Investors Buy Shares of Amgen (AMGN) on Weakness

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Investors purchased shares of Amgen, Inc. (NASDAQ:AMGN) on weakness during trading hours on Wednesday. $164.23 million flowed into the stock on the tick-up and $84.05 million flowed out of the stock on the tick-down, for a money net flow of $80.18 million into the stock. Of all stocks tracked, Amgen had the 9th highest net in-flow for the day. Amgen traded down ($2.54) for the day and closed at $193.15

A number of equities analysts recently issued reports on AMGN shares. TheStreet raised shares of Amgen from a “c+” rating to a “b-” rating in a research note on Friday, May 25th. Mizuho set a $200.00 price target on shares of Amgen and gave the stock a “buy” rating in a research note on Tuesday, May 15th. Cowen reissued a “buy” rating and issued a $204.00 price target on shares of Amgen in a research note on Tuesday, April 24th. Zacks Investment Research raised shares of Amgen from a “hold” rating to a “buy” rating and set a $194.00 price target for the company in a research note on Thursday, April 5th. Finally, Cann reissued a “buy” rating on shares of Amgen in a research note on Friday, June 8th. One investment analyst has rated the stock with a sell rating, eleven have assigned a hold rating, eleven have given a buy rating and one has assigned a strong buy rating to the company’s stock. Amgen has an average rating of “Buy” and a consensus price target of $195.45.

The company has a market cap of $128.48 billion, a price-to-earnings ratio of 15.36, a P/E/G ratio of 2.41 and a beta of 1.38. The company has a current ratio of 3.88, a quick ratio of 3.60 and a debt-to-equity ratio of 2.14.

Amgen (NASDAQ:AMGN) last announced its earnings results on Tuesday, April 24th. The medical research company reported $3.47 earnings per share for the quarter, beating the Zacks’ consensus estimate of $3.24 by $0.23. Amgen had a net margin of 9.67% and a return on equity of 35.80%. The business had revenue of $5.55 billion during the quarter, compared to the consensus estimate of $5.44 billion. During the same quarter last year, the firm earned $3.15 earnings per share. The business’s revenue for the quarter was up 1.6% on a year-over-year basis. equities analysts predict that Amgen, Inc. will post 13.67 earnings per share for the current fiscal year.

In related news, EVP Sean E. Harper sold 1,525 shares of the firm’s stock in a transaction that occurred on Monday, May 14th. The shares were sold at an average price of $174.10, for a total transaction of $265,502.50. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders have sold 4,575 shares of company stock valued at $809,851 in the last three months. 0.27% of the stock is owned by insiders.

Several institutional investors and hedge funds have recently made changes to their positions in AMGN. Catawba Capital Management VA boosted its stake in shares of Amgen by 22.2% during the 2nd quarter. Catawba Capital Management VA now owns 5,882 shares of the medical research company’s stock worth $1,086,000 after acquiring an additional 1,070 shares during the last quarter. Raymond James Trust N.A. boosted its stake in shares of Amgen by 0.9% during the 2nd quarter. Raymond James Trust N.A. now owns 53,550 shares of the medical research company’s stock worth $9,885,000 after acquiring an additional 472 shares during the last quarter. Ledyard National Bank boosted its stake in shares of Amgen by 1.2% during the 2nd quarter. Ledyard National Bank now owns 35,887 shares of the medical research company’s stock worth $6,625,000 after acquiring an additional 437 shares during the last quarter. Trust Co. of Vermont boosted its stake in shares of Amgen by 1.4% during the 2nd quarter. Trust Co. of Vermont now owns 39,413 shares of the medical research company’s stock worth $7,276,000 after acquiring an additional 528 shares during the last quarter. Finally, Private Asset Management Inc. boosted its stake in shares of Amgen by 10.7% during the 2nd quarter. Private Asset Management Inc. now owns 4,155 shares of the medical research company’s stock worth $708,000 after acquiring an additional 400 shares during the last quarter. 78.34% of the stock is owned by institutional investors.

About Amgen

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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