Amgen's Upcoming Catalysts In 2024 Set To Unlock Multi-Billion Dollar Markets, Says Goldman Sachs
Portfolio Pulse from Vandana Singh
Goldman Sachs highlights Amgen Inc's (NASDAQ:AMGN) potential to unlock multi-billion dollar markets in 2024, despite concerns over long-term growth. Key catalysts include updates on obesity treatment MariTide, inflammation and immunology, oncology, and rare diseases. Amgen's stock is seen as favorably positioned with a Buy rating and a $350 price target. The company's exploration of an oral obesity treatment option is noted amidst competition from Novo Nordisk, Eli Lilly, and Pfizer.
February 26, 2024 | 6:25 pm
News sentiment analysis
Sort by:
Ascending
NEUTRAL IMPACT
Eli Lilly is identified as a competitor in the evolving obesity treatment landscape with its drug orforglipron.
Eli Lilly's competitive stance in the obesity market could be impacted by Amgen's developments, though the exact impact remains to be seen.
CONFIDENCE 75
IMPORTANCE 60
RELEVANCE 50
NEUTRAL IMPACT
Novo Nordisk is mentioned as a competitor in the obesity treatment market with its oral semaglutide.
As a competitor in the obesity treatment market, Novo Nordisk's position could be influenced by Amgen's progress, but the direct impact is uncertain without more details.
CONFIDENCE 75
IMPORTANCE 60
RELEVANCE 50
NEUTRAL IMPACT
Pfizer is also competing in the obesity treatment market with its drug danuglipron.
Pfizer's market position could be affected by Amgen's advancements in obesity treatment, but the impact is not directly quantifiable at this stage.
CONFIDENCE 75
IMPORTANCE 60
RELEVANCE 50
POSITIVE IMPACT
Amgen is positioned for significant market opportunities in 2024, with a Buy rating and a $350 price target from Goldman Sachs.
Goldman Sachs' positive outlook and the anticipation of updates on key programs targeting multi-billion dollar markets suggest a strong potential for stock appreciation.
CONFIDENCE 85
IMPORTANCE 90
RELEVANCE 100