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Fly News Breaks for January 31, 2020
AMGN
Jan 31, 2020 | 06:29 EDT
Baird analyst Brian Skorney downgraded Amgen to Underperform from Neutral with a price target of $185, up from $173. The stock is trading down 4% to $217.90 in premarket trading following last night's Q4 results. Amgen is a "great company and the strong execution in the face of some serious headwinds has been more than reflected in the stock," Skorney tells investors in a post-earnings research note. He believes the stock's "current premium reflects a level of enthusiasm that just isn't warranted" given the company's stage of maturity. Skorney believes the "exuberance is overdone" and is calling for a pullback in Amgen shares.
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.