Loeb's Third Point Exited Amgen (AMGN); Continues to Hold Allergan (AGN), Baxter (BAX)
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Leerink Partners Remains Sidelined on Amgen (AMGN) Following 2Q
July 28, 2016 7:18 AM EDTLeerink Partners reiterated a Market Perform rating on Amgen (NASDAQ: AMGN), and raised the price target to $201.00 (from $186.00), following the company's 2Q earnings report. AMGN reported total revenues of $5.69bn, beating consensus by 3%. The company also reported an operating margin of 51% on expenses of $2.876bn, which was in-line with consensus.
Analyst Geoffrey C. Porges commented, "Amgen Reported Q2 Results Beating Consensus for Revenue by 2% and Beating by 3% on EPS. Total revenue of $5.69bn included $5.474bn in product sales that beat consensus by 3% and missed our estimate by -2%. As with the... More
