Amgen assumed with a Hold at Truist

Truist assumed coverage of Amgen (AMGN) with a Hold rating with a price target of $318, up from $298. The firm views the stock as a defensive biotech with a stable revenue base, though challenged by key franchises’ upcoming patent expiries over the coming decade, the analyst tells investors in a research note. Amgen’s emerging products and pipeline hold high clinical potential, but visibility into their ability to offset base business erosion remains limited, the firm added.