Amgen (NASDAQ:AMGN) Price Target Raised to $330.00 at Morgan Stanley

Amgen (NASDAQ:AMGN - Get Free Report) had its price target boosted by stock analysts at Morgan Stanley from $328.00 to $330.00 in a report issued on Wednesday,Benzinga reports. The brokerage currently has an "equal weight" rating on the medical research company's stock. Morgan Stanley's price target would indicate a potential upside of 14.39% from the stock's previous close.

Several other analysts have also commented on AMGN. Wells Fargo & Company restated an "equal weight" rating on shares of Amgen in a research report on Wednesday, February 5th. Bank of America upped their price target on Amgen from $275.00 to $294.00 and gave the stock an "underperform" rating in a report on Wednesday, March 5th. Royal Bank of Canada reissued an "outperform" rating and issued a $324.00 price objective on shares of Amgen in a report on Friday, January 24th. Piper Sandler Companies reissued an "overweight" rating and set a $310.00 target price on shares of Amgen in a research note on Thursday, January 2nd. Finally, Johnson Rice set a $294.00 target price on Amgen in a research report on Wednesday, March 5th. Two equities research analysts have rated the stock with a sell rating, nine have issued a hold rating, eleven have issued a buy rating and two have issued a strong buy rating to the company. Based on data from MarketBeat, Amgen has a consensus rating of "Moderate Buy" and a consensus target price of $315.22.

Amgen Stock Performance

NASDAQ AMGN traded up $2.51 on Wednesday, reaching $288.49. 832,155 shares of the company's stock traded hands, compared to its average volume of 2,772,105. Amgen has a fifty-two week low of $253.30 and a fifty-two week high of $346.85. The company has a debt-to-equity ratio of 9.62, a quick ratio of 0.95 and a current ratio of 1.26. The firm has a market cap of $155.11 billion, a price-to-earnings ratio of 38.21, a P/E/G ratio of 2.63 and a beta of 0.59. The stock has a 50 day moving average price of $304.33 and a 200-day moving average price of $295.11.

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Amgen (NASDAQ:AMGN - Get Free Report) last issued its earnings results on Tuesday, February 4th. The medical research company reported $5.31 EPS for the quarter, topping analysts' consensus estimates of $5.04 by $0.27. Amgen had a return on equity of 176.32% and a net margin of 12.24%. Equities research analysts predict that Amgen will post 20.62 EPS for the current fiscal year.

Insider Transactions at Amgen

In other news, SVP Nancy A. Grygiel sold 1,589 shares of the firm's stock in a transaction that occurred on Wednesday, February 5th. The shares were sold at an average price of $304.47, for a total value of $483,802.83. Following the completion of the transaction, the senior vice president now owns 7,210 shares of the company's stock, valued at approximately $2,195,228.70. This trade represents a 18.06 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, EVP David M. Reese sold 25,225 shares of the company's stock in a transaction that occurred on Friday, February 21st. The stock was sold at an average price of $304.44, for a total transaction of $7,679,499.00. Following the sale, the executive vice president now directly owns 36,922 shares in the company, valued at approximately $11,240,533.68. The trade was a 40.59 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 69,341 shares of company stock worth $20,644,335 over the last ninety days. Company insiders own 0.69% of the company's stock.

Hedge Funds Weigh In On Amgen

Several institutional investors have recently modified their holdings of the business. Wellington Management Group LLP grew its position in shares of Amgen by 2.1% during the third quarter. Wellington Management Group LLP now owns 239,354 shares of the medical research company's stock worth $77,122,000 after buying an additional 4,942 shares in the last quarter. Chiron Investment Management LLC acquired a new position in Amgen during the 3rd quarter worth approximately $512,000. Empire Financial Management Company LLC grew its holdings in Amgen by 11.4% during the 3rd quarter. Empire Financial Management Company LLC now owns 8,910 shares of the medical research company's stock worth $2,871,000 after acquiring an additional 911 shares in the last quarter. Sunbelt Securities Inc. increased its position in shares of Amgen by 5.2% in the 3rd quarter. Sunbelt Securities Inc. now owns 4,672 shares of the medical research company's stock valued at $1,505,000 after purchasing an additional 230 shares during the last quarter. Finally, Hobbs Group Advisors LLC lifted its position in shares of Amgen by 5.1% during the 3rd quarter. Hobbs Group Advisors LLC now owns 1,429 shares of the medical research company's stock worth $460,000 after purchasing an additional 69 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.