Amgen (NASDAQ:AMGN) Price Target Raised to $381.00 at Piper Sandler

Amgen (NASDAQ:AMGN) had its price objective increased by research analysts at Piper Sandler from $342.00 to $381.00 in a report released on Friday, MarketBeat.com reports. The firm presently has an “overweight” rating on the medical research company’s stock. Piper Sandler’s price objective indicates a potential upside of 13.06% from the company’s previous close.

Other equities analysts also recently issued reports about the stock. Citigroup upped their price target on shares of Amgen from $310.00 to $315.00 and gave the company a “neutral” rating in a report on Wednesday, September 24th. Cantor Fitzgerald boosted their target price on shares of Amgen from $305.00 to $315.00 and gave the stock a “neutral” rating in a research note on Thursday, November 6th. The Goldman Sachs Group decreased their price target on shares of Amgen from $405.00 to $400.00 and set a “buy” rating on the stock in a research note on Wednesday, November 5th. Morgan Stanley cut their price objective on Amgen from $333.00 to $329.00 and set an “equal weight” rating for the company in a research note on Wednesday, November 5th. Finally, Bank of America raised their target price on Amgen from $261.00 to $272.00 and gave the company an “underperform” rating in a research report on Friday, September 26th. One investment analyst has rated the stock with a Strong Buy rating, seven have given a Buy rating, eleven have issued a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat, Amgen has an average rating of “Hold” and an average target price of $314.05.

Amgen Price Performance

Shares of NASDAQ AMGN traded up $0.99 during trading hours on Friday, reaching $336.99. 1,735,973 shares of the stock traded hands, compared to its average volume of 2,737,886. The company’s 50-day simple moving average is $293.85 and its two-hundred day simple moving average is $290.01. Amgen has a 52-week low of $253.30 and a 52-week high of $345.84. The company has a market capitalization of $181.46 billion, a P/E ratio of 27.58, a price-to-earnings-growth ratio of 2.61 and a beta of 0.45. The company has a quick ratio of 0.98, a current ratio of 1.31 and a debt-to-equity ratio of 7.24.

Amgen (NASDAQ:AMGN) last issued its earnings results on Tuesday, November 4th. The medical research company reported $5.64 earnings per share (EPS) for the quarter, topping the consensus estimate of $5.01 by $0.63. Amgen had a net margin of 18.96% and a return on equity of 174.71%. The firm had revenue of $9.56 billion for the quarter, compared to analysts’ expectations of $8.98 billion. During the same quarter last year, the business earned $5.58 earnings per share. The business’s revenue was up 12.4% on a year-over-year basis. Amgen has set its FY 2025 guidance at 20.600-21.400 EPS. Equities research analysts forecast that Amgen will post 20.62 EPS for the current year.

Insider Transactions at Amgen

In other news, SVP Nancy A. Grygiel sold 1,267 shares of the company’s stock in a transaction dated Wednesday, August 20th. The shares were sold at an average price of $296.99, for a total transaction of $376,286.33. Following the completion of the transaction, the senior vice president owned 7,209 shares in the company, valued at approximately $2,141,000.91. This represents a 14.95% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, SVP Rachna Khosla sold 890 shares of Amgen stock in a transaction that occurred on Wednesday, November 12th. The shares were sold at an average price of $336.24, for a total value of $299,253.60. Following the sale, the senior vice president directly owned 7,082 shares in the company, valued at approximately $2,381,251.68. This trade represents a 11.16% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold a total of 9,036 shares of company stock worth $2,992,594 in the last ninety days. Insiders own 0.69% of the company’s stock.

Hedge Funds Weigh In On Amgen

Several institutional investors and hedge funds have recently modified their holdings of AMGN. Wealth Preservation Advisors LLC acquired a new stake in shares of Amgen during the 1st quarter valued at about $25,000. Legacy Investment Solutions LLC bought a new stake in Amgen in the 2nd quarter valued at $27,000. CBIZ Investment Advisory Services LLC raised its stake in shares of Amgen by 1,214.3% in the 1st quarter. CBIZ Investment Advisory Services LLC now owns 92 shares of the medical research company’s stock valued at $29,000 after buying an additional 85 shares in the last quarter. Evelyn Partners Investment Management LLP bought a new stake in shares of Amgen in the 2nd quarter valued at $32,000. Finally, Howard Hughes Medical Institute bought a new position in Amgen during the second quarter worth about $32,000. 76.50% of the stock is currently owned by hedge funds and other institutional investors.

About Amgen

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.