Citigroup Cuts Amgen (NASDAQ:AMGN) Price Target to $295.00

Amgen (NASDAQ:AMGN) had its price objective dropped by stock analysts at Citigroup from $310.00 to $295.00 in a research note issued to investors on Tuesday,Benzinga reports. The firm presently has a “neutral” rating on the medical research company’s stock. Citigroup’s price target would suggest a potential upside of 4.73% from the stock’s previous close.

AMGN has been the topic of several other research reports. TD Cowen upped their price target on Amgen from $381.00 to $383.00 and gave the stock a “buy” rating in a research note on Monday, October 21st. William Blair restated an “outperform” rating on shares of Amgen in a report on Tuesday, November 12th. Piper Sandler cut their price objective on shares of Amgen from $344.00 to $310.00 and set an “overweight” rating on the stock in a research report on Thursday, January 2nd. Wolfe Research initiated coverage on shares of Amgen in a report on Friday, November 15th. They issued a “peer perform” rating for the company. Finally, Barclays raised their price target on shares of Amgen from $300.00 to $315.00 and gave the company an “equal weight” rating in a research report on Monday, October 7th. Two equities research analysts have rated the stock with a sell rating, twelve have issued a hold rating, thirteen have given a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, the company has an average rating of “Hold” and a consensus target price of $314.00.

Amgen Stock Performance

Amgen stock opened at $281.68 on Tuesday. Amgen has a fifty-two week low of $253.30 and a fifty-two week high of $346.85. The stock’s 50 day simple moving average is $271.48 and its two-hundred day simple moving average is $305.15. The company has a debt-to-equity ratio of 7.55, a quick ratio of 0.96 and a current ratio of 1.32. The stock has a market cap of $151.41 billion, a price-to-earnings ratio of 36.07, a PEG ratio of 2.78 and a beta of 0.56.

Amgen (NASDAQ:AMGN) last issued its quarterly earnings results on Wednesday, October 30th. The medical research company reported $5.58 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $5.11 by $0.47. Amgen had a net margin of 13.00% and a return on equity of 168.35%. The company had revenue of $8.50 billion during the quarter, compared to analysts’ expectations of $8.50 billion. During the same period last year, the company posted $4.96 EPS. Amgen’s revenue was up 23.2% on a year-over-year basis. As a group, analysts expect that Amgen will post 19.56 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Amgen

Institutional investors have recently modified their holdings of the stock. PrairieView Partners LLC grew its stake in shares of Amgen by 118.3% during the fourth quarter. PrairieView Partners LLC now owns 179 shares of the medical research company’s stock valued at $46,000 after buying an additional 97 shares during the last quarter. Park Capital Management LLC WI purchased a new position in Amgen during the 4th quarter valued at $269,000. Ingalls & Snyder LLC grew its position in Amgen by 1.3% in the 4th quarter. Ingalls & Snyder LLC now owns 15,660 shares of the medical research company’s stock valued at $4,082,000 after acquiring an additional 200 shares during the last quarter. Castle Wealth Management LLC increased its stake in Amgen by 5.1% in the fourth quarter. Castle Wealth Management LLC now owns 3,681 shares of the medical research company’s stock worth $959,000 after purchasing an additional 177 shares during the period. Finally, Hidden Cove Wealth Management LLC bought a new stake in shares of Amgen during the fourth quarter worth $293,000. 76.50% of the stock is owned by 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.