Wells Fargo analyst Mohit Bansal has maintained their neutral stance on AMGN stock, giving a Hold rating yesterday.
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Mohit Bansal has given his Hold rating due to a combination of factors influencing Amgen’s performance. The company is expected to achieve a modest top-line beat for the second quarter, driven by strong product performance across its portfolio, particularly in general medicine and inflammation. However, despite these positive indicators, there are areas of concern such as potential misses in certain product lines like Otezla, which could offset some of the gains.
Additionally, while there is upside potential in rare diseases and oncology, the overall growth in these areas is projected to be in line with previous quarters. The biosimilars segment also presents a mixed picture, with some products expected to perform below consensus expectations. These mixed signals across various segments contribute to the decision to maintain a Hold rating, suggesting that while there are growth opportunities, there are also risks that need to be carefully monitored.
In another report released yesterday, J.P. Morgan also maintained a Hold rating on the stock with a $300.00 price target.
AMGN’s price has also changed moderately for the past six months – from $267.100 to $297.030, which is a 11.21% increase.