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Fly News Breaks for March 14, 2019
AMGN
Mar 14, 2019 | 16:10 EDT
BMO Capital analyst Do Kim initiated Amgen with an Outperform and $228 price target. Kim views shares are undervalued, and said concerns over the declining legacy franchises have overshadowed the emergent early lifecycle commercial drugs and promising late- and early-stage pipeline. The analyst views Amgen as a core biotech holding, as a stable dividend and aggressive stock buybacks provide a defensive investment, with meaningful pipeline opportunities for long-term growth.
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.