Amgen (AMGN – Research Report), the Healthcare sector company, was revisited by a Wall Street analyst yesterday. Analyst Michael Yee from Jefferies maintained a Buy rating on the stock and has a $350.00 price target.
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Michael Yee has given his Buy rating due to a combination of factors including Amgen’s strong revenue growth driven by products like Evenity and Repatha, despite the recent launch of a biosimilar competitor. The company has shown resilience with its legacy products, which are experiencing double-digit year-over-year growth, potentially offsetting any market share erosion from the new biosimilar.
Additionally, Amgen’s upcoming presentations and data releases, particularly the Phase II obesity and Type 2 diabetes data, are expected to be key catalysts. The company’s confidence in its product pipeline, including the potential for guidance raises later in the year, supports a positive outlook. Furthermore, future developments in their Lp(a) program could enhance cardiovascular outcomes, providing another growth opportunity for Amgen.
In another report released on June 3, Piper Sandler also reiterated a Buy rating on the stock with a $328.00 price target.