In a report released yesterday, Yaron Werber from TD Cowen maintained a Buy rating on Amgen, with a price target of $389.00.
Meet Your ETF AI Analyst
- Discover how TipRanks' ETF AI Analyst can help you make smarter investment decisions
- Explore ETFs TipRanks' users love and see what insights the ETF AI Analyst reveals about the ones you follow.
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 third-quarter results, with revenues and earnings per share exceeding expectations. This growth was primarily driven by key products such as Repatha, Evenity, and Uplizna, which are showing significant sales increases.
Furthermore, Amgen’s strategic initiatives, including the expansion of Tezspire and Uplizna labels, are expected to drive future growth. The upcoming data from the MariTide Phase 2 Part 2 study is anticipated to provide further clarity on its potential as a maintenance treatment, adding to the company’s growth prospects. Despite some challenges from biosimilars and legacy product softness, Amgen’s diverse portfolio and revised revenue guidance for FY25 reflect a favorable risk/reward balance, supporting the Buy rating.
In another report released on October 30, Piper Sandler also reiterated a Buy rating on the stock with a $342.00 price target.