Amgen (NASDAQ:AMGN) Rating Lowered to Hold at Freedom Broker

Amgen (NASDAQ:AMGN) was downgraded by analysts at Freedom Broker from a “buy” rating to a “hold” rating in a note issued to investors on Friday, Benzinga reports. They currently have a $470.00 price objective on the medical research company’s stock, up from their previous price objective of $450.00. Freedom Broker‘s price objective suggests a potential upside of 2.08% from the company’s previous close.

A number of other research analysts also recently commented on AMGN. Scotiabank increased their price objective on shares of Amgen from $500.00 to $530.00 and gave the company a “sector outperform” rating in a research note on Wednesday. Jefferies Financial Group reissued a “hold” rating and issued a $410.00 target price on shares of Amgen in a research report on Wednesday, September 23rd. HSBC downgraded shares of Amgen from a “buy” rating to a “hold” rating and dropped their target price for the stock from $445.00 to $425.00 in a research report on Thursday, September 10th. Morgan Stanley upped their target price on shares of Amgen from $359.00 to $410.00 and gave the company an “equal weight” rating in a research note on Wednesday. Finally, TD Cowen lifted their price target on Amgen from $452.00 to $531.00 and gave the stock a “buy” rating in a research note on Wednesday. One investment analyst has rated the stock with a Strong Buy rating, eleven have given a Buy rating, eighteen have assigned a Hold rating and three have given a Sell rating to the company. Based on data from MarketBeat, the stock presently has a consensus rating of “Hold” and an average target price of $420.80.

Amgen Stock Up 0.0%

Shares of AMGN traded up $0.14 during trading on Friday, reaching $460.42. The company’s stock had a trading volume of 2,579,312 shares, compared to its average volume of 2,763,988. The company has a fifty day moving average of $421.96 and a two-hundred day moving average of $377.55. Amgen has a twelve month low of $312.39 and a twelve month high of $483.99. The company has a market cap of $248.92 billion, a price-to-earnings ratio of 26.71, a P/E/G ratio of 3.47 and a beta of 0.43. The company has a quick ratio of 1.13, a current ratio of 1.48 and a debt-to-equity ratio of 3.60.

Amgen (NASDAQ:AMGN) last released its earnings results on Tuesday, November 3rd. The medical research company reported $6.45 EPS for the quarter, beating the consensus estimate of $5.79 by $0.66. Amgen had a return on equity of 114.99% and a net margin of 24.14%. The company had revenue of $10.37 billion during the quarter, compared to analysts’ expectations of $10.07 billion. During the same period in the prior year, the business posted $5.64 EPS. The business’s revenue was up 8.5% on a year-over-year basis. On average, sell-side analysts predict that Amgen will post 23.19 EPS for the current fiscal year.

Insider Buying and Selling

In other Amgen news, SVP Rachna Khosla sold 2,000 shares of the stock in a transaction on Tuesday, August 11th. The stock was sold at an average price of $412.57, for a total value of $825,140.00. Following the sale, the senior vice president directly owned 6,404 shares of the company’s stock, valued at $2,642,098.28. This trade represents a 23.80% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. 0.85% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Amgen

Hedge funds have recently added to or reduced their stakes in the stock. Quest 10 Wealth Builders Inc. grew its holdings in Amgen by 220.0% in the 3rd quarter. Quest 10 Wealth Builders Inc. now owns 80 shares of the medical research company’s stock worth $34,000 after buying an additional 55 shares in the last quarter. Wellington Altus USA Inc. increased its stake in Amgen by 72.3% during the 2nd quarter. Wellington Altus USA Inc. now owns 81 shares of the medical research company’s stock valued at $28,000 after buying an additional 34 shares during the period. Nvwm LLC increased its stake in Amgen by 412.5% during the 3rd quarter. Nvwm LLC now owns 82 shares of the medical research company’s stock valued at $35,000 after buying an additional 66 shares during the period. PFS Partners LLC raised its position in shares of Amgen by 95.5% during the 3rd quarter. PFS Partners LLC now owns 86 shares of the medical research company’s stock worth $36,000 after buying an additional 42 shares in the last quarter. Finally, TOWER TRUST & INVESTMENT Co bought a new stake in shares of Amgen during the 3rd quarter worth about $38,000. 76.50% of the stock is currently owned by institutional investors.

Trending Headlines about Amgen

Here are the key news stories impacting Amgen this week:

• Positive Sentiment: Amgen reported quarterly earnings and revenue above expectations, with revenue up 8.5% year over year. Its earnings-call discussion also emphasized growth and pipeline momentum, supporting the case for continued expansion. Amgen Earnings Call Highlights Growth, Pipeline Momentum
• Positive Sentiment: A large real-world study found Repatha lowered heart-attack risk by 20% versus ezetimibe in patients with heart disease. The findings could strengthen the drug’s clinical and commercial position. Repatha real-world study
• Positive Sentiment: Scotiabank reiterated a Buy view and set a $530 price target; UBS also maintains a Buy rating with a $530 target. Separately, ETFs bought a net $79.8 million of AMGN shares in Wednesday’s session. Scotiabank price target ETF holdings
• Neutral Sentiment: Analyst opinions remain divided: Leerink Partners and Guggenheim have Hold/neutral ratings, while Scotiabank and UBS are more optimistic. The differing views suggest debate about how much of Amgen’s recent gains are already reflected in its valuation. Leerink Partners rating
• Negative Sentiment: Freedom Broker downgraded Amgen to Hold, adding to the cautious analyst commentary and potentially tempering enthusiasm after the recent rally. Freedom Broker downgrade

About Amgen

Amgen is a biotechnology company that discovers, develops, manufactures and commercializes medicines for serious illnesses. Its research and product portfolio span areas including cancer, cardiovascular disease, inflammation, bone health and rare diseases.

The company’s medicines include Enbrel, Prolia, Xgeva and Repatha. Amgen serves patients and healthcare providers in the United States and markets its products internationally.

Founded in 1980 and headquartered in Thousand Oaks, California, Amgen is led by Robert A.