Information Provided By:
Fly News Breaks for February 13, 2017
AMGN
Feb 13, 2017 | 08:26 EDT
BMO Capital analyst M. Ian Somaiya says that studies continue to indicate that reducing LDL-C levels continuously lower the risk of adverse cardiovascular events. As a result, the analyst is more confident that Amgen's Repatha drug can demonstrate a 20% improvement in cardiovascular outcomes. After conducting checks, he believes that such an outcome would enable the drug to meet his estimates which are 30%-50% above those of the Street. He raised his price target on Amgen to $212 from $202 and keeps an Outperform rating on the stock.
News For AMGN From the Last 2 Days
AMGN
Mar 26, 2024 | 07:08 EDT
JPMorgan estimates Amgen (AMGN) without its obesity pipeline is worth $240-$250 per share and that the market is assigning $30-$40 per share of value to Maritide. While the competitive bar for Maritide is high and moving higher based on Novo Nordisk's (NVO) recent pipeline updates, the obesity market is also "unprecedented in terms of size," the analyst tells investors in a research note. The firm estimates peak sales for Maritide of $6B, equating to mid-single-digit share within the incretin space. JPMorgan believes this supports a value roughly in-line with what is reflected in Amgen's current share price. It sees a positive risk/reward scenario given the recent pullback but maintains a Neutral rating on the name with a $290 price target. The firm says Amgen is viewed as the best positioned name beyond Eli Lilly (LLY) and Novo to have a role in the obesity space.