Amgen price target raised to $340 from $300 at Argus

Argus raised the firm’s price target on Amgen to $340 from $300 and keeps a Buy rating on the shares. The company has a strong pipeline of products and a “rapidly growing” portfolio of existing products that saw volume growth of 25% during Q1, the analyst tells investors in a research note. In addition, the firm says Amgen has announced a number of positive developments in recent months, including the FDA approval of Blincyto for a certain form of acute lymphoblastic leukemia and an approval of Imdelltra for the treatment of extensive-stage small cell lung cancer.