Amgen (NASDAQ:AMGN)‘s stock had its “buy” rating reaffirmed by equities researchers at Cowen in a note issued to investors on Tuesday. They presently have a $204.00 price objective on the medical research company’s stock. Cowen’s target price indicates a potential upside of 16.68% from the stock’s current price.
Other equities analysts have also issued research reports about the company. Mizuho reaffirmed a “buy” rating and issued a $192.00 price target on shares of Amgen in a research note on Thursday, February 1st. Oppenheimer reaffirmed a “buy” rating and issued a $205.00 price target on shares of Amgen in a research note on Tuesday, January 30th. Argus raised Amgen from a “hold” rating to a “buy” rating and upped their price target for the company from $192.33 to $220.00 in a research note on Tuesday, January 23rd. Piper Jaffray reaffirmed a “buy” rating on shares of Amgen in a research note on Tuesday, January 2nd. Finally, Zacks Investment Research raised Amgen from a “hold” rating to a “buy” rating and set a $194.00 target price on the stock in a research note on Thursday, April 5th. Two analysts have rated the stock with a sell rating, fifteen have issued a hold rating and ten have assigned a buy rating to the company’s stock. The stock currently has a consensus rating of “Hold” and an average price target of $190.48.
Shares of Amgen stock opened at $174.83 on Tuesday. Amgen has a 52 week low of $152.16 and a 52 week high of $201.23. The firm has a market capitalization of $114,902.43, a PE ratio of 13.33, a price-to-earnings-growth ratio of 2.10 and a beta of 1.36. The company has a current ratio of 5.49, a quick ratio of 5.17 and a debt-to-equity ratio of 1.35.
Amgen announced that its Board of Directors has authorized a stock buyback program on Thursday, February 1st that authorizes the company to buyback $10.00 billion in outstanding shares. This buyback authorization authorizes the medical research company to buy shares of its stock through open market purchases. Stock buyback programs are often an indication that the company’s board of directors believes its shares are undervalued.
In other Amgen news, EVP Sean E. Harper sold 1,525 shares of the company’s stock in a transaction dated Friday, March 16th. The stock was sold at an average price of $189.75, for a total transaction of $289,368.75. The sale was disclosed in a filing with the SEC, which is available at the SEC website. In the last 90 days, insiders have sold 4,575 shares of company stock worth $818,330. 0.19% of the stock is owned by company insiders.
Several institutional investors and hedge funds have recently added to or reduced their stakes in the company. FMR LLC increased its holdings in shares of Amgen by 4.8% in the 2nd quarter. FMR LLC now owns 56,999,572 shares of the medical research company’s stock valued at $9,817,037,000 after acquiring an additional 2,587,041 shares during the last quarter. Vanguard Group Inc. increased its holdings in shares of Amgen by 0.9% in the 2nd quarter. Vanguard Group Inc. now owns 52,146,935 shares of the medical research company’s stock valued at $8,981,266,000 after acquiring an additional 489,720 shares during the last quarter. Bank of New York Mellon Corp increased its holdings in shares of Amgen by 1.7% in the 3rd quarter. Bank of New York Mellon Corp now owns 8,166,002 shares of the medical research company’s stock valued at $1,522,551,000 after acquiring an additional 140,117 shares during the last quarter. Geode Capital Management LLC increased its holdings in shares of Amgen by 2.5% in the 4th quarter. Geode Capital Management LLC now owns 8,110,133 shares of the medical research company’s stock valued at $1,407,552,000 after acquiring an additional 199,838 shares during the last quarter. Finally, Nordea Investment Management AB increased its holdings in shares of Amgen by 12.9% in the 2nd quarter. Nordea Investment Management AB now owns 7,040,599 shares of the medical research company’s stock valued at $1,212,602,000 after acquiring an additional 806,119 shares during the last quarter. Institutional investors and hedge funds own 85.76% of the company’s stock.
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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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