Truist Financial Initiates Coverage of Amgen with Hold Rating

Truist Financial has begun coverage of shares of Amgen (NASDAQ: AMGN) with a “hold” rating, according to a research report released on November 14, 2023. The financial services firm set a price target of $318.00 for Amgen’s stock, indicating a potential downside of approximately 5.93% from its current trading price.

This move follows a series of assessments from other analysts regarding Amgen. Notably, Piper Sandler raised its price target from $342.00 to $381.00, assigning an “overweight” rating. Additionally, Deutsche Bank Aktiengesellschaft increased its price target from $280.00 to $285.00 while maintaining a “hold” rating as of November 11, 2023. Bank of America also adjusted its target from $261.00 to $272.00, designating the stock as “underperform.”

Several analysts have expressed varied opinions on Amgen, with one analyst issuing a Strong Buy rating, nine giving a Buy rating, ten assigning a Hold rating, and one issuing a Sell rating. According to data from MarketBeat.com, Amgen currently holds a consensus rating of “Hold” with an average price target of $320.86.

Amgen’s Earnings Performance and Insider Activity

Amgen recently reported its quarterly earnings on November 4, 2023, revealing earnings per share (EPS) of $5.64, exceeding analysts’ expectations of $5.01 by $0.63. The company reported revenue of $9.56 billion, surpassing predictions of $8.98 billion. This marks a 12.4% increase in revenue compared to the same quarter last year, when Amgen recorded an EPS of $5.58. The company has set its FY 2025 guidance at between $20.60 and $21.40 EPS, while analysts forecast an EPS of $20.62 for the current year.

In addition to its earnings report, there has been notable insider trading activity. Murdo Gordon, Executive Vice President, sold 6,879 shares on November 12, 2023, at an average price of $336.83, resulting in a total transaction value of approximately $2.3 million. Following this sale, Gordon retains 41,923 shares valued at around $14.1 million. Similarly, Senior Vice President Rachna Khosla sold 890 shares on the same day for a total of $299,253.60.

Institutional Investments and Shareholder Dynamics

Amgen has seen significant activity from institutional investors. Laurel Wealth Advisors LLC dramatically increased its stake by an impressive 27,765.8% during the second quarter, acquiring 6,700,621 shares valued at $1.87 billion. Norges Bank also entered a new investment in Amgen valued at approximately $1.66 billion. Furthermore, Nuveen LLC and Capital World Investors have also expanded their holdings, contributing to a robust institutional ownership level of 76.50%.

Amgen is a leading biopharmaceutical company focused on discovering, developing, manufacturing, and delivering human therapeutics globally. Its product portfolio includes well-known therapies such as Enbrel for autoimmune conditions, Prolia for osteoporosis, and Repatha for cardiovascular disease.

As analysts continue to evaluate Amgen’s market position and future potential, the company’s recent performance and insider activities could play a significant role in shaping investor sentiment moving forward.