services LLC now owns 92 shares of the medical research company’s stock valued at $29,000 after buying an additional 85 shares during the period. Evelyn Partners Investment Management LLP purchased a new position in Amgen during the second quarter worth about $32,000. Finally, Howard Hughes Medical Institute purchased a new position in Amgen during the second quarter worth about $32,000. 76.50% of the stock is currently 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.