Argus analyst Jasper Hellweg lowered the firm’s price target on Amgen to $270 from $300 but keeps a Buy rating on the shares after its in-line Q4 results. The company’s revenue was impacted by a decline in COVID-19 antibody manufacturing, though this was offset by double-digit volume growth for a range of key products, including Nplate, Evenity, Repatha, Parsabiv, Amgevita, Kyprolis, and Prolia, the analyst tells investors in a research note. The firm adds that the prescription volume for certain Amgen drugs should improve over the next year as more patients visit physicians’ offices and as oncology diagnoses rise above pre-pandemic levels.
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