Amgen (NASDAQ:AMGN) Price Target Cut to $295.00 by Analysts at Citigroup

Amgen (NASDAQ:AMGN) had its price target lowered by equities researchers at Citigroup from $310.00 to $295.00 in a note issued to investors on Tuesday,Benzinga reports. The firm currently has a “neutral” rating on the medical research company’s stock. Citigroup’s target price points to a potential upside of 4.26% from the company’s current price.

A number of other equities research analysts also recently weighed in on the stock. Royal Bank of Canada reissued an “outperform” rating and set a $324.00 price target on shares of Amgen in a research note on Friday. William Blair reissued an “outperform” rating on shares of Amgen in a research note on Tuesday, November 12th. Wolfe Research began coverage on Amgen in a research note on Friday, November 15th. They set a “peer perform” rating for the company. Redburn Partners lowered their price target on Amgen from $200.00 to $195.00 in a research note on Wednesday, November 27th. Finally, UBS Group reduced their price objective on shares of Amgen from $335.00 to $326.00 and set a “neutral” rating on the stock in a research note on Thursday, October 31st. Two analysts have rated the stock with a sell rating, twelve have issued a hold rating, thirteen have given a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, Amgen currently has an average rating of “Hold” and a consensus price target of $314.00.

Amgen Stock Up 2.7 %

Shares of NASDAQ:AMGN opened at $282.95 on Tuesday. Amgen has a 12 month low of $253.30 and a 12 month high of $346.85. The firm has a market cap of $152.09 billion, a P/E ratio of 36.23, a P/E/G ratio of 2.78 and a beta of 0.56. The company has a quick ratio of 0.96, a current ratio of 1.32 and a debt-to-equity ratio of 7.55. The company’s 50-day moving average price is $271.39 and its two-hundred day moving average price is $305.81.

Amgen (NASDAQ:AMGN) last released its earnings results on Wednesday, October 30th. The medical research company reported $5.58 earnings per share for the quarter, topping analysts’ consensus estimates of $5.11 by $0.47. The company had revenue of $8.50 billion during the quarter, compared to the consensus estimate of $8.50 billion. Amgen had a return on equity of 168.35% and a net margin of 13.00%. The firm’s quarterly revenue was up 23.2% on a year-over-year basis. During the same quarter in the previous year, the company posted $4.96 earnings per share. As a group, research analysts forecast that Amgen will post 19.56 EPS for the current fiscal year.

Institutional Investors Weigh In On Amgen

Several hedge funds have recently bought and sold shares of the stock. Sumitomo Mitsui Trust Group Inc. lifted its holdings in Amgen by 1.2% during the 4th quarter. Sumitomo Mitsui Trust Group Inc. now owns 1,594,828 shares of the medical research company’s stock worth $415,676,000 after purchasing an additional 19,053 shares during the last quarter. Strategic Financial Concepts LLC bought a new stake in shares of Amgen in the fourth quarter valued at about $9,313,000. Consolidated Portfolio Review Corp bought a new stake in shares of Amgen in the fourth quarter valued at about $1,216,000. Telos Capital Management Inc. grew its stake in shares of Amgen by 3.2% in the fourth quarter. Telos Capital Management Inc. now owns 25,997 shares of the medical research company’s stock valued at $6,776,000 after acquiring an additional 797 shares in the last quarter. Finally, GHP Investment Advisors Inc. raised its stake in Amgen by 6.3% in the 4th quarter. GHP Investment Advisors Inc. now owns 26,486 shares of the medical research company’s stock worth $6,903,000 after purchasing an additional 1,572 shares in the last quarter. 76.50% of the stock is currently 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.