Amgen price target raised to $380 from $350 at Oppenheimer

Oppenheimer raised the firm’s price target on Amgen to $380 from $350 and keeps an Outperform rating on the shares. The firm notes the company delivered solid Q4 2023 financial results, driven by 23% volume growth slightly offset by -3% net pricing, contributing to 15% non-GAAP EPS growth ahead of consensus. Oppenheimer is “encouraged” by 2024 financial guidance; update on obesity pipeline with potential for best-in-class profiles; pipeline progress in oncology with multiple important catalysts ahead including tarlatamab PDUFA; an increasingly diverse portfolio of novel therapeutics for autoimmune diseases in development; and significant potential in rare diseases.