Redwood Investment Management Buys AMGN Shares Valued at $869,000
Redwood Investment Management LLC has acquired shares of Amgen Inc. (NASDAQ:AMGN), a global biotechnology company, in its latest investment move. According to its recent filing with the Securities & Exchange Commission, Redwood bought approximately 2,400 shares of Amgen's stock during the second quarter, valued at around $869,000.
The acquisition is part of a larger trend where institutional investors are increasing their stakes in the company. As of now, 76.50% of Amgen's outstanding shares are owned by institutional investors. The recent buyout also comes as the company continues to show strong growth, with its revenue for the last quarter reaching $10.05 billion, up 9.5% from the same period last year.
Meanwhile, Amgen's executives have been selling some of their shares in the company. In August, Senior Vice President Nancy A. Grygiel sold 2,970 shares at an average price of $402.16, while SVP Rachna Khosla sold 1,252 shares at an average price of $416.43. These sales represent a decrease in their ownership of the stock.
Analysts have been optimistic about Amgen's prospects, with several firms raising their price targets for the company's shares. Canaccord Genuity Group, for instance, boosted its target from $366.00 to $384.00, while Wells Fargo & Company increased its target from $390.00 to $400.00.
Despite these positive signs, Amgen has also faced some setbacks. The company recently ended a research collaboration with TScan Therapeutics on Crohn's disease, which may have implications for its pipeline and partnership strategy.