Cantor Fitzgerald Reaffirms “Hold” Rating for Amgen (AMGN)

Amgen (NASDAQ:AMGN)‘s stock had its “hold” rating reissued by equities research analysts at Cantor Fitzgerald in a research note issued to investors on Wednesday. They presently have a $223.00 target price on the medical research company’s stock. Cantor Fitzgerald’s price objective suggests a potential upside of 17.55% from the stock’s current price.

The analysts wrote, “: We rate Amgen shares 12-month price target of $223. Amgen posted a nice beat and raise third quarter for top and bottom line estimates. We found Aimovig trends notable with over 100K patients on the drug. For this quarter, key products Neulasta and Enbrel are were roughly in line with consensus. New top and bottom line guidance are $23.2-23.5B and $14.00-14.25/sh. Our new top and bottom line estimates are $23.3B and $14.36/sh. Aimovig looking strong out of the gate for migraine treatment with unit demand. Aimovig sales were $22M in the quarter, but Amgen has free drug bridging programs.””

Other research analysts also recently issued reports about the company. Royal Bank of Canada reissued a “neutral” rating and issued a $193.00 price target on shares of Amgen in a report on Monday, September 10th. Cann reissued a “buy” rating and issued a $224.00 price target on shares of Amgen in a report on Monday, July 30th. Piper Jaffray Companies boosted their price target on Amgen from $190.00 to $210.00 and gave the company an “overweight” rating in a report on Thursday, July 26th. They noted that the move was a valuation call. BidaskClub raised Amgen from a “buy” rating to a “strong-buy” rating in a report on Wednesday, July 11th. Finally, Oppenheimer reissued a “buy” rating and issued a $224.00 price target on shares of Amgen in a report on Tuesday, August 28th. One investment analyst has rated the stock with a sell rating, thirteen have given a hold rating and eleven have issued a buy rating to the stock. The company presently has an average rating of “Hold” and an average price target of $204.55.

NASDAQ:AMGN traded down $3.20 during trading hours on Wednesday, reaching $189.70. The company had a trading volume of 47,291 shares, compared to its average volume of 3,191,681. Amgen has a 1-year low of $163.31 and a 1-year high of $210.19. The company has a market capitalization of $122.39 billion, a PE ratio of 15.09, a PEG ratio of 1.83 and a beta of 1.40. The company has a current ratio of 3.39, a quick ratio of 3.12 and a debt-to-equity ratio of 2.03.

Amgen (NASDAQ:AMGN) last announced its quarterly earnings results on Tuesday, October 30th. The medical research company reported $3.69 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $3.45 by $0.24. Amgen had a return on equity of 51.05% and a net margin of 9.44%. The company had revenue of $5.90 billion during the quarter, compared to the consensus estimate of $5.78 billion. During the same period in the previous year, the company posted $3.27 earnings per share. Amgen’s revenue for the quarter was up 2.3% on a year-over-year basis. Equities research analysts predict that Amgen will post 14.2 earnings per share for the current fiscal year.

A number of hedge funds and other institutional investors have recently bought and sold shares of AMGN. Beutel Goodman & Co Ltd. acquired a new position in Amgen in the 2nd quarter valued at $86,723,000. Natixis raised its stake in Amgen by 2,612.1% in the 2nd quarter. Natixis now owns 529,816 shares of the medical research company’s stock valued at $97,799,000 after purchasing an additional 510,281 shares during the last quarter. Dimensional Fund Advisors LP raised its stake in Amgen by 17.0% in the 2nd quarter. Dimensional Fund Advisors LP now owns 2,365,045 shares of the medical research company’s stock valued at $436,551,000 after purchasing an additional 343,690 shares during the last quarter. Bank of Nova Scotia raised its stake in Amgen by 234.2% in the 2nd quarter. Bank of Nova Scotia now owns 433,450 shares of the medical research company’s stock valued at $80,011,000 after purchasing an additional 303,743 shares during the last quarter. Finally, Royal London Asset Management Ltd. acquired a new position in Amgen in the 2nd quarter valued at $54,522,000. 82.37% of the stock is owned by hedge funds and other institutional investors.

About Amgen

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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