Amgen (NASDAQ:AMGN) Price Target Lowered to $400.00 at The Goldman Sachs Group

Amgen (NASDAQ:AMGN) had its target price dropped by stock analysts at The Goldman Sachs Group from $405.00 to $400.00 in a report issued on Wednesday,MarketScreener reports. The brokerage presently has a “buy” rating on the medical research company’s stock. The Goldman Sachs Group’s price target indicates a potential upside of 34.82% from the stock’s previous close.

AMGN has been the subject of several other reports. Piper Sandler upped their price target on shares of Amgen from $328.00 to $342.00 and gave the stock an “overweight” rating in a report on Monday, August 25th. Morgan Stanley boosted their price objective on Amgen from $330.00 to $333.00 and gave the stock an “equal weight” rating in a research report on Wednesday, August 6th. Weiss Ratings upgraded Amgen from a “hold (c+)” rating to a “buy (b-)” rating in a research report on Wednesday, October 8th. UBS Group cut their price target on Amgen from $326.00 to $317.00 and set a “neutral” rating on the stock in a research note on Wednesday, August 6th. Finally, Wells Fargo & Company set a $300.00 price objective on Amgen in a research note on Wednesday. Seven investment analysts have rated the stock with a Buy rating, eleven have given a Hold rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus target price of $307.33.

Amgen Price Performance

AMGN stock opened at $296.70 on Wednesday. The company’s 50-day moving average price is $288.05 and its two-hundred day moving average price is $287.76. The firm has a market cap of $159.73 billion, a P/E ratio of 24.26, a P/E/G ratio of 2.61 and a beta of 0.49. 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 has a 12 month low of $253.30 and a 12 month high of $335.88.

Amgen (NASDAQ:AMGN) last announced its quarterly earnings data on Tuesday, November 4th. The medical research company reported $5.64 EPS for the quarter, beating 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 business had revenue of $9.56 billion during the quarter, compared to the consensus estimate of $8.98 billion. During the same period in the previous year, the business earned $5.58 earnings per share. The company’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. On average, analysts anticipate that Amgen will post 20.62 earnings per share for the current fiscal year.

Insider Activity at Amgen

In related news, SVP Nancy A. Grygiel sold 1,267 shares of the company’s stock in a transaction that occurred on Wednesday, August 20th. The stock was sold at an average price of $296.99, for a total value of $376,286.33. Following the sale, the senior vice president directly owned 7,209 shares in the company, valued at $2,141,000.91. This represents a 14.95% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. 0.76% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently modified their holdings of AMGN. Laurel Wealth Advisors LLC increased its holdings in shares of Amgen by 27,765.8% during the second quarter. Laurel Wealth Advisors LLC now owns 6,700,621 shares of the medical research company’s stock valued at $1,870,880,000 after acquiring an additional 6,676,575 shares in the last quarter. Norges Bank bought a new position in shares of Amgen in the 2nd quarter worth $1,663,726,000. Nuveen LLC acquired a new stake in Amgen in the 1st quarter valued at $688,868,000. Vanguard Group Inc. increased its stake in Amgen by 1.6% during the 2nd quarter. Vanguard Group Inc. now owns 53,711,570 shares of the medical research company’s stock valued at $14,996,807,000 after purchasing an additional 841,117 shares in the last quarter. Finally, Charles Schwab Investment Management Inc. raised its holdings in Amgen by 5.6% during the second quarter. Charles Schwab Investment Management Inc. now owns 12,893,677 shares of the medical research company’s stock worth $3,600,043,000 after buying an additional 687,735 shares during the last quarter. Institutional investors and hedge funds own 76.50% of the company’s stock.

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.