Traders Buy Shares of Amgen (AMGN) on Weakness

Investors bought shares of Amgen, Inc. (NASDAQ:AMGN) on weakness during trading on Wednesday. $164.23 million flowed into the stock on the tick-up and $84.05 million flowed out of the stock on the tick-down, for a money net flow of $80.18 million into the stock. Of all equities tracked, Amgen had the 9th highest net in-flow for the day. Amgen traded down ($2.54) for the day and closed at $193.15

Several equities research analysts have issued reports on the stock. Cann reissued a “buy” rating on shares of Amgen in a research report on Friday, June 8th. Zacks Investment Research raised shares of Amgen from a “hold” rating to a “buy” rating and set a $194.00 price objective for the company in a research report on Thursday, April 5th. Mizuho reissued a “buy” rating and issued a $200.00 price objective on shares of Amgen in a research report on Friday, June 22nd. TheStreet cut shares of Amgen from a “b-” rating to a “c+” rating in a research report on Wednesday, April 11th. Finally, Barclays lowered 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 report on Thursday, April 5th. One research analyst has rated the stock with a sell rating, eleven have assigned a hold rating, eleven have given a buy rating and one has assigned a strong buy rating to the company. The stock has a consensus rating of “Buy” and a consensus target price of $195.45.

The stock has a market capitalization of $128.48 billion, a price-to-earnings ratio of 15.36, a P/E/G ratio of 2.41 and a beta of 1.38. The company has a current ratio of 3.88, a quick ratio of 3.60 and a debt-to-equity ratio of 2.14.

Amgen (NASDAQ:AMGN) last announced its quarterly earnings results on Tuesday, April 24th. The medical research company reported $3.47 earnings per share for the quarter, topping 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 firm had revenue of $5.55 billion during the quarter, compared to analysts’ expectations of $5.44 billion. During the same quarter in the prior year, the company earned $3.15 EPS. The company’s revenue was up 1.6% compared to the same quarter last year. analysts predict that Amgen, Inc. will post 13.67 earnings per share for the current year.

In other news, EVP Sean E. Harper sold 1,525 shares of the company’s stock in a transaction that occurred on Monday, May 14th. The shares were sold at an average price of $174.10, for a total value of $265,502.50. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Insiders sold a total of 4,575 shares of company stock valued at $809,851 in the last ninety days. Corporate insiders own 0.27% of the company’s stock.

Several institutional investors and hedge funds have recently made changes to their positions in the company. Barrow Hanley Mewhinney & Strauss LLC raised its stake in shares of Amgen by 110.7% during 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. bought a new position in shares of Amgen during the 1st quarter worth approximately $113,000. WealthTrust Fairport LLC acquired a new position in Amgen during the 1st quarter valued at approximately $121,000. Cornerstone Advisors Inc. increased its stake in Amgen by 76.5% during the 1st quarter. Cornerstone Advisors Inc. now owns 729 shares of the medical research company’s stock valued at $124,000 after purchasing an additional 316 shares in the last quarter. Finally, Taylor Hoffman Wealth Management acquired a new position in Amgen during the 4th quarter valued at approximately $127,000. 78.34% 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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