Goldman Sachs analyst Salveen Richter maintained a Buy rating on Amgen (AMGN – Research Report) on May 1 and set a price target of $400.00.
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Salveen Richter has given his Buy rating due to a combination of factors including Amgen’s strong financial performance and strategic positioning. The company reported a notable earnings per share (EPS) beat in the first quarter, surpassing both Goldman Sachs estimates and FactSet consensus, which highlights its operational efficiency and cost management, particularly in research and development spending.
Furthermore, Amgen’s management has reiterated its guidance for fiscal year 2025, which reflects confidence in sustained revenue growth and profitability. The company’s robust pipeline, particularly in obesity and cardiovascular disease, along with its strategic focus on legacy brands and biosimilars, positions it well for future growth. Despite some challenges in the rare disease segment, the overall outlook remains positive, bolstered by ongoing advancements and regulatory approvals in key therapeutic areas.
Based on the recent corporate insider activity of 91 insiders, corporate insider sentiment is negative on the stock. This means that over the past quarter there has been an increase of insiders selling their shares of AMGN in relation to earlier this year.