Wells Fargo & Company Has Lowered Expectations for Amgen (NASDAQ:AMGN) Stock Price

Amgen (NASDAQ:AMGN - Get Free Report) had its target price dropped by equities researchers at Wells Fargo & Company from $335.00 to $280.00 in a research report issued on Friday,Benzinga reports. The firm presently has an "equal weight" rating on the medical research company's stock. Wells Fargo & Company's price target would indicate a potential upside of 6.78% from the company's previous close.

Other analysts have also issued research reports about the company. Citigroup dropped their price target on Amgen from $335.00 to $310.00 in a research note on Wednesday, November 27th. Barclays increased their price objective on Amgen from $300.00 to $315.00 and gave the company an "equal weight" rating in a research report on Monday, October 7th. Jefferies Financial Group reiterated a "buy" rating and set a $380.00 target price on shares of Amgen in a research note on Tuesday, November 12th. Truist Financial reduced their target price on shares of Amgen from $333.00 to $298.00 and set a "hold" rating for the company in a report on Wednesday. Finally, UBS Group decreased their price objective on shares of Amgen from $335.00 to $326.00 and set a "neutral" rating on the stock in a research report on Thursday, October 31st. Two research analysts have rated the stock with a sell rating, twelve have assigned a hold rating, thirteen have issued a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat, Amgen has an average rating of "Hold" and a consensus target price of $314.91.

Amgen Price Performance

NASDAQ:AMGN traded down $1.98 during midday trading on Friday, hitting $262.23. The company had a trading volume of 2,721,781 shares, compared to its average volume of 3,053,942. The stock's fifty day moving average price is $280.24 and its 200-day moving average price is $309.15. Amgen has a 52-week low of $253.30 and a 52-week high of $346.85. The company has a quick ratio of 0.96, a current ratio of 1.32 and a debt-to-equity ratio of 7.55. The company has a market capitalization of $140.96 billion, a PE ratio of 33.58, a P/E/G ratio of 2.91 and a beta of 0.56.

Amgen (NASDAQ:AMGN - Get Free Report) last issued its quarterly earnings results on Wednesday, October 30th. The medical research company reported $5.58 EPS for the quarter, beating analysts' consensus estimates of $5.11 by $0.47. Amgen had a net margin of 13.00% and a return on equity of 168.35%. The business had revenue of $8.50 billion for the quarter, compared to analysts' expectations of $8.50 billion. During the same period last year, the business earned $4.96 earnings per share. The business's quarterly revenue was up 23.2% on a year-over-year basis. As a group, research analysts expect that Amgen will post 19.53 earnings per share for the current year.

Institutional Investors Weigh In On Amgen

Several hedge funds have recently modified their holdings of the stock. Capital Performance Advisors LLP acquired a new stake in shares of Amgen during the 3rd quarter valued at approximately $25,000. Legacy Investment Solutions LLC acquired a new stake in Amgen during the 3rd quarter valued at $29,000. Hershey Financial Advisers LLC purchased a new stake in Amgen during the 2nd quarter worth about $30,000. Matrix Trust Co purchased a new position in Amgen in the 3rd quarter valued at about $36,000. Finally, Livelsberger Financial Advisory acquired a new stake in shares of Amgen during the 3rd quarter worth about $56,000. 76.50% of the stock is owned by institutional investors and hedge funds.

Amgen Company Profile

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.