Modus Advisors LLC Purchases New Stake in Amgen Inc. (NASDAQ:AMGN)

Modus Advisors LLC bought a new position in Amgen Inc. (NASDAQ:AMGN) during the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor bought 6,660 shares of the medical research company’s stock, valued at approximately $1,894,000.

Several other hedge funds also recently bought and sold shares of AMGN. Appleton Partners Inc. MA boosted its stake in shares of Amgen by 1.4% during the 1st quarter. Appleton Partners Inc. MA now owns 20,313 shares of the medical research company’s stock worth $5,775,000 after acquiring an additional 279 shares in the last quarter. Kapitalo Investimentos Ltda boosted its stake in Amgen by 88.9% during the 4th quarter. Kapitalo Investimentos Ltda now owns 1,921 shares of the medical research company’s stock valued at $553,000 after purchasing an additional 904 shares during the period. Nomura Holdings Inc. bought a new stake in Amgen during the 4th quarter valued at approximately $3,104,000. HighPoint Advisor Group LLC acquired a new position in Amgen in the 4th quarter valued at approximately $3,068,000. Finally, Napatree Capital LLC acquired a new position in Amgen in the 4th quarter valued at approximately $358,000. 76.50% of the stock is owned by institutional investors and hedge funds.

Insiders Place Their Bets

In other Amgen news, SVP Nancy A. Grygiel sold 2,117 shares of the company’s stock in a transaction that occurred on Friday, May 3rd. The stock was sold at an average price of $313.09, for a total transaction of $662,811.53. Following the completion of the transaction, the senior vice president now owns 9,883 shares of the company’s stock, valued at approximately $3,094,268.47. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Corporate insiders own 0.69% of the company’s stock.

Amgen Stock Performance

Shares of AMGN traded up $3.06 during mid-day trading on Tuesday, hitting $306.34. The stock had a trading volume of 1,107,078 shares, compared to its average volume of 2,735,230. The firm has a market cap of $164.33 billion, a P/E ratio of 43.65, a PEG ratio of 2.70 and a beta of 0.60. The business has a fifty day moving average price of $293.45 and a 200-day moving average price of $289.82. The company has a debt-to-equity ratio of 11.96, a current ratio of 1.42 and a quick ratio of 0.98. Amgen Inc. has a 52 week low of $218.44 and a 52 week high of $329.72.

Amgen (NASDAQ:AMGN) last announced its quarterly earnings results on Thursday, May 2nd. The medical research company reported $3.96 earnings per share for the quarter, beating the consensus estimate of $3.76 by $0.20. The company had revenue of $7.45 billion during the quarter, compared to analysts’ expectations of $7.45 billion. Amgen had a return on equity of 156.21% and a net margin of 12.74%. The firm’s quarterly revenue was up 22.0% compared to the same quarter last year. During the same period in the previous year, the business earned $3.98 earnings per share. On average, equities research analysts expect that Amgen Inc. will post 19.47 EPS for the current year.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently issued reports on the company. Barclays raised Amgen from an “underweight” rating to an “equal weight” rating and increased their target price for the stock from $230.00 to $300.00 in a report on Friday, May 3rd. TD Cowen dropped their price target on Amgen from $370.00 to $360.00 and set a “buy” rating for the company in a report on Wednesday, April 17th. Royal Bank of Canada raised their price target on Amgen from $328.00 to $332.00 and gave the company an “outperform” rating in a report on Friday. Truist Financial reaffirmed a “buy” rating and set a $320.00 price target on shares of Amgen in a report on Friday, April 12th. Finally, UBS Group raised their price target on Amgen from $284.00 to $307.00 and gave the company a “neutral” rating in a report on Friday, May 3rd. Ten investment analysts have rated the stock with a hold rating and twelve have issued a buy rating to the stock. Based on data from MarketBeat.com, Amgen has an average rating of “Moderate Buy” and an average target price of $305.85.

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.