Daiwa initiates Amgen Inc. (AMGN) at buy and sets price target at $300

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PBYI Stock

Daiwa launched its Amgen Inc. [NASDAQ:AMGN]‎ rating to the equivalent of Buy and assigned ‎the ‎price target of $300, in a ‎research note dated December 29, 2020. That figure represents around a ‎‎25.45% premium ‎from where ‎the company’s shares closed on Monday.‎ Some new analysts also ‎started their coverage, with UBS’s analysts assigning the shares to “a Neutral” rating in a research note ‎to investors issued in late October. Meanwhile, Raymond James had raised its rating on AMGN to “an ‎Outperform” from the earlier “Mkt perform”, in a research note produced for clients October 26, 2020. ‎In addition, there was an upgrade from Truist on October 12, 2020. The rater changed AMGN from “a ‎Hold” to “a Buy”.

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Is Amgen Inc. [NASDAQ:AMGN] a Good Buy Right Now?

It should be noted that AMGN ‎technical indicators for short, intermediate as well as long term progress have placed an overall ‎average of 88% as Sell. The average signal changed from 72% Sell in the last week and compares with ‎‎72% Sell in the past month. Data from Amgen Inc.’s Trend Spotter indicated that the signals were ‎Weakest. The stock current average is 2.57 million shares in the past 20 days and the short term ‎average signal indicates a 100% Sell. In the last 50 days, the average trading volume was 2.52 million ‎shares while the medium term average advocated for 100% Sell. The average long-term signal stands ‎at 50% Sell and the 100-day average volume stands at 2.66 million shares.‎‎

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AMGN Price Performance

On Wall Street, Amgen Inc. [NASDAQ:AMGN] finished Monday’s ‎session up 0.32% at $223.65. The stock went up to $226.90 at the same session while its lowest single ‎day price was $223.03. In the last five days, it saw a fall of about -2.12%, Amgen Inc. shares dropped by ‎almost -7.23% since the beginning of the year. However, the share price has dropped to as low as -‎‎15.59% below its one year high. On 07/06/20, the company shares recorded $264.97, the highest ‎single-day price it has got to in the last 52-weeks and a 52-week low was seen on 03/23/20, the same ‎year at $177.05. The company’s shares have declined by -7.40% in the past year. The 50-day SMA ‎achieved is $227.52 while the 200-day SMA is $233.39. Volume gained to 1.5 million from 0.96 million in ‎the previous session.‎‎

Amgen Inc. [AMGN] Valuation Measures

Notably, Amgen Inc. [AMGN] stock can be ‎classified as a good candidate in the listing of underestimated low-priced Drug Manufacturers – ‎General companies to purchase soonest possible with the prevailing 12-month PE ratio of 18.03. The ‎measure means the stock is exchanging at a discount as compared to the 24.27x trailing earnings of the ‎industry. It can be helpful for investors to consider historical price-sales ratio, more specifically, a 5.21 ‎PS value ratio is reported for the last one year of reported earnings. That is higher than the industry ‎average of 2.76 which means AMGN serve an attractive investment opportunity compared to its ‎competitors.‎‎

AMGN Stock Support And Resistance Levels

On the 24-hour scale, the immediate backing is ‎perceived around 222.15 level, and in case of violation of this particular level, it will cause more drop to ‎‎220.66 level. On the upper level, 228.40 is still the key resistance. The stock may increase to the ‎subsequent resistance at 226.02. The Relative Strength Index (RSI) pinned on the 14-day chart is 43.69, ‎implying a neutral technical stance while the MACD stands at -3.99, meaning price will decrease in the ‎next trading period. Percent R indicator moved to 70.52%, implying bearish price movement. ‎Stochastic %K at 25.52% suggest selling the stock.‎‎

What is the short interest in Amgen Inc.?

Short interest in the Amgen Inc. stock has surged, ‎increasing by 0.57 million shares to total 6.91 million shares on Dec 14, 2020. The interest had seen ‎shares on Nov 12, 2020 stand at 7.48 million, data from Yahoo Finance shows. The decrease of -8.25% ‎suggests the stock saw some decreased bullish sentiment. The stock’s days to cover (short ratio) ‎moved to while the shorted shares account for just 1.19% of the overall float for the stock.‎‎

Amgen Inc.’s Biggest Shareholders: Who Owns Amgen Inc. [AMGN]?

Filings by The ‎Vanguard Group, Inc. showed that the firm now holds a total of 45,176,984 shares or roughly 7.76% of ‎the outstanding AMGN shares. This means their shares have reduced by -738,612 from the 45,176,984 ‎the investor reportedly held in its prior 13-F filing. With the conclusion of the sale, Capital Research & ‎Management Co updated stake is worth $7,438,564,927. Details in the latest 13F filings reveal that ‎BlackRock Fund Advisors disposed off their -2.70% stake valued at $7,153,446,027 while SSgA Funds ‎Management, Inc. added theirs at $6,945,188,938. During the last quarter, BlackRock Fund Advisors ‎liquidated -892,381 of its shares in Amgen Inc. while SSgA Funds Management, Inc. bought 5,016,641 ‎shares. The PRIMECAP Management Co.’s holdings currently number 17,407,082 shares at ‎‎$3893093889.3. According to the firm’s last 13F report, Fidelity Management & Research Co shares in ‎the company at filing stood at 12,688,691 shares, roughly $2,817,396,950.‎‎

AMGN Earnings Forecast For The Current Quarter

Amgen Inc. [AMGN] is expected to report ‎weak earnings results for the quarter ending on Dec 2020. Consensus estimates give the company ‎expected revenues of $6.59B and an earnings per share of $3.41 for Dec 2020. Looking further ahead, ‎the company is expected to report revenue of $6.37B at an EPS of $4.21 for Mar 2021. The estimates ‎represent upside of 3.90% and 5.24% in the company’s revenue and earnings per share, respectively, ‎on a year-on-year basis.‎‎

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AMGN Earnings Estimates For The Current ‎Year

For the financial year, Amgen Inc. [NASDAQ:AMGN] is expected to bring in revenue of ‎‎$25.38B. The returns are nearly $1.63 billion higher than the company’s actual revenue recorded in the ‎fiscal year 2019. In terms of EPS for the 2020, estimate put it at 16.17, higher than that of FY19 by $1.35. ‎Estimates put this year’s earnings growth at 9.10%, 5.10% for the next, and at an annual 6.65% over the ‎next 5-year period. As for sales, forecasts are for an increase of 6.90% in the current fiscal year and a ‎further 3.90% over the following year.‎


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