Amgen price target raised to $432 from $381 at Piper Sandler

Piper Sandler raised the firm’s price target on Amgen (AMGN) to $432 from $381 and keeps an Overweight rating on the shares after meeting with management. Key topics of discussion included management’s thinking on additional expansion opportunities for Uplizna, the ongoing Phase II study of inhalable TSLP-directed treatment AMG 104 and how such a product could expand Amgen’s overall TSLP commercial footprint, the road ahead for daxdilimab in the wake of positive Phase II results in discoid lupus erythematosus, and the Phase III program for dazodalibep in Sjogren’s syndrome.