Amgen Inc. $AMGN Stake Raised by Pinnacle Associates Ltd.

Pinnacle Associates Ltd. grew its holdings in shares of Amgen Inc. (NASDAQ:AMGN) by 2.7% in the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 60,127 shares of the medical research company’s stock after purchasing an additional 1,608 shares during the period. Pinnacle Associates Ltd.’s holdings in Amgen were worth $16,788,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds also recently made changes to their positions in the business. Fairvoy Private Wealth LLC boosted its holdings in Amgen by 1.1% during the second quarter. Fairvoy Private Wealth LLC now owns 3,171 shares of the medical research company’s stock worth $885,000 after buying an additional 35 shares in the last quarter. Nicholson Wealth Management Group LLC lifted its position in shares of Amgen by 0.6% during the 2nd quarter. Nicholson Wealth Management Group LLC now owns 5,918 shares of the medical research company’s stock valued at $1,652,000 after acquiring an additional 35 shares during the last quarter. Crumly & Associates Inc. boosted its stake in shares of Amgen by 3.2% during the 2nd quarter. Crumly & Associates Inc. now owns 1,146 shares of the medical research company’s stock worth $320,000 after acquiring an additional 36 shares in the last quarter. Maryland Capital Advisors Inc. boosted its stake in shares of Amgen by 5.2% during the 2nd quarter. Maryland Capital Advisors Inc. now owns 732 shares of the medical research company’s stock worth $204,000 after acquiring an additional 36 shares in the last quarter. Finally, Lion Street Advisors LLC grew its holdings in shares of Amgen by 1.3% in the 2nd quarter. Lion Street Advisors LLC now owns 2,773 shares of the medical research company’s stock worth $774,000 after acquiring an additional 36 shares during the last quarter. Institutional investors and hedge funds own 76.50% of the company’s stock.

Insider Activity

In related news, SVP Nancy A. Grygiel sold 1,267 shares of Amgen stock in a transaction on Wednesday, August 20th. The stock was sold at an average price of $296.99, for a total transaction of $376,286.33. Following the completion of the sale, the senior vice president owned 7,209 shares of the company’s stock, valued at approximately $2,141,000.91. This trade represents a 14.95% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Corporate insiders own 0.76% of the company’s stock.

Amgen Stock Performance

AMGN stock opened at $292.00 on Friday. The firm has a 50 day simple moving average of $287.66 and a 200 day simple moving average of $287.48. Amgen Inc. has a 52 week low of $253.30 and a 52 week high of $335.88. The stock has a market cap of $157.20 billion, a P/E ratio of 23.88, a P/E/G ratio of 2.61 and a beta of 0.49. The company has a debt-to-equity ratio of 7.24, a quick ratio of 0.98 and a current ratio of 1.31.

Amgen (NASDAQ:AMGN) last released its earnings results on Tuesday, August 5th. The medical research company reported $6.02 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $5.28 by $0.74. The company had revenue of $9.18 billion during the quarter, compared to the consensus estimate of $8.86 billion. Amgen had a net margin of 18.96% and a return on equity of 174.71%. The company’s revenue was up 9.4% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $4.97 EPS. Amgen has set its FY 2025 guidance at 20.200-21.300 EPS. Research analysts anticipate that Amgen Inc. will post 20.62 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of equities analysts recently weighed in on the company. Citigroup increased their price target on Amgen from $310.00 to $315.00 and gave the company a “neutral” rating in a research report on Wednesday, September 24th. Morgan Stanley upped their price objective on shares of Amgen from $330.00 to $333.00 and gave the company an “equal weight” rating in a research note on Wednesday, August 6th. Piper Sandler raised their target price on shares of Amgen from $328.00 to $342.00 and gave the stock an “overweight” rating in a report on Monday, August 25th. Bank of America boosted their price target on shares of Amgen from $261.00 to $272.00 and gave the company an “underperform” rating in a report on Friday, September 26th. Finally, Wall Street Zen lowered shares of Amgen from a “buy” rating to a “hold” rating in a research note on Monday. Six research analysts have rated the stock with a Buy rating, eleven have issued a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus price target of $300.94.

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.