Zacks Investment Research upgraded shares of Amgen (NASDAQ:AMGN) from a hold rating to a buy rating in a report released on Tuesday morning. They currently have $207.00 price objective on the medical research company’s stock.
According to Zacks, “Amgen’s newer drugs – Prolia, Xgeva, Blincyto, Vectibix, Kyprolis – are performing well. Amgen is also progressing with its pipeline and the recent approval of migraine candidate, Aimovig was a huge boost. Amgen’s restructuring plan is making it leaner and more cost efficient. Lower taxes and share buybacks should provide some bottom-line support in 2018. Amgen’s shares have outperformed the industry this year so far. However, Amgen has some challenges in store, given slowdown in sales of mature drugs like Enbrel, Aranesp and Neulasta, which are facing an array of branded and generic competitors. Volume growth of new drugs may not be enough to offset lost sales due to the decline in mature brands. While Neupogen is already facing U.S. biosimilar competition, Neulasta, Epogen and Sensipar could start facing the same this year. Meanwhile, uptake of key new drug, Repatha has been slow due to payer restrictions.”
AMGN has been the subject of several other reports. Cann restated a buy rating on shares of Amgen in a research note on Friday, June 8th. Vetr upgraded shares of Amgen from a sell rating to a hold rating and set a $181.60 price objective for the company in a research note on Tuesday, February 27th. Mizuho restated a buy rating and set a $200.00 price objective on shares of Amgen in a research note on Friday, June 22nd. TheStreet cut shares of Amgen from a b- rating to a c+ rating in a research note on Wednesday, April 11th. Finally, Barclays decreased their price objective on shares of Amgen from $190.00 to $180.00 and set an equal weight rating for the company in a research note on Thursday, April 5th. One research analyst has rated the stock with a sell rating, eleven have assigned a hold rating and twelve have assigned a buy rating to the company’s stock. The company presently has a consensus rating of Hold and an average target price of $195.45.
Shares of Amgen opened at $184.59 on Tuesday, according to Marketbeat.com. The company has a quick ratio of 3.60, a current ratio of 3.88 and a debt-to-equity ratio of 2.14. Amgen has a 12 month low of $163.31 and a 12 month high of $201.23. The company has a market cap of $121.44 billion, a price-to-earnings ratio of 14.67, a price-to-earnings-growth ratio of 2.28 and a beta of 1.38.
Amgen (NASDAQ:AMGN) last announced its quarterly earnings data on Tuesday, April 24th. The medical research company reported $3.47 EPS for the quarter, beating the consensus estimate of $3.24 by $0.23. Amgen had a net margin of 9.67% and a return on equity of 35.80%. The business had revenue of $5.55 billion during the quarter, compared to analysts’ expectations of $5.44 billion. During the same period in the previous year, the business posted $3.15 EPS. The business’s quarterly revenue was up 1.6% compared to the same quarter last year. equities research analysts forecast that Amgen will post 13.67 earnings per share for the current year.
In other news, EVP Sean E. Harper sold 1,525 shares of Amgen stock in a transaction that occurred on Tuesday, June 12th. The shares were sold at an average price of $184.27, for a total transaction of $281,011.75. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Over the last ninety days, insiders have sold 4,575 shares of company stock valued at $809,851. Insiders own 0.19% of the company’s stock.
Several large investors have recently bought and sold shares of AMGN. Barrow Hanley Mewhinney & Strauss LLC increased its holdings in Amgen by 110.7% in the 4th quarter. Barrow Hanley Mewhinney & Strauss LLC now owns 647 shares of the medical research company’s stock worth $113,000 after acquiring an additional 340 shares in the last quarter. Braun Bostich & Associates Inc. purchased a new stake in Amgen in the 1st quarter worth $113,000. WealthTrust Fairport LLC purchased a new stake in Amgen in the 1st quarter worth $121,000. Cornerstone Advisors Inc. increased its holdings in Amgen by 76.5% in the 1st quarter. Cornerstone Advisors Inc. now owns 729 shares of the medical research company’s stock worth $124,000 after acquiring an additional 316 shares in the last quarter. Finally, Taylor Hoffman Wealth Management purchased a new stake in Amgen in the 4th quarter worth $127,000. 78.31% 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. It offers products for the treatment of oncology/hematology, cardiovascular, inflammation, bone health, nephrology, and neuroscience. The company's products include Evenity to treat osteoporosis in postmenopausal women; Prolia to treat postmenopausal women with osteoporosis; Xgeva for skeletal-related events prevention; Repatha to treat coronary diseases; Enbrel to treat plaque psoriasis, rheumatoid arthritis, and psoriatic arthritis; Parsabiv to treat secondary hyperparathyroidism (sHPT); and Aimovig for the prevention of migraine.
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