Market News

Amgen Starts Construction on New Biomanufacturing Unit in Ohio

Amgen, Inc. (AMGN) revealed that it has started construction on its new biomanufacturing plant in Ohio. The unit is expected to be operational by 2024.

While the plant’s construction management is being led by Turner Construction, CRB Group is providing design services. Amgen expects to invest about $365 million in the site. The company said that the site will be led by Sandra Rodriguez-Toledo, the Vice-President of Site Operations at Amgen Ohio.

Highlighting the reasons that favored the selection of Columbus region, Arleen Paulino, the Senior Vice-President of Manufacturing at Amgen, said, “The positive business climate, access to a growing and diverse talent pool and the convenience from a logistics perspective were all important factors in our decision. We are very excited to be here and to build strong connections with the local community.” (See Amgen stock charts on TipRanks)

Paulino added that hiring for the unit had begun and more roles would be introduced in the future for technicians and engineers, along with quality assurance, quality control, administrative and management positions.

Analyst Recommendations

Last week, Barclays analyst Carter Gould maintained a Hold rating on Amgen and lowered the price target to $228 from $230. The new price target implies 6.7% upside potential from current levels.

Based on 3 Buys, 8 Holds and 1 Sell, the stock has a Hold consensus rating. The average Amgen price target of $229.91 implies 7.6% upside potential from current levels. Shares have lost 9% over the past year.

See Analysts’ Top Stocks on TipRanks >>

Negative Investors’ Sentiment

TipRanks’ Stock Investors tool shows that investors currently have a Very Negative stance on Amgen, with 5.3% of investors on TipRanks decreasing their exposure to AMGN stock over the past 30 days.

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