Amgen (NASDAQ:AMGN) Earns Outperform Rating from Royal Bank of Canada

Amgen (NASDAQ:AMGN)‘s stock had its “outperform” rating reissued by stock analysts at Royal Bank of Canada in a research note issued on Friday,Benzinga reports. They presently have a $324.00 price target on the medical research company’s stock. Royal Bank of Canada’s target price indicates a potential upside of 17.56% from the company’s previous close.

Several other research firms also recently commented on AMGN. Piper Sandler Companies restated an “overweight” rating and issued a $310.00 price target on shares of Amgen in a research note on Thursday, January 2nd. Barclays upped their price target on shares of Amgen from $300.00 to $315.00 and gave the company an “equal weight” rating in a research note on Monday, October 7th. Leerink Partners reduced their price objective on shares of Amgen from $349.00 to $302.00 in a research note on Wednesday, November 27th. Cantor Fitzgerald reiterated an “overweight” rating and set a $405.00 price objective on shares of Amgen in a research note on Tuesday, October 22nd. Finally, Truist Financial reduced their price objective on shares of Amgen from $333.00 to $298.00 and set a “hold” rating on the stock in a research note on Wednesday, January 8th. Two analysts have rated the stock with a sell rating, twelve have issued a hold rating, thirteen have given a buy rating and one has issued a strong buy rating to the company. According to MarketBeat.com, the stock has an average rating of “Hold” and an average target price of $314.65.

Amgen Stock Performance

Shares of NASDAQ:AMGN traded down $2.27 on Friday, hitting $275.62. The company had a trading volume of 870,544 shares, compared to its average volume of 3,004,526. Amgen has a 1-year low of $253.30 and a 1-year high of $346.85. The stock has a market cap of $148.15 billion, a price-to-earnings ratio of 35.31, a P/E/G ratio of 2.78 and a beta of 0.56. The stock has a 50 day moving average price of $271.55 and a 200 day moving average price of $306.24. The company has a current ratio of 1.32, a quick ratio of 0.96 and a debt-to-equity ratio of 7.55.

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

Institutional Trading of Amgen

Large investors have recently modified their holdings of the stock. Pathway Financial Advisers LLC boosted its holdings in Amgen by 33,125.4% during the 3rd quarter. Pathway Financial Advisers LLC now owns 4,460,181 shares of the medical research company’s stock worth $1,437,115,000 after acquiring an additional 4,446,757 shares during the last quarter. International Assets Investment Management LLC boosted its holdings in shares of Amgen by 6,812.4% in the 3rd quarter. International Assets Investment Management LLC now owns 2,523,387 shares of the medical research company’s stock worth $8,130,610,000 after buying an additional 2,486,882 shares during the last quarter. Assenagon Asset Management S.A. boosted its holdings in shares of Amgen by 561.5% in the 3rd quarter. Assenagon Asset Management S.A. now owns 1,539,733 shares of the medical research company’s stock worth $496,117,000 after buying an additional 1,306,982 shares during the last quarter. Granite Bay Wealth Management LLC boosted its holdings in shares of Amgen by 9,058.1% in the 2nd quarter. Granite Bay Wealth Management LLC now owns 756,460 shares of the medical research company’s stock worth $223,897,000 after buying an additional 748,200 shares during the last quarter. Finally, Nordea Investment Management AB boosted its holdings in shares of Amgen by 40.7% in the 4th quarter. Nordea Investment Management AB now owns 2,338,665 shares of the medical research company’s stock worth $609,526,000 after buying an additional 676,598 shares during the last quarter. Institutional investors and hedge funds own 76.50% of the company’s stock.

Amgen Company Profile

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.