Oppenheimer Reiterates “$240.00” Price Target for Amgen (NASDAQ:AMGN)

Amgen (NASDAQ:AMGN) has been assigned a $240.00 target price by Oppenheimer in a report released on Monday, TipRanks reports. The brokerage currently has a “buy” rating on the medical research company’s stock. Oppenheimer’s price objective would suggest a potential upside of 22.55% from the stock’s previous close.

A number of other equities analysts also recently commented on the stock. Cantor Fitzgerald reissued a “neutral” rating and issued a $230.00 target price (up previously from $221.00) on shares of Amgen in a research note on Thursday, September 5th. Citigroup restated a “buy” rating on shares of Amgen in a report on Monday, August 12th. Morgan Stanley decreased their price target on shares of Amgen from $211.00 to $207.00 and set an “overweight” rating for the company in a research report on Monday, July 15th. William Blair reiterated a “hold” rating on shares of Amgen in a report on Friday, August 30th. Finally, BMO Capital Markets raised their price objective on Amgen from $230.00 to $240.00 and gave the company an “outperform” rating in a research report on Tuesday, August 27th. Eleven investment analysts have rated the stock with a hold rating and ten have assigned a buy rating to the company. The stock has a consensus rating of “Hold” and a consensus target price of $217.33.

AMGN traded down $1.03 on Monday, reaching $195.84. 2,837,132 shares of the company’s stock were exchanged, compared to its average volume of 3,050,802. The company’s 50 day moving average is $196.19 and its 200-day moving average is $185.15. The company has a market cap of $121.34 billion, a price-to-earnings ratio of 13.60, a PEG ratio of 2.37 and a beta of 1.11. Amgen has a twelve month low of $166.30 and a twelve month high of $211.90. The company has a debt-to-equity ratio of 2.58, a quick ratio of 2.60 and a current ratio of 2.89.

Amgen (NASDAQ:AMGN) last posted its quarterly earnings results on Tuesday, July 30th. The medical research company reported $3.97 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $3.58 by $0.39. The firm had revenue of $5.87 billion for the quarter, compared to analyst estimates of $5.67 billion. Amgen had a net margin of 33.78% and a return on equity of 76.17%. Amgen’s revenue for the quarter was down 3.1% compared to the same quarter last year. During the same quarter last year, the firm posted $3.83 earnings per share. Sell-side analysts forecast that Amgen will post 14.3 EPS for the current year.

In other Amgen news, Director Ronald D. Sugar sold 2,000 shares of the business’s stock in a transaction on Wednesday, July 3rd. The shares were sold at an average price of $187.58, for a total value of $375,160.00. Following the transaction, the director now owns 16,336 shares in the company, valued at approximately $3,064,306.88. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Director R Sanders Williams sold 425 shares of the company’s stock in a transaction dated Wednesday, August 7th. The shares were sold at an average price of $183.04, for a total transaction of $77,792.00. Following the completion of the transaction, the director now directly owns 16,336 shares of the company’s stock, valued at $2,990,141.44. The disclosure for this sale can be found here. Insiders have sold a total of 17,851 shares of company stock worth $3,659,900 in the last ninety days. 0.25% of the stock is currently owned by insiders.

Several hedge funds and other institutional investors have recently made changes to their positions in the company. Advisors Preferred LLC purchased a new position in shares of Amgen during the 2nd quarter valued at approximately $30,000. Arbor Wealth Management LLC grew its position in shares of Amgen by 154.5% during the second quarter. Arbor Wealth Management LLC now owns 168 shares of the medical research company’s stock worth $31,000 after buying an additional 102 shares in the last quarter. C J Advisory Inc acquired a new stake in shares of Amgen during the first quarter worth approximately $40,000. Ashburton Jersey Ltd bought a new stake in shares of Amgen in the second quarter worth $42,000. Finally, Sound Income Strategies LLC increased its stake in shares of Amgen by 402.1% in the second quarter. Sound Income Strategies LLC now owns 236 shares of the medical research company’s stock worth $43,000 after buying an additional 189 shares during the last quarter. 76.28% of the stock is currently owned by institutional investors and hedge funds.

About Amgen

Amgen Inc discovers, develops, manufactures, and delivers human therapeutics worldwide. It offers products for the treatment of oncology/hematology, cardiovascular, inflammation, bone health, and neuroscience. The company's products include Enbrel to treat plaque psoriasis, rheumatoid arthritis, and psoriatic arthritis; Neulasta, a pegylated protein to treat cancer patients; Prolia to treat postmenopausal women with osteoporosis; Aranesp to treat anemia; Xgeva for skeletal-related events prevention; Sensipar/Mimpara products to treat sHPT in chronic kidney disease; and EPOGEN to treat a lower-than-normal number of red blood cells.

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Analyst Recommendations for Amgen (NASDAQ:AMGN)

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