William Blair analyst Matt Phipps has maintained their bullish stance on AMGN stock, giving a Buy rating on August 28.
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Matt Phipps has given his Buy rating due to a combination of factors, despite the recent developments in Amgen’s clinical trials. While the final analysis of the FORTITUDE-101 study showed a reduced survival benefit for bemarituzumab in gastric cancer, Amgen’s strategic focus on the upcoming FORTITUDE-102 study indicates potential for future growth. The anticipated results from this study, which combines bemarituzumab with chemotherapy and Opdivo, are expected to be pivotal in determining the drug’s regulatory path and market potential.
Despite the challenges faced with bemarituzumab, Matt Phipps sees Amgen’s broader portfolio and strategic initiatives as strong indicators of the company’s long-term value. The potential for future approvals and the company’s ability to adapt its timelines and strategies in response to trial outcomes contribute to a positive outlook. Therefore, the Buy rating reflects confidence in Amgen’s overall market position and its capacity to navigate the complexities of drug development and commercialization.
According to TipRanks, Phipps is an analyst with an average return of -4.3% and a 41.08% success rate. Phipps covers the Healthcare sector, focusing on stocks such as Upstream Bio, Inc., Amgen, and Agenus.
In another report released on August 28, Piper Sandler also reiterated a Buy rating on the stock with a $342.00 price target.