TD Cowen analyst Yaron Werber maintained a Buy rating on Amgen (AMGN – Research Report) yesterday and set a price target of $389.00.
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Yaron Werber has given his Buy rating due to a combination of factors that highlight Amgen’s strong financial performance and promising future prospects. The company reported impressive first-quarter results, with $7.9 billion in product sales, surpassing expectations. This growth was largely driven by the success of their biosimilars portfolio, which saw a significant year-over-year increase. Additionally, Amgen’s earnings per share exceeded consensus estimates, allowing for increased investment in research and development, particularly in key pipeline assets.
Amgen’s pipeline is poised to deliver significant catalysts in the coming years, with several important developments expected in 2025. The company is actively advancing its MariTide program, with Phase 3 trials underway and promising data anticipated. Furthermore, upcoming FDA decisions for Uplizna and Tezspire, along with potential peak sales for Uplizna, are expected to enhance Amgen’s market position. The company’s strategic focus on innovation and its diversified portfolio, combined with its resilience to external economic factors, reinforce the positive outlook for Amgen’s stock.
In another report released on April 28, HSBC also maintained a Buy rating on the stock with a $357.00 price target.