Amgen Wins Big With FDA, Analyst Sees Soaring Potential
Portfolio Pulse from Priya Nigam
The FDA has approved Amgen's biosimilar version of Johnson & Johnson's psoriasis treatment, Stelara, for multiple inflammatory diseases. This has led to a rise in Amgen's shares. Truist Securities analyst Robyn Karnauskas has upgraded Amgen's rating from Hold to Buy and raised the price target from $260 to $320.
November 02, 2023 | 7:01 pm
News sentiment analysis
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Ascending
NEGATIVE IMPACT
Johnson & Johnson may see a potential impact on its psoriasis treatment, Stelara, due to the FDA approval of Amgen's biosimilar version.
The FDA approval of Amgen's biosimilar version of Stelara could potentially introduce competition for Johnson & Johnson's psoriasis treatment, which may impact its market share and revenues.
CONFIDENCE 80
IMPORTANCE 60
RELEVANCE 50
POSITIVE IMPACT
Amgen's shares are likely to rise following the FDA approval of its biosimilar version of Stelara and the upgrade of its rating by Truist Securities.
The FDA approval of Amgen's biosimilar version of Stelara is a significant positive development for the company. This, coupled with the upgrade of its rating by Truist Securities, is likely to boost investor confidence and drive up the stock price.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100