Parallax opens $1.94M Amgen stake as stock nears record high
What's the deal? Parallax Volatility Advisers L.P.Dealroom has a profile for this one. Try Dealroom → bought a new stake in AmgenDealroom has a profile for this one. Try Dealroom → (NASDAQ: AMGN) during the second quarter, according to its latest 13F filing with the Securities and Exchange Commission. The fund acquired 5,354 shares of the medical research company, worth about $1,939,000.
Why now? The move comes as Amgen shares trade near record levels. The stock opened at $440.34 on Thursday, up from a 200-day moving average of $363.86 and closing in on its one-year high of $447.03.
What else is happening? Other institutions have adjusted positions too. Ares Financial ConsultingDealroom has a profile for this one. Try Dealroom → took a new $34,000 stake, while Manning & Napier AdvisorsDealroom has a profile for this one. Try Dealroom → lifted its holding by 49.2%. Institutional investors own 76.50% of Amgen’s stock.
The numbers: Amgen posted second-quarter earnings of $6.29 per share on August 4, beating the consensus estimate of $5.62. Revenue rose 9.5% year-on-year to $10.05 billion, ahead of the $9.43 billion analysts expected. The company carries a market capitalisation of $238.06 billion.
What the analysts say: Ratings remain mixed. Piper SandlerDealroom has a profile for this one. Try Dealroom → raised its price target to $457.00 with an “overweight” rating, while Wells FargoDealroom has a profile for this one. Try Dealroom → lifted its target to $400.00 but kept an “equal weight” view. Across coverage, one analyst rates the stock “strong buy,” 13 “buy,” 14 “hold,” and three “sell,” for a consensus “hold” and a target price of $380.43.
The signal: Parallax’s entry adds to steady institutional demand for Amgen even as the share price runs above most analyst targets — a sign investors are weighing strong earnings against a stock that may already reflect much of the good news.
Read more: tickerreport.com
Image credit: Generated with Gemini
