Amgen Provides Exposure To Obesity Drug At A Reasonable Price, Says Bullish Analyst
Portfolio Pulse from Priya Nigam
BMO Capital Markets analyst Evan David Seigerman upgraded Amgen, Inc. (NASDAQ:AMGN) from Market Perform to Outperform and raised the price target from $286 to $326. The upgrade is based on Amgen's potential in the obesity metabolic space with its oral and injectable metabolic pipeline. Phase 1 and Phase 2 data for AMG 786 and AMG 133 are expected in 2024. The company is also anticipated to have other significant catalysts in 2024, including decisions and data on tarlatamab, tezepelumab, and rocatinlimab. Amgen's shares rose by 0.87% to $277.89 following the news.
December 19, 2023 | 7:42 pm
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POSITIVE IMPACT
Amgen's upgrade by BMO Capital Markets to Outperform with a raised price target reflects confidence in its obesity drug pipeline and upcoming catalysts. Shares increased following the announcement.
The upgrade by a reputable analyst often leads to positive investor sentiment and can result in a short-term increase in stock price. The raised price target suggests a higher expected value for the company, based on its pipeline and upcoming catalysts, which can further bolster investor confidence and stock performance.
CONFIDENCE 90
IMPORTANCE 90
RELEVANCE 100