Amgen (NASDAQ:AMGN) Price Target Raised to $329.00 at Piper Sandler

Amgen (NASDAQ:AMGN) had its price target lifted by investment analysts at Piper Sandler from $310.00 to $329.00 in a research report issued to clients and investors on Monday,Benzinga reports. The brokerage currently has an “overweight” rating on the medical research company’s stock. Piper Sandler’s price target points to a potential upside of 12.08% from the stock’s current price.

Several other analysts have also recently issued reports on the company. Sanford C. Bernstein began coverage on Amgen in a research note on Thursday, October 17th. They issued an “outperform” rating and a $380.00 price objective on the stock. William Blair reaffirmed an “outperform” rating on shares of Amgen in a research report on Tuesday, November 12th. Cantor Fitzgerald reissued an “overweight” rating and set a $405.00 price objective on shares of Amgen in a research report on Tuesday, October 22nd. Piper Sandler Companies reaffirmed an “overweight” rating and issued a $310.00 target price on shares of Amgen in a report on Thursday, January 2nd. Finally, Royal Bank of Canada reiterated an “outperform” rating and set a $324.00 price target on shares of Amgen in a report on Friday, January 24th. Two investment analysts have rated the stock with a sell rating, ten have assigned a hold rating, twelve have issued a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat, the company has a consensus rating of “Hold” and an average target price of $314.09.

Amgen Stock Performance

Shares of Amgen stock opened at $293.54 on Monday. The company has a debt-to-equity ratio of 9.62, a current ratio of 1.26 and a quick ratio of 0.96. The stock has a market capitalization of $157.79 billion, a price-to-earnings ratio of 38.88, a price-to-earnings-growth ratio of 3.01 and a beta of 0.56. The business has a 50-day moving average of $272.26 and a 200 day moving average of $303.00. Amgen has a 12 month low of $253.30 and a 12 month high of $346.85.

Amgen (NASDAQ:AMGN) last announced its quarterly earnings data on Tuesday, February 4th. The medical research company reported $5.31 earnings per share for the quarter, beating analysts’ consensus estimates of $5.04 by $0.27. Amgen had a net margin of 12.24% and a return on equity of 176.32%. As a group, sell-side analysts forecast that Amgen will post 20.59 earnings per share for the current year.

Insider Buying and Selling

In other Amgen news, SVP Nancy A. Grygiel sold 1,589 shares of the stock in a transaction dated Wednesday, February 5th. The shares were sold at an average price of $304.47, for a total value of $483,802.83. Following the completion of the transaction, the senior vice president now directly owns 7,210 shares of the company’s stock, valued at approximately $2,195,228.70. This trade represents a 18.06 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. 0.69% of the stock is owned by insiders.

Hedge Funds Weigh In On Amgen

Several hedge funds have recently bought and sold shares of the company. Connor Clark & Lunn Investment Management Ltd. grew its holdings in Amgen by 89.2% in the fourth quarter. Connor Clark & Lunn Investment Management Ltd. now owns 54,176 shares of the medical research company’s stock valued at $14,120,000 after purchasing an additional 25,541 shares during the last quarter. Avantax Advisory Services Inc. grew its stake in Amgen by 3.0% in the 4th quarter. Avantax Advisory Services Inc. now owns 86,974 shares of the medical research company’s stock valued at $22,669,000 after acquiring an additional 2,562 shares during the last quarter. Liberty Wealth Management LLC increased its holdings in Amgen by 2.5% during the 4th quarter. Liberty Wealth Management LLC now owns 2,545 shares of the medical research company’s stock valued at $663,000 after acquiring an additional 62 shares in the last quarter. Truvestments Capital LLC raised its position in Amgen by 9.6% during the fourth quarter. Truvestments Capital LLC now owns 791 shares of the medical research company’s stock worth $206,000 after acquiring an additional 69 shares during the last quarter. Finally, Hopwood Financial Services Inc. purchased a new stake in shares of Amgen in the fourth quarter valued at about $418,000. 76.50% of the stock is owned by hedge funds and other 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.