Amgen’s (AMGN) “Neutral” Rating Reiterated at Cantor Fitzgerald
Amgen (NASDAQ:AMGN)‘s stock had its “neutral” rating restated by equities researchers at Cantor Fitzgerald in a report released on Tuesday. They presently have a $223.00 price target on the medical research company’s stock. Cantor Fitzgerald’s price target would indicate a potential upside of 12.05% from the company’s current price.
The analysts wrote, “We visited Amgen’s headquarters in conjunction with our post ASH bus tour and met the company’s CFO, R&D head, and IR team. We highlight key takeaways in this note. Management continues to sound very bullish about the Aimovig launch even as competitors launch. We could expect a decision on the Sandoz case around the mediation in Jan. We would expect 2019 guidance range to be as wide or a bit wider than 2018 due to biosimilars. From speaking to management, we think the biggest moving piece is Neulasta experiencing now two biosimilar competitors. When looking at analogs, the company notes drug lost about 50% share, but Amgen has the OnPro device, which may allow it to slow the rate of branded loss. Sensipar ($1.7B ’18 Bloomberg consensus) is a moving piece since generics have not launched at risk.””
AMGN has been the subject of several other reports. Oppenheimer reissued a “buy” rating and set a $224.00 price objective on shares of Amgen in a report on Tuesday, October 2nd. Jefferies Financial Group reissued a “buy” rating and set a $220.00 price objective on shares of Amgen in a report on Friday, August 24th. Morgan Stanley raised their price objective on shares of Amgen from $210.00 to $212.00 and gave the stock an “overweight” rating in a report on Thursday, October 11th. Leerink Swann set a $209.00 price objective on shares of Amgen and gave the stock a “hold” rating in a report on Monday, September 17th. Finally, BidaskClub raised shares of Amgen from a “buy” rating to a “strong-buy” rating in a report on Friday, November 30th. One investment analyst has rated the stock with a sell rating, thirteen have given a hold rating, ten have given a buy rating and one has given a strong buy rating to the stock. The stock currently has a consensus rating of “Hold” and a consensus target price of $205.68.
Amgen (NASDAQ:AMGN) last announced its quarterly earnings data on Tuesday, October 30th. The medical research company reported $3.69 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $3.45 by $0.24. The company had revenue of $5.90 billion during the quarter, compared to analyst estimates of $5.78 billion. Amgen had a net margin of 9.44% and a return on equity of 54.14%. The firm’s revenue for the quarter was up 2.3% compared to the same quarter last year. During the same period last year, the business earned $3.27 EPS. Equities analysts forecast that Amgen will post 14.24 earnings per share for the current fiscal year.
In related news, SVP Cynthia M. Patton sold 1,777 shares of Amgen stock in a transaction dated Thursday, November 29th. The shares were sold at an average price of $202.88, for a total value of $360,517.76. Following the sale, the senior vice president now directly owns 23,090 shares in the company, valued at approximately $4,684,499.20. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website. Company insiders own 0.19% of the company’s stock.
Large investors have recently modified their holdings of the stock. Kwmg LLC bought a new stake in Amgen in the 2nd quarter valued at about $108,000. Mainstay Capital Management LLC ADV bought a new stake in Amgen in the 2nd quarter valued at about $111,000. Polaris Greystone Financial Group LLC bought a new stake in Amgen in the 3rd quarter valued at about $166,000. Family Firm Inc. bought a new stake in Amgen in the 2nd quarter valued at about $202,000. Finally, Wellington Shields Capital Management LLC bought a new stake in Amgen in the 3rd quarter valued at about $202,000. Hedge funds and other institutional investors own 76.94% of the company’s stock.
Amgen Company Profile
Amgen Inc discovers, develops, manufactures, and delivers human therapeutics worldwide. It offers products for the treatment of oncology/hematology, cardiovascular, inflammation, bone health, nephrology, and neuroscience. The company's products include Evenity to treat osteoporosis in postmenopausal women; Prolia to treat postmenopausal women with osteoporosis; Xgeva for skeletal-related events prevention; Repatha to treat coronary diseases; Enbrel to treat plaque psoriasis, rheumatoid arthritis, and psoriatic arthritis; Parsabiv to treat secondary hyperparathyroidism (sHPT); and Aimovig for the prevention of migraine.
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