Cann Reiterates Buy Rating for Amgen Inc. (AMGN)
Amgen Inc. (NASDAQ:AMGN)‘s stock had its “buy” rating restated by equities research analysts at Cann in a research report issued on Friday. They presently have a $203.00 price objective on the medical research company’s stock. Cann’s target price would indicate a potential upside of 9.25% from the company’s previous close.
The analysts wrote, “Amgen yesterday announced that the Journal of Clinical Oncology has published positive results from the Imlygic (talimogene laherparepvec) phase II ‘264 study, demonstrating a doubling of response rate or better in the Imlygic combination arm. The data published yesterday in JCO are encouraging, and these along with results from ongoing studies could lead to unexpected adoption of Imlygic and provide upside to our sales estimates. These data demonstrated that Imlygic has a dramatic effect in combination with Yervoy, and the combination looks as strong a much of the reference data for other combinations.””
AMGN has been the subject of several other research reports. BMO Capital Markets downgraded shares of Amgen from an “outperform” rating to a “market perform” rating and set a $199.00 price objective for the company. in a research note on Friday, July 21st. They noted that the move was a valuation call. Credit Suisse Group reissued a “neutral” rating and issued a $186.00 price objective (up previously from $177.00) on shares of Amgen in a research note on Friday, September 29th. Oppenheimer Holdings, Inc. reissued a “buy” rating and issued a $203.00 price objective on shares of Amgen in a research note on Thursday, September 7th. Leerink Swann reissued a “market perform” rating and issued a $161.00 price objective on shares of Amgen in a research note on Thursday, June 22nd. Finally, UBS AG set a $180.00 price objective on shares of Amgen and gave the stock a “hold” rating in a research note on Wednesday, July 26th. Ten analysts have rated the stock with a hold rating, eleven have issued a buy rating and two have given a strong buy rating to the company. The company has a consensus rating of “Buy” and a consensus price target of $189.99.
Amgen (AMGN) opened at 185.82 on Friday. The company’s 50-day moving average price is $181.33 and its 200-day moving average price is $170.23. Amgen has a one year low of $133.64 and a one year high of $191.10. The stock has a market cap of $135.59 billion, a P/E ratio of 16.93 and a beta of 1.36. Amgen also was the target of unusually large options trading activity on Thursday. Investors purchased 9,350 put options on the stock. This is an increase of approximately 239% compared to the average daily volume of 2,758 put options.
Amgen (NASDAQ:AMGN) last announced its quarterly earnings data on Tuesday, July 25th. The medical research company reported $3.27 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $3.11 by $0.16. The business had revenue of $5.81 billion during the quarter, compared to the consensus estimate of $5.67 billion. Amgen had a net margin of 35.46% and a return on equity of 29.85%. The firm’s quarterly revenue was up 2.1% compared to the same quarter last year. During the same quarter last year, the firm earned $2.84 earnings per share. Analysts forecast that Amgen will post $12.58 EPS for the current fiscal year.
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A number of hedge funds have recently modified their holdings of AMGN. TrimTabs Asset Management LLC increased its holdings in Amgen by 88.9% during the first quarter. TrimTabs Asset Management LLC now owns 612 shares of the medical research company’s stock valued at $100,000 after buying an additional 288 shares during the period. Alpha Omega Wealth Management LLC increased its holdings in Amgen by 19.0% during the first quarter. Alpha Omega Wealth Management LLC now owns 625 shares of the medical research company’s stock valued at $103,000 after buying an additional 100 shares during the period. Jackson Grant Investment Advisers Inc. increased its holdings in Amgen by 0.6% during the first quarter. Jackson Grant Investment Advisers Inc. now owns 636 shares of the medical research company’s stock valued at $104,000 after buying an additional 4 shares during the period. American Beacon Advisors Inc. purchased a new position in Amgen during the first quarter valued at approximately $106,000. Finally, Phocas Financial Corp. purchased a new position in Amgen during the second quarter valued at approximately $110,000. 78.10% of the stock is currently owned by institutional investors.
Amgen Company Profile
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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