Amgen (NASDAQ:AMGN) Price Target Cut to $330.00 by Analysts at Royal Bank of Canada

Amgen (NASDAQ:AMGN) had its target price decreased by investment analysts at Royal Bank of Canada from $360.00 to $330.00 in a research note issued to investors on Wednesday,Benzinga reports. The brokerage presently has an “outperform” rating on the medical research company’s stock. Royal Bank of Canada’s price objective indicates a potential upside of 17.85% from the stock’s current price.

A number of other research firms have also weighed in on AMGN. Cantor Fitzgerald reissued an “overweight” rating and set a $405.00 target price on shares of Amgen in a research report on Tuesday, October 22nd. Deutsche Bank Aktiengesellschaft reiterated a “hold” rating and set a $305.00 target price (down from $310.00) on shares of Amgen in a research report on Wednesday, August 7th. Dbs Bank raised Amgen to a “strong-buy” rating in a report on Monday, September 16th. Wells Fargo & Company cut Amgen from an “overweight” rating to an “equal weight” rating and upped their price target for the company from $320.00 to $335.00 in a research report on Wednesday, August 7th. Finally, Wolfe Research began coverage on shares of Amgen in a research note on Friday, November 15th. They issued a “peer perform” rating on the stock. One investment analyst has rated the stock with a sell rating, thirteen have issued a hold rating, eleven have issued a buy rating and two have assigned a strong buy rating to the company. According to MarketBeat, the company has an average rating of “Moderate Buy” and a consensus target price of $332.05.

Amgen Trading Down 4.8 %

Shares of NASDAQ:AMGN traded down $13.99 during mid-day trading on Wednesday, hitting $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 12-month low of $257.80 and a 12-month high of $346.85. 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 company has a market cap of $150.51 billion, a PE ratio of 35.85, a P/E/G ratio of 2.62 and a beta of 0.60. The company’s 50 day moving average is $314.64 and its 200-day moving average is $317.84.

Amgen (NASDAQ:AMGN) last issued 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 during the quarter, compared to analysts’ expectations of $8.50 billion. During the same quarter last year, the firm posted $4.96 earnings per share. Amgen’s revenue was up 23.2% compared to the same quarter last year. On average, sell-side analysts predict that Amgen will post 19.52 EPS for the current year.

Hedge Funds Weigh In On Amgen

Several institutional investors and hedge funds have recently modified their holdings of AMGN. Capital Performance Advisors LLP bought a new stake in Amgen in the 3rd quarter valued at $25,000. Strategic Financial Concepts LLC acquired a new stake in Amgen during the second quarter worth approximately $26,000. Legacy Investment Solutions LLC acquired a new stake in shares of Amgen during the 3rd quarter worth $29,000. Hershey Financial Advisers LLC acquired a new position in shares of Amgen in the 2nd quarter valued at approximately $30,000. Finally, nVerses Capital LLC bought a new position in shares of Amgen in the 2nd quarter valued at $31,000. 76.50% of the stock is currently owned by institutional investors and hedge funds.

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.