Cann reissued their buy rating on shares of Amgen Inc. (NASDAQ:AMGN) in a report published on Wednesday morning. Cann currently has a $203.00 price objective on the medical research company’s stock, up from their previous price objective of $189.00.
“Amgen reported GAAP earnings per share of $2.91, which is 3.2% higher than our estimate of $2.83. Earnings exceeded our expectations due to higher than estimated product sales and a lower than estimated tax rate. Higher than estimated product sales were primarily driven by higher sales of Aranesp, Kyprolis, Blincyto, and Sensipar. Nearly all of Amgen’s products exceeded our estimates for International sales. Total product sales of $5.57 billion exceeded our estimated $5.47 billion by 1.8% and exceeded consensus product sales by 2.7%.”,” Cann’s analyst commented.
Several other brokerages have also weighed in on AMGN. ValuEngine lowered Amgen from a buy rating to a hold rating in a report on Friday, June 2nd. Oppenheimer Holdings, Inc. restated an outperform rating and issued a $189.00 price objective on shares of Amgen in a report on Thursday, April 6th. BidaskClub upgraded Amgen from a buy rating to a strong-buy rating in a report on Friday, June 23rd. Robert W. Baird restated a neutral rating and issued a $165.00 price objective on shares of Amgen in a report on Friday, April 28th. Finally, Jefferies Group LLC restated a buy rating and issued a $195.00 price objective on shares of Amgen in a report on Tuesday, July 11th. One research analyst has rated the stock with a sell rating, thirteen have given a hold rating, eleven have given a buy rating and three have assigned a strong buy rating to the stock. The company currently has an average rating of Buy and an average target price of $186.81.
Shares of Amgen (NASDAQ:AMGN) traded down 2.62% on Wednesday, hitting $171.28. The stock had a trading volume of 3,853,257 shares. Amgen has a 12-month low of $133.64 and a 12-month high of $184.21. The company’s 50-day moving average price is $171.84 and its 200 day moving average price is $166.15. The firm has a market cap of $125.96 billion, a P/E ratio of 16.27 and a beta of 1.36.
Amgen (NASDAQ:AMGN) last announced its quarterly earnings data on Tuesday, July 25th. The medical research company reported $3.27 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $3.11 by $0.16. The business had revenue of $5.81 billion during the quarter, compared to analyst estimates of $5.67 billion. Amgen had a return on equity of 30.17% and a net margin of 35.46%. The company’s revenue was up 2.1% on a year-over-year basis. During the same quarter in the prior year, the firm posted $2.84 earnings per share. On average, equities research analysts forecast that Amgen will post $12.56 earnings per share for the current fiscal year.
In other Amgen news, SVP Cynthia M. Patton sold 2,922 shares of the company’s stock in a transaction dated Wednesday, May 24th. The stock was sold at an average price of $154.40, for a total value of $451,156.80. Following the transaction, the senior vice president now directly owns 24,214 shares of the company’s stock, valued at approximately $3,738,641.60. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Corporate insiders own 0.20% of the company’s stock.
A number of hedge funds and other institutional investors have recently modified their holdings of AMGN. Loomis Sayles & Co. L P raised its position in shares of Amgen by 4.7% in the fourth quarter. Loomis Sayles & Co. L P now owns 3,001,021 shares of the medical research company’s stock valued at $438,779,000 after buying an additional 133,918 shares during the last quarter. Ancora Advisors LLC raised its position in shares of Amgen by 48.3% in the fourth quarter. Ancora Advisors LLC now owns 7,239 shares of the medical research company’s stock valued at $1,058,000 after buying an additional 2,359 shares during the last quarter. Focused Wealth Management Inc raised its position in shares of Amgen by 248.0% in the fourth quarter. Focused Wealth Management Inc now owns 870 shares of the medical research company’s stock valued at $127,000 after buying an additional 620 shares during the last quarter. Banco Santander S.A. purchased a new position in shares of Amgen during the fourth quarter valued at $798,000. Finally, Guggenheim Capital LLC raised its position in shares of Amgen by 7.3% in the fourth quarter. Guggenheim Capital LLC now owns 725,359 shares of the medical research company’s stock valued at $106,055,000 after buying an additional 49,543 shares during the last quarter. 78.87% of the stock is currently owned by institutional investors.
About Amgen
Amgen Inc is a biotechnology company. The Company discovers, develops, manufactures and delivers various human therapeutics. It operates in human therapeutics segment. Its marketed products portfolio includes Neulasta (pegfilgrastim); erythropoiesis-stimulating agents (ESAs), such as Aranesp (darbepoetin alfa) and EPOGEN (epoetin alfa); Sensipar/Mimpara (cinacalcet); XGEVA (denosumab); Prolia (denosumab); NEUPOGEN (filgrastim), and other marketed products, such as KYPROLIS (carfilzomib), Vectibix (panitumumab), Nplate (romiplostim), Repatha (evolocumab), BLINCYTO (blinatumomab), IMLYGIC (talimogene laherparepvec) and Corlanor (ivabradine).
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