BofA Is Recommending These 5 Stocks

3. Amgen Inc. (NASDAQ:AMGN)

Number of Hedge Fund Holders: 55

Amgen Inc. (NASDAQ:AMGN) is a California-based manufacturer of human therapeutics, focusing on inflammation, oncology, hematology, bone health, cardiovascular disease, nephrology, and neuroscience. On August 3, Amgen Inc. (NASDAQ:AMGN) declared a $1.94 per share quarterly dividend, in line with previous. The dividend is payable on September 8, to shareholders of record on August 18. The company delivers a dividend yield of 3.20% as of September 5. 

On August 8, Piper Sandler analyst Christopher Raymond reiterated an Overweight rating on Amgen Inc. (NASDAQ:AMGN) with a $265 price target. However, the analyst is disappointed about Lumakras plus PD-1 combo data, which displayed worse efficacy than expected, an overall response rate of 29% versus the 36% seen in monotherapy, and a new liver toxicity sign. 

According to Insider Monkey’s data, 55 hedge funds were long Amgen Inc. (NASDAQ:AMGN) at the end of June 2022, compared to 56 funds in the last quarter. John Overdeck and David Siegel’s Two Sigma Advisors is the biggest stakeholder of the company, with 1.6 million shares of the company worth $404.2 million. 

Here is what ClearBridge Sustainability Leaders Strategy had to say about Amgen, Inc. (NASDAQ:AMGN) in its Q3 2021 investor letter:

“In health care, Amgen, a biotechnology company, has endured several pipeline setbacks recently, including a slow transition of its Lumakras treatment into first-line lung cancer, a slower than expected development of its treatment for myeloma as well as the company’s asthma treatment Tezepelumab missing its primary endpoint in a Phase III study. We remain positive on the stock, with Amgen’s investments in biosimilars and its pipeline part of our long-term thesis.”