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Fly News Breaks for October 14, 2019
AMGN
Oct 14, 2019 | 09:15 EDT
Bernstein analyst Aaron Gal resumed coverage of Amgen with an Outperform rating. His analysis of the U.S. infused oncology market suggests biosimilars will be quickly adopted. The analyst believes Amgen looks "especially well-positioned" with existing commercial infrastructure, early entry on Herceptin and Avastin, familiarity with dynamics from defending Neulasta. When EU adoption is added, this business adds10% to Amgen top line, he contends.
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.