Argus Forecasts Strong Price Appreciation for Amgen (NASDAQ:AMGN) Stock

Amgen (NASDAQ:AMGN) had its price target raised by research analysts at Argus from $310.00 to $360.00 in a report issued on Tuesday,MarketScreener reports. The firm currently has a “buy” rating on the medical research company’s stock. Argus’ price objective suggests a potential upside of 9.21% from the stock’s previous close.

A number of other analysts have also recently weighed in on the company. Deutsche Bank Aktiengesellschaft upped their price target on Amgen from $280.00 to $285.00 and gave the company a “hold” rating in a research report on Tuesday, November 11th. Cantor Fitzgerald lifted their price objective on Amgen from $305.00 to $315.00 and gave the company a “neutral” rating in a research report on Thursday, November 6th. Guggenheim raised their target price on Amgen from $288.00 to $305.00 and gave the company a “neutral” rating in a research note on Thursday, November 6th. Truist Financial began coverage on shares of Amgen in a report on Monday, November 24th. They set a “hold” rating and a $318.00 price objective on the stock. Finally, Morgan Stanley reduced their target price on shares of Amgen from $329.00 to $304.00 and set an “equal weight” rating on the stock in a research report on Friday, December 12th. One research analyst has rated the stock with a Strong Buy rating, eleven have given a Buy rating, ten have issued a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat.com, Amgen presently has a consensus rating of “Moderate Buy” and a consensus target price of $334.14.

Amgen Stock Down 1.0%

AMGN opened at $329.63 on Tuesday. The company has a market capitalization of $177.50 billion, a PE ratio of 25.47, a price-to-earnings-growth ratio of 3.09 and a beta of 0.45. The company has a debt-to-equity ratio of 5.45, a current ratio of 1.28 and a quick ratio of 0.99. Amgen has a fifty-two week low of $257.05 and a fifty-two week high of $346.38. The business has a 50-day moving average of $323.50 and a 200-day moving average of $301.99.

Amgen (NASDAQ:AMGN) last posted its quarterly earnings data on Tuesday, November 4th. The medical research company reported $5.64 earnings per share (EPS) for the quarter, topping the consensus estimate of $5.01 by $0.63. Amgen had a net margin of 19.47% and a return on equity of 162.59%. 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 prior year, the firm earned $5.58 EPS. Amgen’s quarterly revenue was up 12.4% compared to the same quarter last year. Amgen has set its FY 2025 guidance at 20.600-21.400 EPS. Equities research analysts forecast that Amgen will post 20.62 EPS for the current fiscal year.

Insider Activity at Amgen

In other Amgen news, SVP Rachna Khosla sold 890 shares of the business’s stock in a transaction that occurred on Wednesday, November 12th. The stock was sold at an average price of $336.24, for a total transaction of $299,253.60. Following the transaction, the senior vice president owned 7,082 shares of the company’s stock, valued at $2,381,251.68. The trade was a 11.16% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, SVP Nancy A. Grygiel sold 3,139 shares of the company’s stock in a transaction that occurred on Thursday, November 20th. The stock was sold at an average price of $337.26, for a total value of $1,058,659.14. Following the sale, the senior vice president owned 7,225 shares in the company, valued at approximately $2,436,703.50. This represents a 30.29% decrease in their position. The disclosure for this sale is available in the SEC filing. In the last three months, insiders sold 10,908 shares of company stock worth $3,674,966. 0.69% of the stock is owned by company insiders.

Hedge Funds Weigh In On Amgen

Several large investors have recently modified their holdings of AMGN. Brighton Jones LLC boosted its holdings in shares of Amgen by 23.5% in the 4th quarter. Brighton Jones LLC now owns 27,468 shares of the medical research company’s stock valued at $7,159,000 after purchasing an additional 5,226 shares in the last quarter. State of Wyoming bought a new stake in Amgen during the 1st quarter worth approximately $212,000. Focus Partners Advisor Solutions LLC increased its position in Amgen by 3.0% in the 1st quarter. Focus Partners Advisor Solutions LLC now owns 8,751 shares of the medical research company’s stock valued at $2,727,000 after acquiring an additional 253 shares during the period. EP Wealth Advisors LLC raised its stake in shares of Amgen by 26.4% during the first quarter. EP Wealth Advisors LLC now owns 39,823 shares of the medical research company’s stock valued at $12,407,000 after acquiring an additional 8,317 shares during the last quarter. Finally, Federation des caisses Desjardins du Quebec lifted its holdings in shares of Amgen by 5.5% during the first quarter. Federation des caisses Desjardins du Quebec now owns 29,650 shares of the medical research company’s stock worth $9,238,000 after purchasing an additional 1,538 shares during the period. 76.50% of the stock is owned by institutional investors.

About Amgen

Amgen Inc (NASDAQ: AMGN) is a global biotechnology company founded in 1980 and headquartered in Thousand Oaks, California. The company focuses on discovering, developing, manufacturing and delivering human therapeutics that address serious illnesses. Amgen’s work centers on biologic medicines derived from cellular and molecular biology, with an emphasis on translating advances in human genetics and protein science into therapies for patients.

Amgen’s commercial portfolio has historically included biologics used in oncology, supportive care, nephrology, bone health and cardiovascular disease.