Marten Transport Ltd (MRTN), Amgen Inc. (AMGN) and Parker-Hannifin Corp (PH) Witness Striking Insider Selling

Giant Biotechnology Company Has Two Insiders Sell Shares on Friday

Amgen Inc. (NASDAQ:AMGN) witnessed a mini cluster of insider selling last week involving two insiders. To begin with, Sean E. Harper, Executive Vice President of Research and Development, sold 21,875 shares on Friday at prices varying from $156.48 to $159.51 per share, trimming his ownership to 42,248 shares. Director David Baltimore offloaded 3,312 shares on the same day at prices that fell in the range of $157.14 to $157.28 per share, which cut his overall holding to 32,350 shares.

The mini cluster of selling comes after the biotechnology company released a better-than-expected first quarter earnings report, thanks to strong sales of key drugs such as rheumatoid arthritis drug Enbrel, bone fracture drug Prolia, Aranesp, Neulasta, and others. Amgen raised its 2016 revenue guidance to the range of $22.2 billion to $22.6 billion as a result, from the previous range of $22 billion to $22.5 billion. The company’s 2016 earnings per share outlook was also increased to $10.85-to-$11.20 from the prior guidance range of $10.60 to $11.00. Nonetheless, the company’s anti-cholesterol drug Repatha, which was launched in August 2015, generated sales of $16 million in the first quarter, below analysts’ expectations of $27 million.

Amgen shares are down by 3% since the beginning of 2016 despite having gained 4% in the past three months. The stock is priced at 12.9-times expected earnings, exactly at the same level as the forward P/E multiple for the entire biotechnology sector. The hedge fund sentiment towards the biotechnology company declined slightly during the December quarter, with the number of funds invested in the stock dropping to 68 from 73 quarter-over-quarter. Barry Dargan’s Intermede Investment Partners upped its stake in Amgen Inc. (NASDAQ:AMGN) by 41% during the March quarter to nearly 200,000 shares.

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